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File Your Income Tax Return
It is mandatory for the individuals as well as businesses to file Income Tax Return. Income Tax is a direct tax that public paid to the government every year. It has been imposed on the individuals as well as businesses by CBDT i.e. Central Board of Direct Taxes. ITR Filing online is important for all the taxpayers. Income Tax Return is a form that has been used by the public for the declaration of their income. We can say that ITR is a self declaration form that has been used by the public to declare of their income. ITR Filing is the process by which taxpayers (individuals as well as businesses) can report about their income, deductions, and credits to the government. Tax authorities use this information to calculate the amount of tax payable or the refund due. It is essential to file the ITR accurately and on time to avoid penalties and legal issues.
Who are Eligible to File Income Tax Return?
The eligibility criteria has been set by the Income Tax Department to file Income Tax Return. You can also seek the guidance of ITR Filing Consultants to get its clear picture-
- If your total income is more than the basic exemption limits of either 2.5 Lakhs, or 3 Lakhs, or 5 Lakhs depend on the taxable limit applicable to you.
- If you pay the electricity bills of more than Rs. 1 Lakh then you must have to file the ITR.
- If you have deposited an amount of over 1 Crore in your current bank accounts in a financial year, then tax filing is must for you.
- If an amount of more than Rs. 2 Lakhs has been spent by you for travelling internationally to foreign country in a financial year, then you are required to file the ITR.
- If you have assets in foreign countries or have a source of income from outside the country, or have signing authority for any account outside the country, then you must have to file an ITR.
- It is mandatory for every company to file ITR online, whether it is a Pvt Ltd, LLP, section 8 or partnership, regardless of their profit or loss.
What are the Different ITR Forms Available to File Income Tax Return?
- ITR 1 (Sahaj): It is meant for the individuals having income from salaries, one house property, and the other sources including interest income. It is a simplified form for those who have simple financial situations.
- ITR 2: It will be applicable to those individuals and HUFs (Hindu Undivided Families) who are not eligible for ITR 1. It covers the income from multiple sources, that include more than one house property, capital gains, and foreign income.
- ITR 3: It has been specifically meant for the individuals and HUFs having income from profession or business. This form also includes the provisions to declare profits and gains from the business or profession.
- ITR 4 (Sugam): This form is specifically designed for the individuals, HUFs, and firms (except LLPs) that fall under presumptive income from business or profession. It offers a simplified way to report the income.
- ITR 5: This ITR form is meant for LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and artificial juridical persons.
- ITR 6: It has been meant for all the companies that have been registered under the Companies Act 2013 or previous Companies Act 1956.
- ITR 7: This form is specifically meant for persons, including companies, who required to furnish their return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D).
Benefits of Filing ITR Online
ITR Filing online is not just your social responsibility but also very beneficial for you. Here are the advantages of filing ITR-
- Loan Approval and Financial Transactions
If you apply for loans, then the banks and financial institutions usually ask for documents related to ITR for smooth financial interactions. So, for loan approval, ITR Filing is important.
- Claiming Tax Refunds
If you have paid more tax than your actual liability, then you will be eligible to for a tax refund by filing Income Tax Return.
- Compliance with the Law
As per the tax laws, it is mandatory to file the tax returns. If you fail to file the ITR then it can result in penalties, fines, and legal consequences.
- Avoiding Audit
If you file tax returns accurately and on time, then it will reduce the possibilities of being audited by tax authorities.
- Financial Stability
If you file the Income Tax Return, then it will work as the documented proof of your financial stability and responsibility.
Tax Slabs & Rates for FY 2023-24 (AY 2024-25)
New Tax Regime (Default Tax Regime)
| Income Tax Slab | Income Tax Rate |
| Up to Rs. 3 Lakhs | Nil |
| Rs. 3 Lakhs – Rs. 6 Lakhs | 5% (tax rebate u/s 87A) |
| Rs. 6 Lakhs – Rs. 9 Lakhs | 10% (tax rebate u/s 87A up to Rs. 7 Lakhs) |
| Rs. 9 Lakhs – Rs. 12 Lakhs | 15% |
| Rs. 12 Lakhs – Rs. 15 Lakhs | 20% |
| Above Rs. 15 Lakhs | 30% |
Old Tax Regime
|
Income Tax Slab |
Income Tax Rates | ||
| Below 60 Years | 60 Years and Above
But below 80 years |
Super Senior Citizens (Above 80 Years) | |
| Up to Rs. 2.5 Lakhs | Nil | Nil | Nil |
| Rs. 2.5 Lakhs – Rs. 3 Lakhs | 5% | Nil | Nil |
| Rs. 3 Lakhs – Rs. 5 Lakhs | 5% | 5% | Nil |
| Rs. 5 Lakhs – Rs. 10 Lakhs | 20% | 20% | 20% |
| Above Rs. 10 Lakhs | 30% | 30% | 30% |
ITR Filing Last Date for FY 2023-24 (AY 2024-25)
Income Tax Return last date for the FY 2023-24 will be July 31st, 2024. However, for the taxpayers who have been required to conduct an income tax audit and have business income, the Income Tax Return last date will be October 31st, 2024.
Essential Documents Required to File Income Tax Return
- PAN i.e. Permanent Account Number
- Bank Account Details along with IFSC Code
- TDS Certificate or Form 16/ 16A
- Balance Sheet (if applicable)
- Profit and Loss Account (if applicable)
- Details of the Taxpayers
- Savings Certificate
- Form 26AS
- AIS/ TIS
Easy & Simple Process of Income Tax Return Filing
The process of filing ITR online includes a number of steps. Here are the steps include in this procedure-
- Step 1: Firstly you have to visit the official website of Income Tax e-filing
- Step 2: Then you have to register yourself (if not been registered yet) or log-in (if already registered) to the website.
- Step 3: After that you have to select the option e-file>>Income Tax Returns>>File Income Tax Return
- Step 4: Then, you have to select the assessment year and mode of filing.
- Step 5: After that, you have to select the status of Income Tax Return Filing among Individual, HUF, or others and ‘Continue’.
- Step 6: Then, you have to choose the correct ITR Form to proceed and then fill the form with all the required details including Personal Information, Gross Total Income, Total Deductions, Tax Paid, and Total Tax Liability.
- Step 7: After that, you have to choose the reason of ITR filing.
- Step 8: Then, you have to submit and validate the bank account details and other information.
- Step 9: After that, your screen will display the tax computation summary as per your given information.
- Step 10: The most crucial step of filing ITR is e-verification via Aadhaar OTP, Net banking, EVC i.e. Electronic Verification Code or by sending a physical copy of ITR to CPC Bengaluru.
- Step 11: At last, you have to click on the ‘Submit’ button to submit your ITR.
Why us VakilFirm.com ? : Company Registration Consultants
In today’s dynamic world, there are numerous options available for ITR Filing. Vakil Firm is the premier choice to file Income Tax Return. Here are the reasons-
- Maximize Tax Refunds
Vakil Firm will help you in maximizing your tax refunds. Our professional team of experts will tell you about all the possible ways that reduce your tax liability.
- Minimize Stress
With Vakil Firm, you will get the peace of mind. Our team is there to handle everything and reduces your stress, you just stay relaxed.
- Secure and Reliable
Sometimes people thought that online platform is not secure. Legal have a completely secure and reliable online platform as your privacy is our priority. You can stay calm making sure that your sensitive information is in safe hands.
- Save Time and Effort
Our dedicated team of professionals has the exceptional expertise in filing ITR. Our top notch services will save your time and effort so that you can focus on growing your business.
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