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Simplify Income Tax Filing with Compliance Monk📝

Income Tax Return eFiling(ITR) isn’t just a legal obligation—it’s a crucial step toward maintaining financial health and compliance. By filing your ITR, you declare your income, deductions, and tax liabilities to the government.

  • Avoid Penalties: Save on late fees and interest charges.
  • Claim Refunds: Recover excess TDS paid.
  • Loan & Visa Approvals: ITRs are often required for loan and visa applications.
  • Carry Forward Losses: Offset current losses against future income.
  • Strengthen Financial Records: ITRs serve as proof of income and tax compliance.

Why wait until the last minute? At Compliance Monk, we make the ITR filing process simple, stress-free, and efficient, ensuring you file your returns on time with a seamless experience.

📞Contact us now to make tax filing a breeze!

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Individual ITR Filing

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form where taxpayers report their income details, deductions, and tax liabilities to the Income Tax Department. There are seven ITR forms (ITR 1 to ITR 7), and the right one depends on factors like your income sources, taxpayer type, and annual earnings. Accurate and timely ITR filing is crucial for compliance and avoiding penalties.

Types of ITR Forms 📝

The Income Tax Department offers seven different ITR forms for various types of taxpayers:

  1. ITR-1 (Sahaj): For salaried individuals earning up to ₹50 lakh annually.
  2. ITR-2: For individuals with capital gains, foreign income, or multiple properties.
  3. ITR-3: For professionals or proprietors with business income.
  4. ITR-4 (Sugam): For individuals opting for presumptive taxation.
  5. ITR-5: For partnerships, LLPs, or associations.
  6. ITR-6: For companies registered in India.
  7. ITR-7: For trusts, political parties, or research institutions.

Eligibility for Income Tax Filing🗂️

Filing ITR is required if your gross income exceeds these limits:

  • Under 60 years: ₹2.5 lakh
  • Between 60-80 years: ₹3 lakh
  • Above 80 years: ₹5 lakh

You must also file if:

  • TDS/TCS exceeds ₹25,000 (₹50,000 for senior citizens).
  • You’ve incurred high expenses on foreign travel, electricity, or savings deposits.

Documents Required for ITR Filing 📝

Here’s what you’ll need:

  • Identity Proof: PAN and Aadhaar cards.
  • Income Details: Salary slips, Form 16, bank interest certificates.
  • Tax Payment Proofs: TDS certificates (Form 16A, 16B, etc.).
  • Investment Proofs: Documents for tax-saving instruments like PPF, NSC, or ELSS.
  • Loan Documents: Interest and principal certificates for home loans.

Step-by-Step: How to File Income Tax Returns Online? 🌐

Step-by-Step Process:

  1. Log in to the Income Tax Portal: Visit the official website and log in using your PAN.
  2. Select the ITR Form: Choose the appropriate form based on your income sources.
  3. Fill in Income Details: Enter income, deductions, and taxes paid.
  4. Review Pre-Filled Data: Ensure details auto-populated from Form 26AS are accurate.
  5. Make Payments: Pay any outstanding taxes.
  6. Submit and Verify: Submit your ITR and complete e-verification using Aadhaar OTP, EVC, or ITR-V.

Common Mistakes to Avoid 🚩

  • Choosing the wrong ITR form.
  • Missing the filing deadline.
  • Failing to report all income sources.
  • Providing incorrect PAN or bank details.
  • Not verifying the ITR after submission.

Late Filing Penalties ⚠️

  • Interest: 1% per month under Section 234A on unpaid taxes.
  • Late Fee: ₹5,000 (₹1,000 for incomes below ₹5 lakh).
  • Loss of Benefits: Late filing can prevent loss carry-forward.

Key Deadlines for ITR Filing (FY 202X-2Y) 📅

  • Regular Taxpayers: July 31, 202Y.
  • Tax Audits (excluding transfer pricing): October 31, 202Y.
  • Transfer Pricing Cases: November 30, 202Y.
  • Revised/Belated Returns: December 31, 202Y.

For Example – Deadline for FY 2023-24 for regular Taxpayers would be July 31, 2024

Note: Missing these deadlines could lead to penalties, interest, or loss of certain tax benefits.

Why Choose Compliance Monk?

At Compliance Monk, we simplify every aspect of ITR filing. So, Why Wait? 📞Contact us today to file your ITR like a pro!

Beat the rush and avoid penalties by filing your income tax returns with Compliance Monk. Our team ensures accurate, timely submissions so you can focus on what truly matters—your growth!.

  • Expert Guidance: Get step-by-step assistance from our tax professionals.
  • Hassle-Free Filing: From document collection to e-verification, we handle it all.
  • Timely Reminders: Never miss deadlines with our proactive notifications.
  • Affordable Pricing: Transparent and competitive pricing tailored to your needs.

FAQs

1. What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form where taxpayers report their income details, deductions, and tax liabilities to the Income Tax Department. Filing ITR helps ensure compliance with tax laws and is crucial for maintaining financial health.

2. Why is it important to file ITRs on time?

Filing ITRs on time helps avoid penalties, interest charges, and loss of certain tax benefits. It also allows taxpayers to claim refunds, carry forward losses, and maintain a good financial record for loan and visa applications.

3. Who is required to file an ITR?

Filing ITR is mandatory for:

  • Salaried individuals with income exceeding the basic exemption limit.
  • Businesses, companies, LLPs, and partnership firms.
  • Directors of companies and partners of LLPs.
  • Individuals earning dividends from mutual funds, stocks, or bonds.
  • Non-resident Indians with taxable income in India.
  • Individuals seeking tax refunds.
  • Individuals with high-value transactions, such as large financial transactions or high expenses on foreign travel.

4. What are the basic exemption limits for filing ITR?

The basic exemption limits for filing ITR based on age are:

  • Under 60 years: ₹2.5 lakh
  • Between 60-80 years: ₹3 lakh
  • Above 80 years: ₹5 lakh

Additionally, filing ITR is mandatory if TDS/TCS exceeds ₹25,000 (₹50,000 for senior citizens), or if there are high expenses on foreign travel, electricity, or savings deposits.

5. What types of ITR forms are available?

The Income Tax Department offers seven different ITR forms for various types of taxpayers:

  1. ITR-1 (Sahaj): For salaried individuals earning up to ₹50 lakh annually.
  2. ITR-2: For individuals with capital gains, foreign income, or multiple properties.
  3. ITR-3: For professionals or proprietors with business income.
  4. ITR-4 (Sugam): For individuals opting for presumptive taxation.
  5. ITR-5: For partnerships, LLPs, or associations.
  6. ITR-6: For companies registered in India.
  7. ITR-7: For trusts, political parties, or research institutions.

6. What are the key deadlines for ITR filing for FY 2023-24?

The key deadlines for ITR filing for the Financial Year 2023-24 (Assessment Year 2024-25) are:

  • Regular Taxpayers: July 31, 2024
  • Tax Audits (excluding transfer pricing): October 31, 2024
  • Transfer Pricing Cases: November 30, 2024
  • Revised/Belated Returns: December 31, 2024

Missing these deadlines can result in penalties, interest charges, and loss of certain tax benefits.

7. What are the benefits of filing ITR?

Filing ITR offers several benefits including:

  • Avoiding penalties and interest charges for late filing.
  • Claiming refunds for excess TDS paid.
  • Facilitating loan and visa approvals.
  • Carrying forward losses to offset future income.
  • Strengthening financial records and proof of income.

8. What documents are required for ITR filing?

The documents required for ITR filing include:

  • Identity Proof: PAN and Aadhaar cards.
  • Income Details: Salary slips, Form 16, bank interest certificates.
  • Tax Payment Proofs: TDS certificates (Form 16A, 16B, etc.).
  • Investment Proofs: Documents for tax-saving instruments like PPF, NSC, or ELSS.
  • Loan Documents: Interest and principal certificates for home loans.

9. How can I file Income Tax Returns online?

To file Income Tax Returns online, follow these steps:

  1. Log in to the Income Tax Portal: Visit the official website and log in using your PAN.
  2. Select the ITR Form: Choose the appropriate form based on your income sources.
  3. Fill in Income Details: Enter your income, deductions, and taxes paid.
  4. Review Pre-Filled Data: Ensure accuracy of details auto-populated from Form 26AS.
  5. Make Payments: Pay any outstanding taxes.
  6. Submit and Verify: Submit your ITR and complete the e-verification using Aadhaar OTP, EVC, or ITR-V.

10. What common mistakes should be avoided during ITR filing?

Common mistakes to avoid during ITR filing include:

  • Choosing the wrong ITR form.
  • Missing the filing deadline.
  • Failing to report all income sources.
  • Providing incorrect PAN or bank details.
  • Not verifying the ITR after submission.

11. What are the penalties for late ITR filing?

The penalties for late ITR filing include:

  • Interest: 1% per month under Section 234A on unpaid taxes.
  • Late Fee: ₹5,000 (₹1,000 for incomes below ₹5 lakh).
  • Loss of Benefits: Late filing can prevent loss carry-forward.