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Filing Income Tax Returns (ITR) is a key responsibility for every taxpayer in India, ensuring compliance with tax laws. It involves reporting income, deductions, and tax liabilities to the Income Tax Department. The last date for ITR filing for the Financial Year 2023-24 (Assessment Year 2024-25) without a late fee is July 31, 2024.
Why File Early?
- Filing early reduces the risk of errors and avoids last-minute technical issues. IndiaFilings simplifies the ITR e-filing process, providing a secure, efficient, and hassle-free experience.
Who Needs to File ITR?
- Salaried Individuals: Must file if income exceeds the basic exemption limit.
- Firms & Corporates: All businesses, including LLPs, private companies, and partnerships.
- Directors & Partners: Individuals in private companies or LLPs must report their income.
- Dividend Earners: Individuals receiving income from dividends, interests, etc.
- Charities & Trusts: Managing charity or religious funds requires filing.
- NRIs & Tech Professionals: NRIs and tech workers earning from India must file if income exceeds exemptions.
You must file if your gross total income exceeds the exemption limits:
- Under 60 years: Rs 2.5 lakh
- 60-80 years: Rs 3 lakh
- Over 80 years: Rs 5 lakh
- Even if below these limits, ITR is required if you have high-value transactions, business/professional income, or specific conditions like foreign travel expenses or high electricity bills.
Income Tax Return Forms
- ITR-1 (SAHAJ): For individuals with income below Rs 50 lakh (salary, pension).
- ITR-2: For NRIs, directors, capital gains, or foreign income.
- ITR-3: For professionals or individuals with a proprietorship.
- ITR-4: For businesses/professionals opting for presumptive taxation.
- ITR-5: For partnerships, LLPs, and similar entities.
- ITR-6: For companies registered in India.
- ITR-7: For trusts, political parties, and research institutions.
Key ITR Filing Deadlines
- Individuals & Entities not under Tax Audit: July 31, 2024
- Taxpayers under Tax Audit: October 31, 2024
- Taxpayers under Transfer Pricing: November 30, 2024
- Revised/Belated Returns: December 31, 2024
Benefits of e-Filing ITR
- Legal Documentation: Serves as proof of income and taxes paid.
- Tax Benefits: Claim deductions and exemptions to reduce liability.
- Required for Financial Transactions: Needed for loan or visa applications.
- Avoid Penalties: Timely filing helps avoid fines and interest charges.
- Carry Forward Losses: Losses can be offset against future income if filed on time.
Documents Required for ITR e-Filing
- General Documents: PAN card, Aadhaar linked to PAN, bank account details.
- Income-Related Documents: Salary slips, Form 16, Form 16A, Form 26AS.
- Deductions and Exemptions: Interest certificates, home loan documents, proof of tax-saving instruments.
- Income from Capital Gains: Documents related to the sale of stocks or property.
- Foreign and Dividend Income Proofs: Documents verifying income from foreign sources and dividends.
Penalties for Late Filing
- Interest: 1% per month on unpaid tax (Section 234A).
- Late Fee: Rs. 5,000 (Rs. 1,000 for incomes below Rs. 5 lakh) under Section 234F.
- Loss Adjustment: Missed deadlines result in forfeiting the benefit of carrying forward losses.
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