Individual Income Tax Filing

eFiling Income Tax Return Online in India – An Overview

Every responsible Indian citizen should file income tax to the government. With present technology, you can easily file your income tax online. This process is fast and accurate with no time constraints.

However, Filing income tax return in India through the official website involves filing ITR forms. There is a different ITR form for individuals and ITR form for salaried people. This is a critical task because the income tax department has various forms titled from ITR 1 to ITR 7. Each form has a specific function and belongs to a particular category.

Even if you miss a single field in the form or make any errors your income tax will not be filed on time. This is where you need expert guidance. Vakilsearch files income tax for both individuals and institutions regularly. So you can easily count on us to file your income tax return online. For that, you will have to provide us with the following documents.

Last Date for eFiling Income Tax Return

The return you are currently completing pertains to your earnings in the financial year 2022-23, which covers the period from 1 April 2022 to 31 March 2023. On the other hand, the assessment year is the year in which you file your returns and disclose your investments for tax assessment related to the respective financial year. Regarding the income earned during FY 2022-23, the assessment year would be the subsequent year, specifically from 1 April 2023 to 31 March 2024. Therefore, the assessment year in this scenario would be referred to as AY 2023-24. The deadline for submitting the Income Tax Return (ITR) for the financial year 2022-23 (assessment year 2023-24) without incurring a late fee is 31 July 2023.

Documents Required for ITR Return File

If you are an employee:

• PAN card
• Form 16 provided by your employer
• Salary slip (**Very essential for e filing of ITR)

If you are a business owner:

• Trading report
• Business account details
• Profit and loss statement if any

Apart from this, you can submit:

• Investment proofs
• Asset purchase/sale documents
• TDS certificates provided by banks
• Interest income statement
• Receipts regarding donations mutual funds and other forms of investments.

Checklist for Income Tax Return eFiling (ITR return)

For Filing income tax return, Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns online.

Let us make it clear: Any individual earning more than ₹2.5 lakhs, ₹3 lakhs or ₹5 lakhs should file ITR.

Benefits of eFiling of Income Tax Return

The advantages of ITR Filing are:

Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.

Visa: As Immigration centres scrutinise many documents and IT returns, proofs are a mandatory document for visa applicants.

Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.

Who Should File an Income Tax Return?

According to the Income :

• Salaried individuals with gross income exceeding the exemption level before deductions under Sections 80C to 80U
• Regardless of profit or loss, every firm, whether private limited, LLP, or partnership, is required to file IT return
• Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
• Individuals who earn dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources
• Individuals that receive income through charity or religious trusts, as well as income from voluntary contributions
• Individuals and businesses seeking tax refunds
• NRIs and tech professionals .

How to File Your Income Tax Return Online

For ITR filing online, first and foremost keep all the soft copies, scanned copies of all the required documents like your bank statement and last year’s return. You should also fill out income tax Form 16.

• itr online apply:Submit all the required documents to our experts
• Step 2: Through the registered portal our experts will file your income tax return online
• Step 3: ITR Filing Form will be selected based on your category, and experts will fill in all required information and claim any applicable exemptions
• Step 4: Our experts will inform you regarding the tax payable amount if any after all exemptions
• Step 5: Subsequently your income tax return will be filed without any hassle.

Note: Make sure to fill in accurate details in every field of the form, and select the applicable ITR Filing Form based on your criteria. If you have any doubts you can reach out to our expert and they will help you out.

You should know that non-compliance with filing of income tax returns can result in huge penalties. So why take that risk, when you can easily get an expert to file your income tax returns online!

Income Tax Slab for Senior Citizens Above 60 Years

The income tax slab for senior citizens above 60 years is designed to provide certain concessions and benefits to individuals in this age group. In India, senior citizens enjoy specific tax advantages as recognition of their contribution to society and to alleviate financial burdens during their retirement years. The income tax rates for the senior citizens are presented below: