Income Tax Filing

Filing of Income Tax Return (ITR) is an important responsibility of every taxpayer in India, to ensure compliance with the tax laws of the country. It details all sources of income, deductions and taxes for filing a complete return with the Tax Office. The deadline to file your income tax return for fiscal year 2023-24 (assessment year 2024-25) without paying a late fee is July 31, 2024.

Early submission of ITR helps avoid mistakes and last-minute technical errors, ensuring smooth delivery.  At India Filings, we simplify the ITR e filing process, so that you can easily submit your ITR returns online. Our service makes every step easy, ensuring a fast, efficient and secure tax e filing experience.

With expert support available throughout the process, IndiaFilings ensures that your ITR e filing is trouble-free, enabling you to meet your tax obligations effortlessly.

Income Tax Return (ITR)

Income Tax Return (ITR) is a form that taxpayers can use to declare their income and taxes paid to the Income Tax Department. There are seven types of ITR forms for ITR e filing: ITR 1 to ITR 7. The right form for a taxpayer depends on various factors, including their income, total amount of income, type of taxpayer (such as individuals, Hindu undivided family (HUFs), corporations etc). Every taxpayer must complete and submit his income tax returns well in advance of the specified deadline to comply with tax laws.

Who Needs to E-File an Income Tax Return?

Filing of income tax returns is not only a legal obligation but also a financial obligation of various parties under different circumstances. Here is a detailed list of those required to file Income Tax E:

Salaried Individuals

If your gross income before the section 80C to 80U deduction exceeds the basic exemption limit, you must file income tax.

Firms

All companies including private limited companies, LLPs (limited liability partnerships), and traditional partnerships are required to file their ITR e every year, irrespective of profit or loss.

Directors and Partners

The directors of private limited companies or the partners in LLPs are mandatorily required to file income tax that reflects their income and financial activities within the company.

Dividend Earners

You must have filed the ITR e filing. Such a filing will account for all the income earned through dividends, including mutual funds, bonds, equities, fixed deposits, and interest.

Charity and Religious Trusts

Income from management of a charity fund, a religious trust, or voluntary contributions are also charged to Income tax e filing to maintain the aspect of transparency with the mindset of compliance tax laws.

Tax Refunds

Those considered for tax returns, from persons to businesses, should do income tax filing online in order to claim refunds on taxes before which are paid over.

NRIs and Tech Professionals

Non-resident Indians and techno-professionals have to pay income tax if the income they earned from India exceeds the exemption limit or includes specific financial transactions in the mini of transactions.

Eligibility for Income Tax Filing

In India, a need to do ITR e filing arises in the following scenarios. The basic requirement to do Income tax e filing arises when your gross total income exceeds the basic exemption limits, which varies with age:
       • People below 60 years: Rs 2.5 lakh
       • Seniors 60 to 80 years of age: Rs 3.0 lakhs
       • Rs 5.0 lakh: Individuals aged above 80 years
But there are some other, more specific circumstances that require an income tax return, even if your income is below the levels:

High-value Transactions: You are required to do Income tax filing if you have:

• Had Rs 1 crore or more in one or more current bank accounts.
  • Saved over Rs 50 lakh or more in one or more savings bank accounts.
  • Foreign travel for more than Rs 2 lakh.
  • Electricity cost of above Rs 1 lakh in the accounting year.
  • Had TDS or TCS of over Rs 25,000 (or Rs 50,000 for senior citizens).

Business and Professional Income:

• Enterprises: Mandatory if aggregate sales, turnover, or gross receipts exceed Rs 60 lakh in the previous financial year.
  • Professionals: If the gross receipt crosses Rs 10 lac in the year.

Income Tax Return Forms in India

ITR e filing in India has smoothened through various forms, which are drafted to cater to various categories of taxpayers. So here is a summary of income tax return forms:

ITR-1: SAHAJ

This Income tax return form is for individuals whose annual income from salary or pension is below Rs. Fifty lakhs who own just one house of the social property.

ITR-2: Beyond Business

This ITR form is appropriate for a Non-Resident Indian (NRI), directors of the companies, and shareholders of private companies. You can use this ITR form when you have capital gains income or foreign income or if your income has crossed Rs. 50 lakhs, and you have more than one house property.

ITR-3: Professionals and Proprietorships

This ITR form Suitable for professionals and individuals running a proprietorship business in India.

ITR-4: Presumptive Taxation Enrollees

This is an income tax return form for those who opt for presumptive taxation scheme, wherein business income is less than Rs. 2 crores or professional income is less than Rs. 50 lakhs.

ITR-5: Partnerships, LLPs, and More

This income tax form must be filed by partnership firms, Limited Liability Partnerships (LLPs), associations, and bodies of individuals.

ITR-6: Companies

This ITR e filing form is Applicable to companies that are registered in India.

ITR-7: Special Entities

This ITR e filing is Used by entities such as charitable/religious trusts, political parties, scientific research institutions, and colleges/universities.

Due Date for ITR Filing

The last date for filing Income tax return under section 139(1) for the AY 2024-25, unless otherwise notified by the government is July 31, 2024. Tax payers must keep in mind that merely making the payment of tax will not be enough. E-filing of income tax on time will help them from attracting penalties. Since financial year 2017-18 onward, the ITR return filed after the due date has a late fee chargeable.

Here is the summary of key Income tax e-filing last dates or due dates in categories of taxpayers for FY 2023-24:

  • ITR Filing for Individuals and Entities Not Liable for Tax Audit: 31 July, 2024.
  • Tax audit ITR filing, excluding transfer pricing taxpayers October 31, 2024.
  • Filing of ITR under Transfer Pricing for Taxpayers. Due Date November 30, 2024.
  • Revised / Late Income Return FY 2023-24: Due date is Dec 31,2024.

Advantages of Income Tax e Filing

 Income tax e filing provides a range of financial and legal benefits. Here are some key   advantages of ITR e filing:

Legal Documentation

Your income tax filing or ITR is a record of your income and taxes paid, and constitutes evidence establishing that you have:
   • Amounts to an official record of the income and taxes paid by you and serves as a proof     accepted by most government and financial institutions.
   • Income Verification: This comprises information that dictates earning and deductions on     an income that can be needed in the case of many financial transaction, for example when purchasing a property or applying for a loan.

Claim Tax Benefits

One of the major advantages of income tax e-filing is that you can claim your tax deductions and exemptions under various sections of the Income Tax Act, thereby effectively bringing down your tax liability with the in-built options on liability.

Essential for Financial Transactions

ITRs are mostly sought for:
  • Loan Applications: In most of the cases, banks and financial institutions seek ITRs of the last two to three years as proof of income.
  • Visa Applications: Many countries include ITRs as part of requirements for visa applications to confirm the applicant’s stability of finances.

Avoid Penalties

If you need to pay income tax, then its filing can be charged with penalty and fine. For that matter, timely income tax e-filing helps you save those unnecessary costs.

Carry Forward Losses

Any loss you incur would be carried forward to the next years and set off against those profits. This can only be done, however if you filed an income tax.

Quick Loan and Card Approvals

This can be evidenced by a consistent tax record; it can hasten loan and credit card approvals because it shows the financial reliability and regularity of the inflow of money.

High-Value Investments and Transactions

For transactions involving high values, such as the purchase of property or high-premium insurance, having a filed ITR is often mandatory.

Refund Claims

If you have actually paid more than your income tax (through TDS, etc.), Income tax e-filing is a must to receive your refund back. Refunds are pretty quick and very smooth in the case of e-file taxes.

Compulsory If Meeting Certain Criteria

In fact, sometimes it becomes necessary to file ITR even if your income is not crossing the fixed threshold, such as your electricity bills or foreign travel expenditures have surpassed a specific limit.

Income tax e filing does not only protect you from any legal issues but also cements your financial footprints, which can be helpful in more areas of financial planning and other liabilities.

Documents Required for ITR e Filing

While preparing your e-filing of income tax return in India, it is pertinent to carry all documents with you to ensure ease and accuracy at the time of filing. Here’s a comprehensive list of what you may require for Income tax e-filing:

General Documents for ITR filing

• PAN or Permanent Account Number: A must in any monetary transaction, taxation, and all other activities.
  • Aadhaar (Linked to PAN): Must be used to authenticate and link with your tax records.
    • Bank Account Details: Even then, we would need to clear all refunds processed or clarify all financial information.

Income-Related Documents

• Salary Slips: To prove the income earned due to employment.
  • Rent Receipts: When you are claiming House Rent Allowance (HRA).
   • Form 16: The employers provide it, and on it, you can see how much tax was deducted at   source on your salary.
   • Form-16A: This is for TDS on Income other than salary
   • Form-16B: This is for TDS on sale of the property.
   • Form-16C: This is for TDS on rent.
   • Form 26AS: Your tax credit statement. It will reflect all the taxes deposited against PAN.

Deductions and exemptions-related documents

• Interest certificates: These are from banks and post offices for savings accounts and fixed deposits.
  • Home Loan Information: Claiming deductions on interest incurred on your home loans.
   • Proof of Tax-Saving Instruments: Life insurance, health insurance, Public Provident Fund (PPF), National Savings Certificates (NSC), ELSS mutual funds, etc.
   • Income from Capital Gains: Records of sales of a capital asset like stocks, or property.
   • Rental Income : lease agreements and receipts from rents.
   • Foreign Source Income and Dividend Income Proofs Documents that demonstrate income from foreign sources and dividends.

Penalty for Late Filing Income Tax Returns

When filing your Income Tax Return (ITR), it’s crucial to meet the Income tax return filing last date to avoid penalties and maximise benefits:

• Interest: The income tax filing attracts an interest of 1% per month or part of the month for which amounts are unpaid under Section 234A, provided the date is missed.
  • Late Fee: Section 234F states that there is a late fee where you have defaulted in filing your ITR on or before the due date. The fee is Rs. 5,000 but is restricted to Rs. 1,000 in case the total income is less than Rs. 5 lakh.
   • Loss Adjustment: Electronic filing of income tax on time allows you to carry forward losses incurred from investments or business activities, which may be set off against the income tax liabilities in the future. Failing to file Income tax returns in time results in forgoing this relief.

Procedure for e-Filing of ITR in India

Normally, two methods are used when it comes to income tax e filing in India: Offline to Online and Fully online. The following shows how to file income tax return offline to online as well as fully online:

e-Filing ITR Offline to Online Method:

According to the official website of the Income Tax Department, click on a suitable ITR from the portal after considering all income sources and categories of one’s income as per the Excel Utility or Java Utility furnished on the portal for downloading the suitable ITR form.
Fill Offline Form Download the form and fill it in on your computer. For example, you will be able to fill out your tax details at your leisure and without access to the internet or other materials.
 • Saving the Form in XML: After completing it, save the form in XML format since this is the only format possible that would allow uploading to an e-filing portal.
 • Upload XML File on the e-Filing Portal: You log in to the e-filing portal, and then you click on the relevant section where you upload your XML file along with submitting your ITR.

e-Filing of Income Tax Returns Online

Once you register at the income tax e-filing portal and collect all documents, then filing your income tax return is not that tough. Follow these steps for efficiently e filing your income tax returns:

Step 1: Log in to the Portal

Visit the official Income Tax Department e-filing website and click on “Login” at the top right corner.

Step 2: Enter Login Credentials

Input your registered username (usually your PAN) and password in the designated fields. Be mindful of case sensitivity in the password. Click “Continue” to proceed.

Step 3: Access E-Filing Services

Once logged in, at the dashboard go to the “e-File tab” and click on “File Income Tax Return” from the dropdown menu to begin e file income of the tax return.

Step 4: Choose the Assessment Year and Filing Mode

On the “File Income Tax Return” page, you will be asked to choose the Assessment Year (AY) for which you are filing the return. For example, the income generated between April 1st, 2023 and March 31st, 2024 would be covered by AY 2024-25.

Now, Choose Mode of Filing as “Online”. However, there is an offline mode too called “Income Tax Utility” if your case so demands.

Step 5: Select Taxpayer Category

Indicate whether you are filing as an Individual, Hindu Undivided Family (HUF), or other entity types. Click “Continue” after making your selection.

Step 6: Choose the Right ITR Form

Based on your taxpayer category and income details, the portal will suggest appropriate ITR forms. Choose the one that matches your income sources:

• ITR-1 (Sahaj): This is for the salaried person with earnings through salary, one house property, and other sources like interest.
  • ITR-2 for individuals and HUFs having income from capital gains or foreign income without business or profession income.
   • ITR-4 (Sugam) for persons having business income and income from profession u/s 44AD.

Step 7: Reason for ITR Filing

Select your reason for income tax e filing, which might include regular assessment, claiming a refund, or filing a revised return.

Step 8: Review and Edit Pre-Filled Information

The portal may pre-fill certain sections based on data from employers, banks, etc. Verify each entry for accuracy and edit any incorrect information before proceeding.      

Step 9: Review and Confirm ITR Return Details

Review a detailed display of your ITR, including income, deductions, and tax liability. Ensure all data is correct before moving forward.

Step 10: Make Tax Payment

If applicable, settle any tax dues via the e-payment gateway. Select your bank and preferred payment method, such as net banking or debit/credit card.

E-Verify your return

After you have done, you’re the ITR e filing, the next important thing would be to e-verify your return. It is an integral part of the ITR e filing process, for verification of the genuineness of your submission to the Income Tax Department. There are several ways you can e-verify your ITR: You can get it through the Electronic Verification Code (EVC), which would be generated from your bank account, your Demat account, or even from your registered mobile number and email.
• Aadhar OTP: One time password provided to your linked mobile number against which you authenticate.
• Sending a Signed ITR-V: In case electronic verification is not possible, you can send a signed copy of the ITR-V form through normal or speed post to the Centralized Processing Centre, Income Tax Department in Bengaluru within 120 days from the date of filing.
India Filings experts are at your beck and call to assist you file your ITR in a smooth manner.

Steps to Take If You Miss the ITR Filing Deadline

If you miss the Income Tax Return (ITR) deadline, there are still avenues available to address the oversight:

File a Belated Return

Therefore, under Section 139(4) of the Income Tax Act you can file the belated return for the Financial Year 2023-24 (Assessment Year 2024-25) up to December 31, 2024. Note that you will attract penalties and charges on interest with such a belated filing. More importantly, except in respect of house property loss, most of the other kinds of losses are not allowed to be carried forward if you file a belated e-filing of income tax return.

File an ITR-U (Updated Return)

• Introduction of ITR-U under the finance act of 2022: The said finance act has introduced a new form called ITR -U, and it enables taxpayers to file a revised return by making ITR within two years from the end of the relevant assessment year, and this will effectively rectify the omission or error in furnishing the information on the originally filed or belated return. There are also additional tax liabilities in terms of a tax and interest charge of 25% within the first year if it is filed and 50% if it is filed during the second year after the original deadline.
  
  The best option is to avoid stressing and extra costs involved in such options is to begin with the ITR e filing process early.

Common Mistakes While e-Filing Income Tax

Your e Filing of ITR in India Certain common errors may complicate the process or attract penalties. One must know them to have a sweet time while filing returns:

While filing the Income Tax Return form, be careful not to select the wrong tax form. There are various ITR forms that are for various sources of income and different statuses of taxpayers. In this scenario, make sure you select the appropriate income tax return form as per the types of incomes you have, as mentioned by the Income Tax Department on its website.
Incorrect PAN or personal information: If you get it incorrect while filling in the PAN, name, address or date of birth, your return would either be rejected or delayed.
 • Wrong Bank Details: One can anticipate delay in refund of his/her ITR if the bank account details the person provides is wrong. So pay great attention to all the details such as the IFSC code and your bank account number.
 • Not claiming all the allowable deductions: So many forget or deliberately avoid using all the saved funds and investments towards the reduction of tax liabilities, only for they are not claimed for savings, investments, and other expenses that are permissible under The Income Tax Act 1961.
 • Failure to Disclose All Sources of Income: All sources of income made in a year ought to be disclosed. Failure to declare all of the sources of income will attract penalties and forms a technical case of tax evasion.
 • Failure to E-Verify the Return: Once you have filed your ITR, it should be e-verified with a specified period after filing. An unverified return is treated as if it has not been filed.
 • Filing Beyond Deadline: If the return is filed after the deadline, one attracts penalties as well as fines. It is preferred to file your return within the given deadline to avoid those extra charges.
 • Omission of Capital Gains from Mutual Funds: Long-term as well as short-term capital gains from a mutual fund are taxable. Proper reporting of such gains avoids tax authorities.
Avoid all these errors and make sure your ITR filing is error-free and in consonance with the tax laws so that you can achieve your peace of mind. India Filings would help you with the complicated process of income-tax e-filling easily with our experts.

ITR Filing Made Easy with India Filings!

With India Filings, stay ahead of the curve and be compliant with your financial requirements by e-filing your income tax return. Beat the last-day rush and avoid penalties with our affordable ITR charges on income tax return filing and file it well in advance before July 31, 2024. ITR filing from India Filings will be easy, smooth, and stress-free with guidance from experts and an intuitive interface. Don’t wait until the last minute; seek a secure financial future today with India Filings.

So start now and make the most of our all-inclusive support and problem-free filing experience!

Personal Tax Return Filing FAQ’s

What is the ITR filing?

ITR or Income Tax Return is the formal document any individual submits to the Income Tax Department of India regarding income and taxes payable for a particular financial year. The reporting process includes sources from where an individual derives the income, such as salary and house property, etc. (from April 1 to March 31 for the period of one year). An ITR means filing income tax returns, ensuring that someone is complying with the tax laws and helps one to assess the correct tax liability.

Who is eligible for ITR?

The eligibility to file ITR differs as per choice of form. For example, an ITR-1 is for Resident Individuals with income from salary, one house property, family pension, agricultural income up to 5,000, and so on, with other sources that include interest from savings bank, deposit interest, and refund of income tax, etc. In general, if the income or source of a person falls in any of these categories then the one mentioned above is eligible to file ITR-1, considering the conditions specified for this particular form.

Is it compulsory to file an ITR?

Yes, the ITR filing is compulsorily required in some situations. Section 139(1) of the Income-tax Act states that a resident should file an ITR if he or she possesses shares or bonds of companies outside India, owns a house outside India, or receives income from foreign source like dividends, interest, or rents. Due to this reason alone, ignoring such legal necessities may result in penalties or even court cases.

What is the last date for ITR filing in 2024?

Another thing to remember is filing your 2024 Income Tax Return, which should be done before July 31, 2024. Thus, before the deadline arrived, you had better gather all the documents you need and proceed with filing your return on or before the deadline to avoid late fees or penalties.

How to file an income tax return in India?

You can file income tax returns online through income tax department website or IndiaFilings.com. However, please note that the deadline to e-file income tax return for the assessment year 2023-2024 is July 31, 2024. File your returns now before the due date and avoid all the penalties associated. Let experts at India Filings make ITR filing easy for you.

Which type of income tax return form should I choose for e-filing?

One has to select the appropriate form of income tax return if one decides to e-file their income tax return. The Department of Income Tax has classified seven ITRs, that are ITR-1 to ITR-7. Depending upon the sources of income, individuals and HUFs will have to file ITR from ITR-1 to ITR-4; alternatively, for entities like LLP, AOP, BOI, etc, there is ITR 5. Except claimants of exemption of income that pertains to charitable or religious purposes, companies have to lodge ITR-6.

How can I verify the status of my income tax e-filing?

To check your income tax e-filing status, just follow the steps:
 • Use your PAN as the user ID and your login password to log into this new income tax e-filing portal.
 • Go to the ‘e-File’ section under the ‘top menu header’; there you’ll find ‘Income Tax Returns’. From here, click on ‘View Filed Returns’ in the dropdown list.
 • If you click on ‘View Filed Returns’, you will get a list of all the returns filed in the past. These returns will be sorted by year. Under this section, here, you can download your ITR-V acknowledgement and ITR forms also. You can find the status of your return if you click on ‘View Details’ which contains details about e-verification, if done, and refund status also.

With all these instructions, you easily follow track the status of your filed income tax returns.

Can I e-file my ITR after the deadline?

Yes, you may e-file after the deadline also but that will be considered as belated return. Moreover, it will carry late filing fees and charge on interest. The best thing to do would be to file your ITR in time to avoid all these extra costs and complications.

What should I know about ITR filing charges?

The number of charges levied while filing ITR is something every taxpayer should know. India Filings provides transparency and affordability in our ITR filing charges to suit the diverse financial situations of our clients. Whether it’s an individual taxpayer or a corporate entity, our customized ITR filing charges are designed to help you comply with tax regulations efficiently and without any hidden costs.

What are the ITR filing fees at India Filings?

The fee plan of India Filings is lucid and competitive for ITR filing. With India Filings, the ITR filing fees are strategized to reach out to individuals and corporations and offer high quality tax filing services without being imposed in hidden costs. The company charges according to the number of transactions that include our free and expert consultation with the use of our user-friendly online portal with efficient and hassle-free tax filing. The individuals can better deal with their tax duties and also stay within budget with India Filings.