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ITR filing for single or multiple Form 16

Salary more than ? 50,00,000

Saving A/C Bank Interest

For Multiple Employers

Income from House Property/ Rental Income

Capital gain from Immovable property/ JDA

Trading and speculative income/ business income

Capital gains from stocks, mutual funds

FOR NRI and Foreign Income

Income earned outside India

Includes foreign investments in India

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₹2999 + 18% GST

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ITR filing for single or multiple Form 16

Salary more than ? 50,00,000

Saving A/C Bank Interest

For Multiple Employers

Income from House Property/ Rental Income

Capital gain from Immovable property/ JDA

Trading and speculative income/ business income

Capital gains from stocks, mutual funds

FOR NRI and Foreign Income

Income earned outside India

Includes foreign investments in India

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All you need to know about Income Tax Return (ITR) Filing

An Income Tax Return (ITR) is a formal document that individuals, businesses, and entities file with the government to report their income, expenses, deductions, and taxes for a specific financial year. Filing ITR is mandatory for those who meet the income criteria under the Income Tax Act, 1961.

ITR filing ensures transparency and compliance with tax regulations. It allows taxpayers to declare their financial activities officially and helps authorities assess tax liabilities accurately. Filing timely returns is crucial to avoid penalties and to maintain a good financial record.

Filing an Income Tax Return also enables taxpayers to claim eligible deductions and refunds, carry forward losses, and serve as a valid income proof for loans, visas, and other financial transactions. It plays a vital role in personal and business financial management.

Taxbizlegal.com offers a quick, easy, and affordable ITR Filing service. Reach out to us for a consultation at info@taxbizlegal.com or call our tax experts at 9403892279.

Advantages of Filing Income Tax Returns

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Legal Compliance

Filing ITR ensures that taxpayers meet their legal obligations, helping them avoid penalties and maintain a clean record with the tax department.

Claiming Tax Refunds

Taxpayers who have paid excess tax can claim refunds through timely ITR filing, ensuring no extra payment remains unclaimed from the government.

Building a Financial History

Filing regular ITRs helps in building a strong financial track record, which is crucial for securing loans, visas, and other financial benefits.

Carry Forward Losses

Losses incurred from business, capital gains, or profession can be carried forward and set off against future income if ITR is filed on time.

Avoiding Penalties

Timely filing of ITR helps taxpayers avoid late filing penalties, interest charges, and unnecessary legal troubles with the tax authorities.

Transparency and Accuracy

Filing ITR promotes accurate income reporting, ensuring transparency in financial dealings and reducing the risk of tax authority audits.

Key Features of FSSAI Registration

Types of ITR Forms

  • ITR-1: Salaried individuals up to ₹50 lakh income
  • ITR-2: Individuals & HUFs without business income
  • ITR-3: Individuals & HUFs with business/profession income
  • ITR-4: Presumptive income scheme (Sugam)
  • ITR-5/6/7: Firms, Companies, Trusts

Income Disclosure

While filing an ITR, taxpayers must disclose all income sources like salary, capital gains, rental income, and interest earned, and also claim eligible deductions under sections like 80C, 80D, and 80G to reduce taxable income.

Calculation of Tax Liability

Taxpayers must compute their taxable income after deductions and apply the applicable slab rates to determine the total tax payable, ensuring accurate tax filing and preventing penalties or future tax demands.

Claiming Refunds

If excess taxes are paid through TDS or advance tax compared to actual liability, taxpayers can claim a refund through ITR filing, with refunds credited directly to the bank account after assessment by the Income Tax Department.

Deadlines for Filing ITR

Typically, individuals must file ITRs by 31st July, businesses by 30th September, and audited accounts by 30th November each year, and late filing may attract penalties ranging from ₹1,000 to ₹10,000 under Section 234F.

E-Filing and Assessments

E-filing of ITR through the Income Tax portal offers faster processing and is mandatory for individuals earning above ₹5 lakh, firms, and those claiming refunds, with proper records helping in case of audits or scrutiny.

Documents Required for Registering Your FSSAI License

01.

PAN Card / Aadhar Card

02.

Form 16 (for salaried individuals)

03.

Bank Statements / Passbook

04.

TDS Certificates (if applicable)

05.

Investment Proofs (e.g., 80C, 80D, etc.)

06.

Details of Income from Other Sources (if applicable)

Why Filing Income Tax Returns is Essential for Your Financial Health

Why Compliance Matters

Filing your Income Tax Returns (ITR) ensures legal compliance, helps claim tax refunds, and builds a credible financial history. By submitting your ITR on time, you avoid penalties, make it easier to secure loans, and maintain transparency in your financial records.

Key Benefits of Filing ITR

Avoid Tax Penalties Claim Refunds for Overpaid Taxes Build a Strong Financial History Carry Forward Losses to Reduce Future Tax Ensure Legal Compliance Maintain Transparency and Accuracy

ITR Filing Timelines

ITR Filing Deadline (Individuals) — 31st July ITR Filing Deadline (Businesses) — 30th September Penalty for Late Filing — ₹1,000 to ₹10,000 Tax Refund Process — 2-3 months after submission
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Accurately Report All Income Sources

Ensure you report all sources of income, including salary, business income, capital gains, and any other taxable sources.

Claim Eligible Deductions

Maximize your savings by claiming deductions under Section 80C, 80D, 80G, etc., for investments like PF, insurance premiums, and charitable donations.

File on Time to Avoid Penalties

Submit your ITR by the due date to avoid penalties and interest under Section 234F for late filing.

Track Your Refunds

If you’ve overpaid your taxes, filing an ITR allows you to claim a refund, which will be credited to your bank account after assessment.

Ensure Transparency and Accuracy

Filing your ITR with complete accuracy helps avoid discrepancies and audits, ensuring a smooth process with tax authorities.

Frequently Asked Questions

Individuals whose income exceeds the prescribed threshold limit (e.g., ₹2.5 lakh in India) are required to file ITR. Additionally, companies, firms, and other legal entities are also required to file.

Yes, you can file ITR without Form 16 by manually entering your income details from your salary, TDS, and other income sources.

You can still file a late return but will incur penalties, and your chances of claiming refunds may be delayed.

Yes, you can file a 'nil return' if you have no income but wish to maintain a record for future transactions or to comply with other legal requirements.

You can check the status of your ITR on the Income Tax e-Filing portal or use the acknowledgment number to track the processing.

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