ITR Filling - Tax Advizor

Income Tax E-Filing

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Income Tax Return Filling Overview

Income Tax Return (ITR) filing is the process of submitting details about your income, expenses, and taxes paid to the Income Tax Department. Individuals, businesses, and entities whose income exceeds the basic exemption limit or meet specific conditions must file ITR annually. Filing is done online through the Income Tax e-filing portal, using the applicable ITR form based on income sources. It ensures compliance with tax laws, enables claiming refunds for excess tax paid, and serves as proof of income for financial transactions. Timely filing avoids penalties and maintains a clear financial record, crucial for loans and other financial activities.

FILE YOUR INCOME TAX RETURN FROM TAX ADVIZOR

Who Needs to eFile an Income Tax Return?

Income tax return filing is not only a legal duty but also a financial responsibility that applies to various groups under different circumstances. Here's a detailed look at who is required for income tax e filing:

Salaried Individuals

If your total income before deductions under Sections 80C to 80U exceeds the basic exemption limit, you are mandated for income tax filing.

Firms

All corporate entities, including private limited companies, LLPs (Limited Liability Partnerships), and traditional partnerships, must file their ITR e filing annually, regardless of profit or loss.

Directors and Partners

Individuals serving as directors in private limited companies or partners in LLPs are required to do income tax filing reflecting their income and financial activities within the company.

Dividend Earners

If you receive dividends from sources such as mutual funds, bonds, equities, fixed deposits, and interest, you need to done the ITR e filing. This Income tax filing ensures that all sources of income are properly reported and taxed if applicable.

Charity and Religious Trusts

Income received from managing charity funds, religious trusts, or voluntary contributions also necessitates the Income tax e filing meant to maintain transparency and adherence to tax laws.

Tax Refunds

Those eligible for tax refunds, including individuals and businesses, should do income tax filing online to claim refunds on taxes previously overpaid.

NRIs and Tech Professionals

Non-resident Indians (NRIs) and technology professionals must complete income tax filing if their income derived from India surpasses the exemption limit or involves specific financial transactions.

Eligibility for Income Tax Filing

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

Deposited Rs 1 crore or more in one or more current bank accounts.
Deposited Rs 50 lakh or more in one or more savings bank accounts.
Spent over Rs 2 lakh on foreign travel.
Incurred electricity expenses exceeding Rs 1 lakh during the financial year.
Had TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) exceeding Rs 25,000 (or Rs 50,000 for senior citizens).

Business and Professional Income:

Businesses: Mandatory if your total sales, turnover, or gross receipts exceed Rs 60 lakh during the financial year.
Professionals: Mandatory if gross receipts exceed Rs 10 lakh during the financial year.

Due Date for ITR Filing

For the Assessment Year (AY) 2024-25, the last date for an Income tax filing (Income tax returns) under section 139(1) is July 31, 2024, unless extended by the government. It’s important for taxpayers to note that merely paying taxes does not fulfil all obligations; timely income tax e filing is also mandatory to avoid penalties. Starting from the financial year 2017-18, a late ITR filing fee is imposed for returns filed after the deadline.

Here’s a summary of the key Income tax e-filing last dates or due dates for various categories of taxpayers for the Financial Year (FY) 2023-24:

ITR Filing for Individuals and Entities Not Liable for Tax Audit: Due by July 31, 2024.
ITR Filing for Taxpayers Under Tax Audit (excluding those involved in transfer pricing): Due by October 31, 2024.
ITR Filing for Taxpayers Covered Under Transfer Pricing: Due by November 30, 2024.
Due Date for Revised/Belated Return of Income for FY 2023-24: December 31, 2024.

Note on “ITR date extension”: The Central Board of Direct Taxes (CBDT) extended the deadline for corporates to file their income tax returns for the Assessment Year (AY) 2024-25 from 31st October 2024 to 15th November 2024. This extension follows a previous change by the government, which moved the deadline for submitting tax audit reports from September 30, 2024, to October 7, 2024. It applies to taxpayers under sub-Section (1) of Section 139 of the Income-tax Act, 1961. Ensure to file your ITR before the specified due date to avoid penalties and legal complications.

Advantages of Income Tax e Filing

Legal Compliance
Filing ITR ensures compliance with tax laws, avoiding legal penalties and fines for non-filing or underreporting income.
Claiming Tax Refunds
If excess tax has been paid or TDS (Tax Deducted at Source) is more than the actual tax liability, ITR filing allows taxpayers to claim a refund.
Loan and Credit Approvals
Lenders and financial institutions often require ITR returns as proof of income while processing loan applications or credit cards.
Building Financial Record
ITR filing creates a documented history of your income, which is helpful for future financial planning and tax assessments.
Avoiding Penalties
Timely filing helps avoid interest, penalties, and additional charges imposed by the Income Tax Department for delayed submission.
Carrying Forward Losses
Filing ITR allows taxpayers to carry forward business or capital losses to offset future income, reducing tax liability in subsequent years.

Documents Required for ITR Filing

FAQ ON ITR FILLING

Who is required to file an ITR?

Any individual whose total annual income exceeds the basic exemption limit, or anyone who earns income from sources like salary, business, or investments, must file an Income Tax Return (ITR). The limit varies based on age and type of income.

What is the deadline for filing ITR?

The due date for filing ITR for individuals is usually July 31st of the assessment year. However, the deadline may vary based on government notifications, and extensions can be granted in certain circumstances.

What are the consequences of not filing ITR?

Failure to file ITR on time can result in penalties, interest on outstanding tax, and in severe cases, legal action. Additionally, you may not be able to claim tax refunds or carry forward losses.

How do I file ITR online?

You can file ITR online through the Income Tax Department’s e-filing portal. After registering, select the appropriate ITR form, fill it out with income details, upload documents, and submit the return. Digital signatures or Aadhaar-based authentication are used for verification.

Can I revise my ITR after submission?

Yes, you can revise your ITR if you realize that there were errors or omissions. The revised return must be filed before the end of the assessment year, and it will replace the original submission.