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Overview of Income Tax Returns

Income tax returns for the year 2024 continue to be a critical aspect of the country's fiscal system. These returns are filed annually by individuals, businesses, and other entities to report their income earned during the fiscal year and calculate the applicable taxes owed to the government. The process involves detailing various sources of income, including salaries, investments, property, and business profits. For the 2024 tax year, taxpayers must adhere to any changes or updates in tax laws introduced by the government, including alterations in tax slabs, deductions, and exemptions. The income tax return forms, such as ITR-1 to ITR-7, cater to different types of taxpayers, ensuring comprehensive reporting. Filing income tax returns accurately and within the stipulated deadlines is crucial to avoid penalties and legal ramifications. Moreover, advancements in technology have streamlined the filing process, with online platforms facilitating electronic submission and verification, promoting efficiency and convenience for taxpayers. As part of the tax return process, individuals may also claim deductions and exemptions to reduce their taxable income, such as investments in specified schemes, medical expenses, and charitable contributions. Overall, income tax returns for 2024 in India reflect the ongoing effort to maintain fiscal transparency, compliance, and an equitable distribution of tax burdens within the country. Types of Income Tax Return The income tax return forms in India serve as standardized documents for reporting various types of income to the government. Each form is tailored to specific taxpayer profiles and income sources. Here's a brief overview of some commonly used ITR forms:

  1. ITR-1 (Sahaj)

Who uses it: Individuals with income from salaries, one house property, and other sources (excluding income from business or profession).

Explanation: If you earn money from a job, own one house, and have income from other sources like interest, this form is for you.

  1. ITR-2

Who uses it: individuals and families (HUFs) without income from business or profession.

Explanation: If your income doesn't come from running a business, and you're an individual or a family, you use this form.

  1. ITR-3

Who uses it: individuals and HUFs with income from business or profession.

Explanation: If you're earning money from running a business or a profession, this form is for you.

  1. ITR-4 (Sugam)

Who uses it: individuals, HUFs, and partnerships (not LLPs) with presumptive income from business and profession.

Explanation: If your business income is calculated on a presumptive basis (a simplified method) and you're an individual, family, or partnership, use this form.

  1. ITR-5

Who uses it: People other than individuals, HUFs, and companies.

Explanation: If you are not an individual, family, or company, use this form. It could be for other types of entities.

  1. ITR-6

Who uses it: companies (except those claiming tax exemption under certain sections).

Explanation: If you're a company that doesn't qualify for certain tax exemptions, use this form.

  1. ITR-7

Who uses it: Persons, including companies, are required to file returns under specific sections of the Income Tax Act.

Explanation: If you fall under special categories mentioned in certain sections of the tax laws, use this form.

  1. ITR-8

What it is: It's not a form but an acknowledgment of an electronically filed return without a digital signature.

Explanation: If you filed your return online and didn't use a digital signature, you'll get an acknowledgment called ITR-V.

Benefit of Income Tax Returns

Filing income tax returns (ITR) offer multiple benefits, not just from a legal standpoint, but also in terms of financial health and planning. Here are some of the key advantages:

      • Legal Compliance: Filing ITR is mandatory if your income exceeds the basic exemption limit. It helps you comply with the Income Tax Act, avoiding penalties or legal issues due to non-compliance.
      • Claim Refund: If you've paid more tax than you owe (through TDS or advance tax), filing an ITR is necessary to claim a refund from the Income Tax Department.
      • Loan Approval: Banks and financial institutions often require the last few years' ITRs as proof of income when applying for loans, such as home loans, personal loans, or vehicle loans. It serves as evidence of your financial health and repayment capacity.
      • Visa Processing: Many countries require you to furnish your tax returns for the last few years as part of the visa application process. It's proof of your economic stability and lawful income in your home country.
      • Carry Forward Losses: By filing your tax returns, you can carry forward losses to subsequent years, which can be set off against future gains and income, reducing your tax liability in the years to come.

Process of Income Tax Returns

The process of filing income tax returns (ITR) in India has been streamlined over the years, making it more user-friendly. Here's a simplified guide to the process for the financial year 2023–24.

Step 1: Collect Relevant Documents

Start by gathering all necessary documents, such as Form 16, bank statements, proof of investments, and any other income documents. This will help you compute your total income, deductions, and tax liability accurately.

Step 2: Determine the Correct ITR Form

Depending on the nature and source of your income, select the appropriate ITR form. The Income Tax Department of India specifies different forms for different types of income (e.g., ITR-1 for salaried individuals, ITR-2 for individuals with income from multiple sources, etc.).

Step 3: Register or Log In on the e-Filing Portal

If you haven’t already, register yourself on the Income Tax Department’s e-Filing portal (incometaxindiaefiling.gov.in). If you're already registered, log in using your PAN (Permanent Account Number) as your user ID.

Step 4: Fill in the ITR Form

You can opt to fill in the ITR form online directly on the e-Filing portal or download the form, fill it out, and then upload it. The form will ask for various details such as personal information, income details, deductions, and taxes paid. If you choose to fill the form offline, remember to download the pre-filled information available to ease the process.

Step 5: Verify Income Details and Tax Deducted

Compare your calculations with the Form 26AS and TDS certificates to ensure all tax deductions and income are correctly accounted for. Form 26AS can be downloaded from the TRACES website or through the e-Filing portal.

Step 6: Claim Deductions

Enter details of investments and expenditures that qualify for deductions under various sections of the Income Tax Act (e.g., Section 80C, 80D, etc.) to reduce your taxable income.

Step 7: Compute Tax Liability

Based on your taxable income and applicable tax slabs, compute your tax liability. Deduct any TDS or advance tax paid to determine the amount payable or refundable.

Step 8: Pay Outstanding Tax

If you have tax due, make the payment online through the e-Filing portal before submitting your ITR. Ensure you enter the details of the paid tax in your ITR form.

Step 9: Submit the ITR Form

After checking all the details thoroughly, submit your ITR form. For online submission, you’ll click on the 'Submit' button. For offline submission, you'll need to upload the filled-out form in the requisite format.

Step 10: E-Verify Your Return

Upon submission, you have 120 days to verify your return electronically through Aadhaar OTP, EVC through your bank account, or by sending a signed ITR-V (Acknowledgment) form to the CPC, Bengaluru, via post.

Step 11: Acknowledgment and Processing

After successful verification, you will receive an acknowledgement from the IT Department. The Department will then process your return, and you'll be notified regarding the same. Keep an eye on your email and messages for any communication from the Income Tax Department.

Remember, timely filing and verifying your income tax return helps in faster processing and refunds if applicable. Always ensure to file your ITR by the due date to avoid penalties.

Documents Required For Income Tax Returns

Filing your income tax returns requires gathering various documents to ensure accuracy and compliance with tax laws. Here's a general list of documents you might need:

1. Personal Information

  •    PAN (Permanent Account Number) card
  •     Aadhar card
  •    Current address details

2. Income Details

  •    Form 16 issued by the employer
  •    Salary slips
  •    Interest certificates from banks and post offices
  •    Form 16A/16B/16C for other income sources
  •    Income from house property details
  •    Profit and loss statement for business or professional income
  •    Rent agreement for rental income

3. Investment Details

  •    Proof of investments for deductions under Section 80C (e.g., Life insurance, ELSS, PPF, NSC, etc.)
  •    Health insurance premium receipts for Section 80D
  •    Education loan interest payment certificates for Section 80E
  •    Donation receipts for Section 80G

4. Tax Deducted at Source (TDS) Certificates

  •    Form 26AS (Tax Credit Statement)
  •    TDS certificates (Form 16/16A)

5. Bank Account Details

  •    Bank account statement for the financial year
  •    Details of foreign bank accounts, if applicable

6. Capital Gains

  •    Stock trading statement for capital gains
  •    Mutual funds statement
  •    Sale and purchase of property documents
  •    Sale and purchase of other assets documents

7. Other Documents

  •    Details of deductions not covered elsewhere
  •    Information on tax-saving investments
  •    Documents related to foreign income and tax relief claimed under DTAA (Double Taxation Avoidance Agreement)

8. Previous Year's Tax Return

   Last year’s tax return document for reference

Remember, the exact documents required can vary based on your income sources, deductions claimed, and specific circumstances. It's always a good idea to consult with a tax advisor to ensure you're compiling the correct documentation for your situation.

Procedure of Income Tax Returns

Gather your documents: You'll need documents like salary slips, Form 16, bank statements, investment account statements, and details of any other income or deductions you want to claim.

Choose the right ITR form: As mentioned before, select the appropriate form based on your income sources and category (individual, HUF, etc.). You can find details about each form on the Income Tax Department website.

Why Taxlegit

Taxlegit is an online platform that simplifies the entire income tax return filing process. Correctness: Taxelgit ensures your taxes are done right, reducing the chance of mistakes that could lead to fines or audits. Convenience: Instead of dealing with paper forms, you can easily file your taxes online with Taxelgit from wherever you are, saving time and hassle. Expertise: Taxelgit provides access to tax experts who can answer your questions and help you get the most out of your tax deductions and credits. Security: Your financial information is safe with Taxelgit's advanced security measures, giving you peace of mind when filing your taxes online. Affordable cost/ price: Taxelgit offers reasonably priced services, making professional tax preparation accessible to individuals and businesses of all sizes.

FAQ's

Yes, it's recommended to file returns even if your income is below the taxable limit. It helps maintain financial records and can be useful in various situations.

Missing the deadline may lead to penalties and interest on outstanding taxes. It's best to file on time to avoid such issues.

Yes, you can file belated returns for up to two years from the end of the relevant assessment year. However, there are certain limitations and penalties associated with it.

While it's not mandatory, seeking professional help can ensure accuracy and help you take advantage of all available deductions and exemptions.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

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