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RETURNS
Income Tax Returns
Income Tax Returns (ITR) are mandatory annual filings required by the Income Tax Department of India. Both individuals and businesses must file their ITRs to report income, claim tax deductions, and calculate their tax liability for a given financial year. Filing an ITR on time not only ensures compliance with the law but also enables taxpayers to carry forward losses and claim refunds on excess tax paid.
Necessity of Filing Income Tax Return
1. Compliance with Indian Tax Laws: Ensure that your business or individual income is reported accurately and legally, avoiding penalties and notices from tax authorities.
2. Claim Refunds: If excess tax has been deducted from your income or paid in advance, filing an ITR allows you to claim refunds.
3. Carry Forward Losses: Filing ITR on time lets you carry forward losses (such as business or capital losses) to future years, reducing tax liabilities in profitable years.
4. Proof of Income: ITR serves as proof of income, which is essential for obtaining loans, visas, and credit facilities.
5. Avoid Penalties: Filing on time helps avoid penalties of up to ₹10,000 for late filings.
Budget 2024 Update: New Income Tax Slabs Revised
In the 2024 Budget, significant changes have been made to the tax slabs under the New Regime, offering taxpayers additional savings opportunities of up to ₹17,500. The standard deduction has been increased to ₹75,000, and the family pension deduction has been raised from ₹15,000 to ₹25,000. These updates are applicable for FY 2024-25. Below is a comparison of the revised tax slabs with the previous ones.
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Tax Slab for FY 2023-24
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Tax Rate
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Tax Slab for FY 2024-25
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Tax Rate
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NOTE:
- In the case of old tax regime Income tax exemption limit is
- up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs.
- up to Rs 3,00,000 for senior citizens aged above 60 years but less than 80 years.
- up to Rs 5,00,000 for super senior citizens aged above 80 years.
- Surcharge and cess will be applicable over and above the tax rates
However, under the new tax regime rebate is up to Rs.25,000 is applicable if the total income does not exceed Rs 7,00,000. (not applicable for NRIs). Additionally, the standard deduction has been raised from Rs. 50,000 to Rs. 75,000 under the new tax regime.
* Tax rebate equivalent to an amount, tax payable is when the total income exceeds Rs 7,00,000. (not applicable for NRIs)
NOTE:
- Income tax exemption limit is up to Rs 3,00,000 for Individuals, HUF opting for the new regime.
- Surcharge and cess will be applicable over and above the tax rates.
Our Process
1. Assessment and Documentation Collection:We assess your total income, expenses, and investments to gather relevant documents for preparing your income tax return. This includes salary slips, Form 16, and investment proofs.
2. ITR Preparation and Filing: Our team prepares your income tax return accurately and files it on the Income Tax e-filing portal, ensuring that all deductions and tax-saving benefits are claimed.
3. Refund Tracking and Post-Filing Support: Once your ITR is filed, we help track any refund claims and provide ongoing support to address any notices or queries from the tax department.
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Have questions? Ask us or find your answer here
Individuals, businesses, and professionals earning above the basic exemption limit or those receiving income from capital gains, house property, or other sources must file an ITR.
Filing an ITR after the deadline can attract a penalty of ₹5,000 to ₹10,000, depending on how late the filing is. Interest on unpaid taxes also applies.
Key documents include salary slips, Form 16, Form 26AS, bank account statements, investment proofs, home loan interest certificates, and records of other income.
Yes, a revised ITR can be filed if there is an error or omission in the original return. The revision must be filed before the end of the relevant assessment year.
Refunds are generally processed within 2 to 6 months after the ITR is filed, depending on the complexity of the return and the processing speed of the tax department.
Filing an ITR helps document your income officially, which can be useful when applying for loans, visas, and other financial services.
If you miss the deadline, you can still file a belated return, but late filing fees and interest on unpaid taxes will apply. Certain deductions may also not be available for late filers.
Once your ITR is filed, you cannot claim new deductions. However, you can file a revised return to include any missed deductions or correct errors.