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Income Tax Return Filing

Name: Income Tax Return Filing
Brand: Vakilsearch
SKU: 33
Rating: 4.5 (4950 reviews)

Our tax experts gather all relevant information to prepare optimized tax returns, ensuring you save money while complying with regulations.
We offer standardized rates but customized filings based on your investments, income, and declarations.

India’s highest-rated

legal tax and compliance platform.

4.5/5

17k+ Happy Reviews

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“Highly satisfied with Mubeen Taj's ITR service. Prompt, courteous, and efficient. Saved taxes too! Recommend for hassle-free filing.”

Source of income

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Capital Gains

Other Sources

Income Tax Return (ITR) Filing - Overview

An income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information.

e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.

Act: The Income Tax Act, 1961 (India)

This act provides the framework for levying, collecting, and administering income tax in India. It specifies the rules and procedures for filing income tax returns by companies, individuals, businesses, and other entities.

Advantages of Income Tax Returns (ITR ) Filing

Filing income tax returns offers multiple advantages for a citizen. Here are the top 5 advantages of filing an income tax return in India.

Documents Required to File Income Tax Return File

Along with other forms, the following documents should be provided to file your income tax returns online:

PAN Card
Aadhar Card
Form 16
Form 16A
Form 16b
Form 16c
Bank account details
Investment details
Bank statement or passbook
Home loan statement
Details of capital gains
Details of Rental income
Details of foreign income
Details of dividend income
Investments in tax saving instruments
Life insurance receipts
PPF receipt
Donation receipts
Details regarding equity or mutual funds

Eligibility Criteria for Income Tax Returns (ITR ) Filing

Individuals or companies that fall under the following criteria should file IT returns in India:

Salaried individuals whose gross income exceeds the threshold level before considering deductions under Section 80c and Section 80u should file ITR returns
Entities like private limited companies and limited liability partnerships, irrespective of profit or loss, should file ITR returns
Individual directors or partners holding positions in private limited companies or limited liability partnerships should file income tax returns online
Individuals earning dividends from multiple sources like mutual funds, equity, fixed deposits, interests, and bonds should file their ITR online
Individuals sourcing income from charity, religious trust, or other forms of voluntary contributions should file IT returns
Businesses and individuals who are eligible for tax refunds should definitely file their income tax returns online
Non-resident Indians should file an income tax return based on their incomes.

Checklist for Income Tax Returns (ITR ) Filing

Here is a detailed checklist for filing ITR returns

Make sure to have all your personal information, like your name, address, contact details, and PAN
Find out the appropriate income tax return forms
Select the proper forms and collect all the income details
Keep proofs of all the deductions and exemptions
Take note of the information on TDS returns, capital gains, and foreign assets and incomes
In the case of a firm or registered company, make sure to have all the financial statements, audit reports, TDS compliances, and other related party transactions.
Have proof of all the annual compliances in hand.

Process of Income Tax Return Filing

Filing your income tax returns online is a complex process. Errors during income tax return filing may result in multiple issues. Vakilsearch provides a one-stop solution for filing out your income tax returns online. We have a team of tax experts who can complete your ITR filing in India in just three easy steps:

Step 1

Consult our tax Experts

Step 2

Provide all the Required Documentation

Step 3

Get your ITR Filed

1. Consult our tax Experts

Get in touch with our tax experts to resolve all your queries. Our in-house CA will provide you with tailor-made advice to save on taxes

2. Provide all the Required Documentation

As per the requirement to submit all the income statements and documentation of investment proves to our team.

3. Get your ITR Filed

Based on the scenario, our team will choose the apt ITR forms and file them on your behalf on time.

Why Should You File ITR?

As per the income tax laws, every citizen who is earning income should file an income tax return if their total income exceeds the basic threshold. Online ITR return filing helps you carry forward the losses in the present year to the next financial year.

Filing ITR returns online creates a valid proof of income. It is mandatory for applying for any loans in the future; filing ITR returns is required for applying for credit cards in the future. It is valid proof when it comes to visa applications.

Mandatory E-filing for Individuals

Filing income tax return in India is mandatory for individuals under the following circumstances:

Individuals below 60 years whose gross total income exits ₹2.5 lakh
Individuals above 60 years but below 80 years who's gross total income exit ₹3 lakh
Individuals above 80 years who's gross total income exceeds ₹5 lakh

Apart from this if the income falls within these sources one must file and it are return online

Individuals having deposits over ₹1 crore in the current bank Account
Deposits over ₹50 lakhs and savings bank account Individuals who spent over ₹2 lakh on foreign travel
Electricity expenses more than ₹1 lakh
TCS or TDS over ₹25000
Business turnover above ₹60 Lakhs
Professional income over ₹10 lakh

ITR Last Date and Penalty

Last Date for e-filing Income Tax Return

Generally one can file ITR returns after the financial year ends. The online income tax return filing deadline is July 31, of the applicable assessment year.

Penalty for Late Filing of ITR

If the income tax returns are not filed on time it may incur late filing fees and interest. Here is a complete outline of the same:

If the income tax return is not filed within the due date one might have to pay a late filing penalty of ₹5000
If the overall income is less than ₹5 lakhs then the penalty amount is further reduced to ₹1000
Under Section 234a one percent interest collected per month is part of the month for the unpaid Tax amount.

Types of ITR Forms and Their Applicability

In India, there are seven distinct ITR forms that each have their own requirements and eligibility criteria. Your income, the sources of your income, and whether you live in India or not will determine which ITR form you must file. Here are the different ITR forms and their eligibility criteria:

ITR-1 (Sahaj): This form is for individuals with a total income of up to ₹50 lakhs. It is the simplest ITR form and can be filed by anyone who does not have any complex income sources
ITR-2: This form is for individuals with a total income of more than ₹50 lakhs. It is more complex than ITR-1 and requires taxpayers to provide more details about their income and deductions
ITR-3: This form is for individuals who have income from a business or profession. It is also used by individuals who have capital gains
ITR-4: This form is for individuals who are salaried and have opted for the presumptive taxation scheme. This scheme allows taxpayers to pay tax at a flat rate of 5% of their turnover
ITR-5: This form is for Hindu Undivided Families (HUFs). It requires HUFs to provide details of their members
ITR-6: This form is for companies. It is a complex ITR form and requires companies to provide detailed information about their income, expenses, and taxes
ITR-7: This form is for individuals who are non-residents of India.

File ITR Without Form 16

Form 16 is crucial for salary employees to file their ITR returns online. However, you can also file your idea returns without Form 16 by using any one of the following methods:

Use Pay Slips

Form 16 contains all the information with respect to the taxable income. The same information can be collected using a pay slip received from the employer.

You Can Also use Form 26as

Form 26as contains all the information regarding the tax deducted at source during a particular financial year. This contains all the salary details.

Apart from this, you can also calculate your deductions under Section 80c or your income from other sources before filing your Idea returns.

How Vakilsearch Can Help You With Income Tax Return Filing?

Vakilsearch offers a one-stop solution when it comes to filing your income tax returns in India. Our team of tax experts and chartered accountants can provide you with tailor-made insights on how to save more on taxes and file them without any errors. Our team will make sure that you stay tax-compliant throughout the year. Irrespective of whether you are an individual or an organisation we have the perfect solution for all your tax needs. Get in touch with our experts today and file your ITR returns in India without any hassle.

FAQs on Filing ITR online

Who is eligible for ITR filing?

Individuals, Hindu Undivided Families (HUFs), businesses, and others who meet the Income Tax Department's income requirements are all eligible to file an ITR.

How to file an income tax e-filing online?

You can opt for hassle free income tax e-filing online with our tax experts at Vakilsearch.

What is e-filing in income tax?

‘E-filing’ is the procedure of electronically filing income tax returns online through the website of the Income Tax Department.

How can I claim an income tax return?

Make an accurate tax return claim by including all allowed deductions and exemptions, and by attaching the required supporting documentation.

Can I file ITR without Form 16?

Yes, you can file ITR without Form 16. You can use other documents like salary slips, bank statements, and investment proofs for accurate reporting.

Can I file my ITR myself?

Yes, individuals can file their ITR themselves using online platforms. However it's highly recommended to get in touch with Tax experts to avoid errors.

How can I check my income tax online?

Check your income tax online using the income tax departments filing portal. Log into the Income Tax Department's e-filing portal > Select 'View Returns/Forms' section > You can check the status.

Why should I e-file my ITR?

It is best to electronically file your ITR since it is safe, easy to use, speeds up refund processing, guarantees tax computation accuracy, and minimises processing time.

Which ITR form should I select for e-filing?

The form should be selected as per the need of the appropriate ITR form for e-filing . It is based on your income sources, residential status, and other factors as prescribed by the Income Tax Department.

What are the documents required for filing ITR?

Documents required for filing ITR include:

PAN card

Aadhaar card

Bank statements

Form 16

Investment proofs

and other relevant financial documents.

What is the penalty for late Income tax e-Filing?

Penalty for late Income Tax e-Filing ranges from ₹1,000 to ₹10,000, depending on the delay period and your total income.

My company deducts TDS, should I still file my tax return?

Yes, even if your company deducts TDS, you should still file your tax return to report your total income, claim deductions, and ensure compliance with tax laws.

How do I pay tax to the government?

If you miss the due date for filing Income Tax Return, you can file a belated return up to 31 December 2023. However, you will have to pay a late fee and interest on the tax amount due

What are the tax brackets for 2023 2024?

The tax brackets for AY 2023-24 are not announced yet. They are usually announced in the annual budget, which is presented in the month of February

How do I pay tax to the government?

Pay tax to the government through online methods like net banking, debit/credit cards, or offline modes such as bank challans or physical payment at designated banks.

If I had paid extra tax how would it be refunded to me?

If you've paid extra tax, it will be refunded to you by the government through direct credit to your bank account or by issuing a refund cheque.

Why is income tax return filing important?

Income tax return filing is important to fulfil your legal obligation, avoid penalties, claim refunds, and provide a record of your financial transactions to the government.

Who can file ITR offline?

ITRs can be filed offline by individuals, HUFs, and other specified entities by bringing a physical copy of the completed form to the appropriate Income Tax Office.

What is the minimum income to file ITR in India?

The minimum income to file ITR in India varies depending on age and income sources, but generally, it's ₹2.5 lakhs for individuals below 60 years of age.

How do I check the status of my tax refund?

By entering your PAN and assessment year under the 'Refund/Demand Status' page, you can access the Income Tax Department's e-filing portal and track the status of your tax refund online.

See all the services

Income Tax Return Filing

Source of income

Income Tax Return (ITR) Filing - Overview

Advantages of Income Tax Returns (ITR ) Filing

Easy to Claim Tax Refunds

Avoid Legal Consequences

Effective for Easy Loan Processing

ITR Returns Can Act as a Verified Income Statement

Documents Required to File Income Tax Return File

Eligibility Criteria for Income Tax Returns (ITR ) Filing

Checklist for Income Tax Returns (ITR ) Filing

Process of Income Tax Return Filing

1. Consult our tax Experts

2. Provide all the Required Documentation

3. Get your ITR Filed

Why Should You File ITR?

Mandatory E-filing for Individuals

ITR Last Date and Penalty

Last Date for e-filing Income Tax Return

Penalty for Late Filing of ITR

Types of ITR Forms and Their Applicability

File ITR Without Form 16

Use Pay Slips

You Can Also use Form 26as

How Vakilsearch Can Help You With Income Tax Return Filing?

FAQs on Filing ITR online