Income Tax Return Filing for Individual

Income tax returns are significant to file by each individual to report their income and finances to the government. There are several forms available as per the categorized income of the individual who needs to file accordingly. Income tax return forms are specified by the Income Tax Act, 1961, and for the individual ITR-1 and ITR-2 forms available to file ITR. In India, an individual can file an ITR form online, which reduces the physical documentation and also reduces the unnecessary delay and risk of errors. If you are looking for assistance with income tax return filing for an individual, kindly connect with the BizFoc team, which is an expert in tax consultancy and also helps an individual avail of tax benefits.

E-Filing of Income Tax Returns for individuals has completely changed the tax filing process by providing taxpayers all over the world with ease, accuracy, and efficiency. Without the burden of paper forms or manual submissions, taxpayers can securely communicate their tax information to the tax authorities through an online platform offered either by the government or authorized third-party service providers.

This electronic filing method ensures accuracy and completeness of the tax return through guided stages and intuitive interfaces, streamlining the entire process from data entry to submission. Taxpayers have more flexibility and convenience in meeting deadlines for completing their returns since they can access the e-filing platform from any location with an internet connection.

Documents Required for E-Filing ITR for Individual

Here is a checklist given below that outlines the documents that you must have while E-Filing ITR for an Individual:

• Aadhaar Card
• PAN Card
• Bank account details
• Form 16 (salary and TDS details)
• Form 26AS (tax credit statement)
• Receipts for tax exemptions or deductions (if applicable)
• Bank interest statements
• Capital gains statements (for asset sales)
• Documents related to foreign assets and income (if applicable)

Benefits of E-Filing ITR for Individual

Individual Income Tax Return (ITR) e-filing has several advantages over traditional paper filing techniques.

1. Convenience: Individual can file ITR from wherever they want to and at their convenience. Even after the unofficial working hours, e-filing platforms are available 24*7.
2. Reduce errors: E-filing software generally provides validation checks to recognize mistakes or missing details before submitting a form. It reduces the risks of errors.
3. Automatic calculations: E-filing software automatically provides the amount of tax by the provided information, such as deductions and credits. It reduces the chances of errors in calculation and also helps individuals to ensure the payment method is correct.
4. Processing Speed: E-filing is working quicker than manual filing as e-filed returns have been electronically reviewed and further processed by the tax department, which expedites the assessment and refunding procedure.
5. Accuracy: Mostly, errors are made when an individual fills up the information manually, whereas in e-filing, there are likely to be fewer errors while providing details, and there is a chance to correct it with one click.

Procedure of E-Filing ITR for Individuals

For online ITR(Income Tax Return) E-Filing, start by organizing soft and scanned copies of essential documents, including bank statements and last year's return. Complete income tax Form 16.

1. Step 01. Document Submission: Begin by gathering all necessary documents, including soft copies and scanned copies. Ensure you have essential documents like your bank statements, salary slips, investment proofs, and last year's tax return.
2. Step 02. Online Registration on ITR Portal: Submit all the required documents to our team of experts securely through our designated platform. Our experts will review the documents to ensure completeness and accuracy.
3. Step 03. ITR Form Filing: Based on your employment status, income sources, and other relevant factors, our experts will select the appropriate Income Tax Return (ITR) Forms. They will ensure that all relevant sections of the chosen form are correctly filled out to reflect your income and deductions accurately.
4. Step 04. Payment of Tax Liability: After incorporating all exemptions and deductions, our experts will calculate your total taxable income and corresponding tax liability. They will inform you of any tax payable amount, if applicable, providing transparency and clarity regarding your financial obligations.
5. Step 05. Final Submission: Upon your approval, our team will submit your income tax return electronically through the registered portal. You will receive confirmation of the successful filing along with acknowledgement details for future reference.

Income Tax Slab for AY 2024-2025

For Individual (Resident or Non-Resident) of any age anytime during the previous year:

Rules for E-Filing ITR for an Individual

Following are the rules individual requires to follow for E-Filing ITR:

1. Filing Only with Aadhaar: If you do not have a Permanent Account Number, you can file your income tax return using Aadhaar. Moreover, you need to show your Aadhar Card when applying for a new PAN.
2. Granted PAN: According to the new income tax guidelines (UIDAI), taxpayers who file their returns using their Aadhaar card will be granted a PAN once the Unique Identification Authority of India provides their demographic data.
3. Link Aadhaar & PAN: The Indian government introduced the new rule with the goal of increasing tax compliance and streamlining the tax payment process for individuals e-filing returns. Currently, taxpayers are required to submit their PAN at the time of tax filing. But, in order to file your taxes, you would need to link your Aadhaar and PAN.

Why Choose Bizfoc for ITR Filing?

Bizfoc simplifies your dealings with the government by taking care of all the paperwork, offering precise instructions on how to proceed, and anticipatorily answering your questions with our knowledgeable business consultants. To file your professional income's Income Tax Return (ITR) and avoid paying steep penalties for doing it after the deadline, get in touch with our professionals at Bizfoc. You may save time and money by utilizing our years of experience in tax preparation and filing.

FAQs for ITR Filing for Individual