Online ITR Filing Service in India

India ( भारत) is a country located in the South Asia, and is among the top 5 economies of the world. It is estimated that number of ITR filing in year 2023 India is ~7.5 Cr. which is approxmiatley growing at the rate of 6% as compared to last year. The 5 states viz. Maharashtra, Gujarat, Uttar Pradesh, Rajasthan & Tamil Nadu consititue 50% of ITR filed in India.
The income tax return should be filed within stipulated time in order to avoid late fees. The taxpayers can do proper tax planning along with their ITR filing expert by claiming exemptions and deductions, which can increase tax refund at time of income tax return filing. BizFoc has a team of Chartered Accountants with more than 10 years of experience in filing ITR returns who will assist you to file ITR seamlessly.

What is ITR?

Indian taxpayers must complete and submit an official document called an Income Tax Return, or ITR, to the Income Tax Department. This form contains important financial data about a person's or organization's income, taxes paid, allowed deductions, and any applicable refunds for a specific fiscal year.

An ITR filing in India is essential for individuals and business organizations with taxable income. It leads to legal guidelines according to the Income Tax Act of 1961 provisions. There are penalties and legal complications for not filing an ITR or providing wrong details.

How many types of returns?

Three primary forms of income tax returns are available for completion, and they are as follows:

• Original Return: An original return is a valid return filed in the prescribed format on or before the deadline.
• Revised Return: An assessee submits the second income tax return, which is a revised one, in case an individual files an income tax return and does not provide any relevant data, files incorrect details, or files an income tax return again for any reason.
• Belated Return: It is a type of return filed after the due date has passed and the taxpayer has failed to file their ITR within the prescribed time as mentioned under the provisions of the Income Tax Act, 1961. The deadline for belated ITR filing is 31 December of the assessment year.

Documents Required for ITR filing in India

The following are the documents required for ITR filing in India:

• PAN (Permanent Account Number) & Aadhar Card No
• Bank account details with IFSC Code
• Form 16/16A or TDS certificate
• Balance sheet and Profit & Loss Account (if applicable)
• Details of the Taxpayer - Email id and Mobile No
• Saving Certificate
• 26AS and AIS/TIS
• Details of various sources of Income - Interest certificate , Share trading statements

Process for ITR filing in India

The process for filing ITR returns is online and there is no requirement to visit the income tax department for ITR filing. The detailed process of filing ITR returns is as follows:

• Step 1: Submission of documents

  Collect soft copies of all significant documents such as salary slips, bank statements, investment proofs, and last year's tax return.

• Step 2: Getting ITR filing Ready

  A relevant ITR form is selected based on income sources, amount & employment status. The selected ITR form is correctly filled with details of income, deductions and other details supplied in step 1.

• Step 3: Tax liability payment

  Once ITR form is ready with all the deductions and exemptions have been completed, tax liability will be determined. Taxpayers can review the tax liability before proceeding with payment of tax liability. This provides clarity and transparency in the ITR filing.

• Step 4: Final Submission

  Once Taxpayer has paid the tax liability, the income tax return is submitted at the online portal of the income tax department. Taxpayers are supplied with the acknowledgement receipts for successfully filing the ITR for future reference.

Fees for ITR filing in India

The ITR filing charges vary with the sources of income, residential status & level of income.

Time Taken to process the ITR

Normally, it takes 2-5 working days to file the ITR. The time to process ITR varies with types of income, sources of income, employee status.

What happens if taxpayers fail to file ITR within the due date?

If taxpayers fail to file returns within the prescribed time frame, they will face several drawbacks:

• Taxpayers can't carry forward their losses under the head of capital gain, business, and profession.
• Assessee will have to pay interest U/S 234A at the rate of 1% per month on the amount of tax due.
• As per section 234F of the Income Tax Act, 1961, a taxpayer shall be penalized for delay in ITR filing if their taxable income increases by Rs. 5,000. However, if taxable income is below 5,00,000 or above 2,50,000, then the penalty will be Rs. 1,000.
• As per section 244A of the Income Tax Act, 1961, the tax department will pay interest if an assessee is entitled to a refund. However, taxpayers will lose a certain amount due to the delay in filing the ITR.

Benefits of filing ITR

There are multiple benefits of e-filing ITR returns which are as follows:

• Avail Loan: The banks ask for the last 3 years of income tax returns in order to process the loan which makes ITR filing important.
• Obtain Visa: The ITR is an important document which is required at the time processing a VISA application.
• Early Refund: In case ITR is filed early, the refund is also processed early by the income tax department.
• Carry Forward losses: The ITR needs to be filed within prescribed time in order to carry forward losses.
• Avoid late fees: The ITR should be filed within the stipulated time in order to avoid late fees.

Bizfoc: ITR filing consultant in India

The bizFoc team of experts provides personalized consultancy and helps you file the ITR on time at a reasonable cost. Our experts have 10+ years experience in filing the ITR returns and will assist in tax planning. Get in touch with the BizFoc experts for ITR filing in India.

Conclusion

The income tax return filing can be complex which can be filed by experts who can assist you in the tax planning and save some money. It is important to file ITR within the due date to avoid late fees and get the refund application processed.

FAQs for ITR Filing in India