India ( दिल्ली) is a city located in the state of India, and famous for Government services, retail, IT services. The prominent areas in India are Connaught Place, South Extension. As per the data published by the government, the ITR filed in the state of India is 35 Lakhs in year 2023. The state has witnessed the ITR filing growth rate of 4% as compared to last year. It is estimated that number of ITR filing in India in the 2023 is ~3706,000 which is approxmiatley on the basis of proportion of population living in the India. For individuals in India whose income is subject to taxation under the
Income Tax Act, filing an income tax return is required.
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.
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.
Three primary forms of income tax returns are available for completion, and they are as follows:
The following are the documents required 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:
The ITR filing charges vary with the sources of income, residential status & level of income.
ITR filing charges (excl. GST) | Amt in ₹ |
---|---|
First Time ITR filing | 750 |
Only salaried | 999 |
Only salaried (one employer + Rental income + other sources) | 1,499 |
Only Salaried > 50 lacs + Rental income | 2,499 |
Salaried + Rental Income + Capital Gain | 3,499 |
Salaried + Rental Income + Share trading | 2,999 |
Consulting Income - 44ADA /Trading Income - 44AD | 1,999 |
Salary + FO/Derivatives Income | 2,999 |
ESOP/RSU | 1,999 Extra |
Foreign Income + Form 67A | 4,999 |
NRI on ITR | 4,999 |
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.
If taxpayers fail to file returns within the prescribed time frame, they will face several drawbacks:
There are multiple benefits of e-filing ITR returns which are as follows:
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.
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.
The team of professionals, skilled and talented individuals of BizFoc, provides consultancy on ITR filing in India. They also ensure that all income tax compliances are fulfilled on time with reasonable professional fees.
A bank statement, Form 16 for a salaried person, proof of investment, and other appropriate financial records are necessary to file an ITR in India.
Generally, the deadline for filing ITR in India is 31 July of the assessment year. However, it can depend on the situation of an individual or extensions passed by the authorities.
Taxpayers should try to file by early July to avoid last-minute rush and have ample time to discuss the ITR with the professionals who assist in filing.
No. There is no requirement to file your return from CA. However, CAs are experts in filing ITR which can assist you in saving some tax and reduce chance of any error.