Income Tax Return
Income Tax Return Filing Services
The concept of income tax is vast, with several procedures and various laws regulating it. You have to find professionals who know the procedural rules well. They need to know about taxes thoroughly. However, most important of all is the filing of taxes so that the clients don’t end up paying more. The income tax coverage is really huge in terms of numbers in our country. And not many people are aware of the proceedings. Hence, they need to get the bookkeeping done by specialists. Outsourcing the accounting to the Best Income tax return filing services in Delhi NCR will do the trick. They know how to successfully resolve the IRS and state tax debt resolutions and do the audits.
You will need efficient personnel to look into the company’s bookkeeping, accounting, tax, and payroll. Most importantly, a firm will take care of filing income tax returns. Hiring the Best ITR filing services in Delhi NCR for all your financial duties helps to concentrate on your business better. We provide assurance from our certified and professional team, which provides trustworthy service in income tax filing.
What is ITR filing ?
Salary earned profits and gains from either business or profession, income from house property. Even income capital gains, income earned through dividends are part of taxable income. Interest on deposits, royalty, winning of the lottery, etc. The income tax department taxes them. An individual can file returns by filling out the ITR form. This helps the tax authorities to ascertain your tax liability and whether you are eligible for an income tax refund.
A person fills out the prescribed ITR form and submits it to the Income Tax department of India. It contains information about the individual’s income and the taxes paid for the particular financial year.
Apart from being the Best ITR filing services in Delhi, our financial services firm provides a whole host of other services. Our services include the primary financial duties in filing income tax returns. And understanding the applicability of the various ITR forms.
Who is eligible for ITR filing
You will know who is eligible for ITR filing through this list
- ITR-1: (known as Sahaj) must get filed by residents whose income is up to Rs.50 lakhs. This includes earnings from salary, one house property, other sources, and agricultural income up to Rs. 5000.
- ITR-2: Persons who aren’t applicable for ITR-1 or HUFs. Also who don’t have income from profits and gains from business or profession need to fill out this form.
- ITR-3 is a form of individuals and HUFs who earn profits and gains from business or profession.
- ITR-3 is a form of individuals and HUFs who earn profits and gains from business or profession.
- ITR-4 :(known as Sugam) Individuals, HUFs, and firms (not LLP) who are residents of India. They need to have a total income of up to Rs.50 lakhs from business or profession. It gets computed under sections 44AD, 44ADA or 44AE
Note: It is mandatory to file ITR through online mode. You can also find out the ITR filing due date for the year 2022-23.
The income tax returns filed on time will work in your favor. With this, you can easily avail yourself of the many deductions for your income. We can help you record and report several deductions. You can benefit from and avoid paying thousands of rupees in tax. With the complex nature of filing the tax returns, the client requires the help of a specialist from ITR filing services in Delhi NCR. Since they have a thorough knowledge to file returns and avail of the anticipated benefits. Several of our clients aren’t aware of the how-to apply for the income tax returns. They have to get the work outsourced to Income Tax return filing services in Delhi NCR to handle them.
Benefits of ITR filing
- As income tax consultants, we have helped save a lot of money when filing taxes. Suppose you have hired us recently and happen to face prior year issues. We will solve the issues and better handle your income tax filing for ITR 2022.
- Suppose you fail to file your ITR, you will be eligible for heavy fines. And a penalty of Rs10,00 will be levied under section 234F.
- When you apply for a loan, one of the mandatory documents must be attached to the loan application. It could be for purchasing a house, car or medical treatment is of ITR of the previous three years.
- Obtaining a visa for certain countries requires the individual to present the ITR receipts. It needs to be of the previous year, enabling to process of the visa. It is a way to cross-check whether you can afford to live in those countries while there.
- When you want to claim losses for subsequent years, you need to file income tax returns.
Income tax return filing deadline
We help you file your income tax returns before the deadline. Even if you miss the deadline, you can still file for the returns. Albeit after paying the prescribed fine imposed by the income tax department of India. We use Online income tax return filing through the income tax department website or third-party platforms.
For e-filing ITR forms, an individual needs to provide mandatory documents. You need to scan those documents with the ITR form. It gets sent to the Income Tax department of India, enabling them to authenticate your income tax filing returns. Permanent Account Number, Aadhar card, Bank account details, Form 16, Form 26AS, and Investment details get added to the ITR form. You have to fill and file your returns that get recorded and maintained for official purposes.
Resolving income tax filing problems
We will work on affordable charges to get your professional accounting, income tax preparation, and tax debt resolution. Our team works on issues that resolve the back tax or unfiled tax return debts. We do it swiftly and efficiently. You will have to know that file ITR is mandatory.
Those individuals who don’t have a regular salary or income may worry about the various conditions for filing ITRs. As they have to choose the right ITR for filing their income tax returns.
Who is not eligible for ITR filing and those who need to file ITR
Different exemption limits
- Up to 60 years of age- Rs. 2.5 lakhs exemption.
- Above 60 years and below 80 years- Rs.3 lakhs exemption.
- Above 80 years- Rs.5 lakhs exemption.
All Indian citizens, including NRIs, must file income tax returns even if the earning limit does not meet. Suppose you are working for a non-profit organization or a non-salaried individual. You need to file for returns regardless of profit or loss. The basic tax slabs prescribed may change, but it is a good practice to perform the ITR filing procedure.
The forms for non-salaried and irregular income groups will have separate forms such as below
- ITR-5: It is for business trusts and cooperative societies. These forms get used for AOP, BOI, the estate of insolvent, or the estate of the deceased. Those who have an investment fund, local authority, or person defined under section2(32)(vii).
- ITR-6 for companies excluded from filing under section 11.
- ITR-7 for companies and individuals who fall under the exemption sections of 139(4A)/139(4B)/ 139(4C)/ 139(4D)/ 139(4E)/ 139(4F).
Individuals whose income does not meet the taxable limit must file tax returns.
- Such as the deposited amount in single or several current accounts is above Rs.1 crore.
- Traveling expenditure to another country is more than Rs.2 lakhs.
- The electricity bill is over Rs. 1 lakh.
- Individuals earning from a beneficiary interest or hold capital assets or have a signing authority outside of the country. But has to annul income below the taxable limit.
A mandatory return filing even when the income is below the prescribed limit by online ITR filing
- The business turnover – Rs.60 lakhs
- Professional receipts- Rs.10 lakhs
- TDS and TCD – Rs.25,000
- If the deposit in SB account is above Rs.50 lakhs
Precautions while filing income tax returns
- Know the due to file the returns
- If you are late filing your returns, know the penalty you have to pay
- It is necessary to download the form 26S to the find out the actual tax paid before filing for returns
- Choose the right ITR form to pay
- It would be best if you calculated before filing for returns
- total income
- tax liability
- tax paid
- Attach the mentioned list of documents while filing for returns
- Ensure you check twice the details provided before submitting the form
Understanding all the criteria for filing income tax returns often gets complicated. Not filing or not understanding the procedures can land you in trouble. The income tax department can impose heavy fines and penalties. It could cause a loss of funds and reputation. Hence you can now seek the help of ITR filing services in Delhi NCR. Wherein you can avail of discounted plans and offers. We assist in filling out all your tax returns and filing formalities without any hassle.
Why Choose Lex N Tax Associates ?
- We put together a solid response for the various notices. Moreover, other forms of communication that you are likely to receive when you file a Income Tax Return.
- We ensure that all your filing of Income Tax Return is on time with accuracy in documents that needs submission.
- Responding to the summons and the formality of appearing in front of the authorities with our team’s help.
- We work on representing clients for all the matters relating to ITR filing services.
- Our firm also gives support services when the client is contesting disputed refund claims. Our major task will be to get your Income Tax Return.
- For clients who still have been stuck with handling the old tax regime, we provide tax assessment assistance. Especially whose taxes stuck under those erstwhile laws that regulated them.
- Lex N Tax Associates always ready to solve your doubts regarding Income Tax Return Filing Services in Delhi NCR, Online Income Tax Return filing, ITR Filing due date, and E filing of Income Tax Return etc.