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Income Tax Return Filing Services

ITR means or stands for Income tax return. It is an economic-legal compliance and also a document for every adult who has a source of income one way or the other. The government of India needs the statistics of income generated by everyone for two reasons i) firstly a levy of tax on income must reasonable and fixed as its source of funds for the government and ii) the right stats are the databased, relying on which they prepare economic and social welfare policies for us citizens. This applies to all natural and legal persons.

ITR Filing


ITR filing is the process of declaring your income, expenses, and tax payments to the government. The Income Tax Department of India requires individuals and legal entities i.e. companies HUFs, LLPs, MSMEs, Startup, OPC and Sole Proprietors as well to file returns annually. Filling out an income tax return does not always mean paying income tax. One only must pay the tax if as per the ITR the income is under the taxable slab. Thus, the process helps the government assess and collect taxes and ensures that taxpayers pay the correct amount of tax. 

ITR is filled via a form, which is based on the taxpayer’s category, such as individuals, companies, or partnership firms, and the nature of income, such as salary, business income, or capital gains. Based on the person, type of company, and nature and turnover of business the income tax department has rolled out forms suitable to each category.



Essentials of ITR Filing


Determining the Eligibility:  As mentioned above Not everyone is required to file an ITR or pay income tax. The requirement to file depends on the income threshold set by the government, which may change annually. For the financial year 2023-2024, individuals below 60 years of age with income exceeding ₹2.5 lakh must file an ITR.

Choose the Correct ITR Form: Selecting the appropriate form is crucial. Forms vary based on the source of income, residential status, and other factors. Using the wrong form can lead to rejections or errors.

Maintaining Accurate Records throughout the year: you are supposed to maintain detailed records of all income sources, expenses, investments, and the applicable deductions. 

Deductions are a form of subsidy given by the government by virtue of which you can save on income tax. For example- investing in certain government schemes saves that amount of your income from being taxed as it is deducted. Thus, Accurate record-keeping simplifies the filing process and ensures compliance.

On-time filing the Due Date**: The due date for filing ITR for individuals is typically July 31st of the assessment year. Filing on time avoids penalties and interest on taxes due.

Verify the ITR:  the last step of ITR filling is verification. After filing, one has to verify the ITR either electronically or by sending a signed physical copy to the Income Tax Department. Unverified returns are considered incomplete.

Documents Required for ITR Filing


PAN Card: Your Permanent Account Number (PAN) is essential for filing ITR.
Aadhaar Card: Linking your Aadhaar with PAN is mandatory.
Form 16/16A: Provided by employers, this form contains details of salary income and tax deducted at source (TDS).
Form 26AS: This consolidated tax statement includes details of all taxes deducted, paid, or refunded during the financial year.
Bank Statements: Statements from all your bank accounts help in reporting interest income and other financial transactions.
Investment Proofs: Documents related to investments, such as PPF, NSC, mutual funds, and insurance policies, for claiming deductions.
Rent Receipts: If you claim House Rent Allowance (HRA), keep rent receipts as proof.


Benefits of ITR Filing


Proof of Income: ITR serves as proof of income, which is crucial when applying for loans, scholarships, or visas or opening businesses and claiming social welfare schemes. 
Claiming Refunds: If by mistake excess tax has been levied on you then, filing an ITR allows you to claim refunds.
Carrying Forward Losses: You can carry forward losses from business or investments to offset future income, thereby reducing your tax liability.
Loan and Credit Card Applications: Banks and financial institutions require ITRs as proof of income when processing loan and credit card applications.
Compliance and Avoiding Penalties: Filing ITR ensures compliance with tax laws, avoiding penalties and legal issues.
Contribution to Nation Building: Paying taxes and filing returns contribute to the country's development and infrastructure.

Mistakes to Avoid


Incorrect Personal Information: Make sure that all your personal details such as name, PAN number, and address are correctly spelled and that there are no clerical or spelling errors. Errors can lead to processing delays or rejections.

Selecting the wrong ITR Form: Choosing the incorrect form for your income type can result in filing errors. Carefully select the form that matches your income sources. Thus, it's always better to get help from experts and avail of their services. 

Misreporting the Income: Miss reporting or falsifying all the sources of income, including interest from savings accounts, would result in penalties and fines or legal proceedings against you. 

Miscalculating Deductions: Claiming incorrect deductions or not claiming eligible ones can affect your tax liability. Using appropriate calculations and understanding all the deductions that apply to you is very important. To understand the deduction better it is always advised to seek the help of experts. 


Penalties Related to ITR Filing


Late Filing Fee: If you file your ITR after the due date, a late fee of ₹1,000 to ₹10,000 may be levied, depending on the delay and income level.

Interest on Late Payment: Under Section 234A, interest at 1% per month or part thereof is charged on any unpaid tax amount from the due date until the actual filing date.

Penalty for Concealment of Income: If you conceal income or furnish inaccurate details, the tax department may impose a penalty of up to 200% of the tax evaded.

Prosecution: In severe cases, non-compliance can lead to prosecution with imprisonment ranging from three months to seven years, along with a fine.

Disqualification from Benefits: Failure to file ITR can disqualify you from various benefits, such as carrying forward losses and claiming refunds.

To avoid the risk of making mistakes and attracting penalties, one must utilize the expertise of Lex N Tax Associates. With Us, our clients get one one-stop solution for all their tax calculations, tax saving guidance, filling solutions, etc. We at Lex N Tax Associates provide umbrella services for all Tax related issues such as response to the various notices you may receive, as well as other forms of communication that typically accompany the filing. We offer the best Income Tax Return Services in Delhi. Our priority is to ensure that all our client’s income tax returns are filed accurately and on time, with all necessary documents submitted. We also support in responding to summons and appearing before authorities with the through our proficient team. 

Our services extend to representing clients in all matters related to income tax return filing in Delhi, including supporting clients in contesting disputed refund claims. Our focus is on facilitating e-filing of income tax returns in Delhi. Also, we help clients still navigating the old tax regime, particularly those dealing with taxes under previous laws. At Lex N Tax Associates, we are always available to address any queries you may have regarded ITR submission in Delhi, online income tax return filing, ITR filing due dates, e-filing of income tax returns, and more. When searching for ITR filing services near you, we are confident that we are the best choice.


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-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 ay 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 online. 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 best Income Tax return filing services in Delhi  to handle them.
Benefits of ITR Filing

Filing Income Tax Returns (ITR) offers numerous benefits to individuals and businesses alike. Firstly, it ensures compliance with the law, fulfilling the civic duty of contributing to the nation's development. Beyond legal obligations, ITR filing facilitates financial transparency and accountability, enabling individuals to maintain a clear record of their income, expenditures, and investments.

This documentation serves as a valuable resource for future financial planning, loan applications, and other financial activities. Moreover, filing ITR opens avenues for claiming deductions, exemptions, and rebates, thereby optimizing tax liabilities and maximizing savings. It also builds credibility, enhancing one's financial reputation for loan approvals and visa applications. Additionally, timely filing of ITR helps avoid penalties and legal repercussions, promoting peace of mind and avoiding unnecessary financial burdens.

Overall, ITR filing is not just a legal requirement but a prudent financial practice that empowers individuals and businesses to manage their finances effectively while contributing to the nation's economic growth.

Income Tax Return Filing Deadline

The deadline for filing Income Tax Returns (ITR) is a crucial aspect of tax compliance that individuals and businesses must adhere to each year. Typically set by tax authorities, this deadline serves as a cutoff date for submitting all necessary tax-related documents and information to the respective tax authority.

Failing to meet this deadline can lead to various consequences, including financial penalties, interest charges, and potential legal repercussions. Moreover, missing the deadline may result in delays in processing refunds or availing of tax benefits, causing inconvenience and financial strain for taxpayers. Therefore, it is imperative for taxpayers to stay informed about the deadline for filing ITR and to ensure timely submission of all required documents and information to avoid any adverse consequences.

Additionally, advance planning and timely preparation can help taxpayers meet the deadline efficiently, reducing last-minute stress and ensuring compliance with tax regulations.

Who is not eligible for ITR Filing and those who need to fill ITR

In general, most individuals earning income in a financial year are required to file Income Tax Returns (ITR). However, there are specific scenarios where individuals may not be eligible for ITR filing:

1. Individuals whose total income is below the taxable threshold: If an individual's total income falls below the taxable limit as per the prevailing tax laws, they may not be required to file an ITR.

2. Individuals with income only from tax-exempt sources: If an individual's income consists solely of sources that are exempt from income tax, such as certain agricultural income or income from specified investments like tax-free bonds, they may not need to file an ITR.

3. Senior citizens (aged 60 years or above) with no taxable income other than interest: In some cases, senior citizens who are 60 years of age or above and have income only from interest on savings accounts or fixed deposits may be exempt from filing ITR.

However, even if individuals fall under one of these categories, there might still be advantages to voluntarily filing ITR, such as claiming refunds or establishing a financial record for future purposes.

On the other hand, individuals who need to file ITR include:

1. Salaried individuals: Individuals receiving salary income from an employer, regardless of the amount, are generally required to file ITR.

2. Self-employed individuals/professionals: Individuals engaged in any profession or business, including freelancers, consultants, doctors, lawyers, etc., need to file ITR irrespective of the income amount.

3. Individuals with income from other sources: Income from sources such as house property, capital gains, dividends, interest, and other investments may necessitate ITR filing, depending on the total income earned.

4. Non-resident Indians (NRIs) with taxable income in India: NRIs earning income in India that is taxable under Indian tax laws are required to file ITR.

5. Individuals claiming tax refunds: If an individual is eligible for a tax refund due to excess tax deducted at source (TDS) or advance tax payments, they need to file ITR to claim the refund.

Individuals whose income does not meet the Taxable limit must file Tax Return

Individuals whose income falls below the taxable limit are generally not obligated to file a tax return. However, there are instances where it may be advantageous for them to do so voluntarily. Filing a tax return, even when not required, can be beneficial for several reasons.

Firstly, it establishes a documented record of income, which can be useful for various purposes such as applying for loans, visas, or government benefits.

Additionally, voluntarily filing a tax return allows individuals to claim refunds for any taxes that may have been deducted at source, such as TDS on bank interest or salary income.

Moreover, filing a tax return can contribute to building a financial history, which may be advantageous in the future for obtaining credit or demonstrating financial stability.

Furthermore, for individuals who may have incurred capital losses or made investments eligible for deductions or exemptions, filing a tax return provides an opportunity to carry forward losses or claim benefits that may offset future tax liabilities. Therefore, while individuals whose income falls below the taxable limit are not mandated to file a tax return, there are compelling reasons for them to consider doing so voluntarily to avail themselves of these potential benefits and ensure financial prudence and compliance.

A Mandatory Return Filing Even When The Income Is Below The Prescribed Limit By Online Its Filing

In some cases, even when an individual's income is below the prescribed taxable limit, filing a tax return might still be mandatory, especially if certain conditions apply. The introduction of online ITR (Income Tax Return) filing has streamlined the process, making it easier for individuals to fulfill their tax obligations efficiently.

One such scenario where filing a tax return could be obligatory, regardless of income level, is when individuals have certain financial transactions or specific conditions that necessitate reporting to the tax authorities. For example:

1. Specified Financial Transactions: Individuals may be required to file a tax return if they have undertaken certain high-value financial transactions such as buying or selling immovable property, investments in securities, or opening foreign bank accounts, even if their total income is below the taxable limit.

2. International Income: If individuals have income from foreign sources or are non-residents but have income arising in India, they might be required to file a tax return irrespective of the income amount.

3. Mandatory Filing for Claiming Refunds: Even if an individual's income is below the taxable limit, they may have had taxes deducted at source (TDS) on interest income or other earnings. Filing a tax return would be necessary to claim refunds on such deductions.

4. To Avail of Certain Benefits or Loans: Financial institutions or government agencies might require tax returns as part of their eligibility criteria for providing loans, scholarships, or other benefits, regardless of the income level.

The introduction of online ITR filing has made it convenient for individuals to fulfill their tax obligations, as they can easily submit their returns electronically through authorized portals. This has streamlined the process, reduced paperwork, and provided a user-friendly platform for taxpayers to comply with tax regulations efficiently.

Why Choose Lex N Tax Associates?

Here are the following reasons to 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 Best Income Tax Return filing Services In Delhi.
    • 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 in Delhi.
    • Our firm also gives support services when the client is contesting disputed refund claims. Our major task will be to get your e filing of income tax in Delhi.
    • 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 ITR Submission in Delhi, Online Income Tax Return filing, ITR Filing due date, and E filing of Income Tax Return etc., When you search ITR filing near me then you can see we are the best one.