Income Tax Return Filing

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All About Income Tax Return Filing in FY
2023-24Process of Online Filing of Income Tax
Return
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Income Tax Return

• Income Tax Return is a self declaration is a
  form that has been used by the public for the
  declaration of their income. An Income Tax Return
  has to be filed by every taxpayer every year. It
  is compulsory for the taxpayers to file an Income
  Tax Return (ITR) due to many reasons including
  carrying forward losses, claiming an income tax
  refund, claiming the tax deductions etc.

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Income Tax Return Filing

• Income Tax Return Filing is the process by
  which taxpayers (individuals as well as
  businesses) can report their income, deductions,
  and credits to the government. Tax authorities
  use this information to calculate the amount of
  tax payable or the refund due. The process of
  filing Income Tax Return online is called the E-
  filing. The department of Income Tax has provided
  the option of E filing the income tax return.
  ITR Filing for Salaried Employees is must so that
  they can claim for the tax deductions.

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Who is Eligible to File Income Tax Return?

• If your total income is more than the basic
  exemption limits of either 2.5 Lakhs, or 3 Lakhs,
  or 5 Lakhs depend on the taxable limit applicable
  to you.
• If you pay the electricity bills of more than Rs.
  1 Lakh then you must have to file the ITR.
• If you have deposited an amount of over 1 Crore
  in your current bank accounts in a financial
  year, then tax filing is must for you.
• If an amount of more than Rs. 2 Lakhs has been
  spent by you for travelling internationally to
  foreign country in a financial year, then you are
  required to file the ITR.
• If you have assets in foreign countries or have a
  source of income from outside the country, or
  have signing authority for any account outside
  the country, then you must have to file an ITR.

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Due Date of Filing Income Tax Return

• The Income Tax Return Last Date for FY 2023-24
  will be 31st July 2024.
• However, for the taxpayers who have been required
  to conduct an income tax audit and have business
  income, ITR Filing last date in Delhi will be
  31st October 2024.
• Note This date will remain as it is until
  government has extended it.

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Benefits of Filing Income Tax Return

• Loan Approval and Financial Transactions
• Claiming Tax Refunds
• Compliance with the Law
• Avoiding Audit
• Financial Stability
• Financial Responsibility

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Different Types of ITR Forms available for Online
Filing of ITR

• ITR 1 (Sahaj) It is meant for the individuals
  having income from salaries, one house property,
  and the other sources including interest income.
  It is a simplified form for those who have simple
  financial situations.
• ITR 2 It will be applicable to those individuals
  and HUFs (Hindu Undivided Families) who are not
  eligible for ITR 1. It covers the income from
  multiple sources, that include more than one
  house property, capital gains, and foreign
  income.
• ITR 3 It has been specifically meant for the
  individuals and HUFs having income from
  profession or business. This form also includes
  the provisions to declare profits and gains from
  the business or profession.

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• ITR 4 (Sugam) This form is specifically designed
  for the individuals, HUFs, and firms (except
  LLPs) that fall under presumptive income from
  business or profession. It offers a simplified
  way to report the income.
• ITR 5 This ITR form is meant for LLPs (Limited
  Liability Partnerships), AOPs (Association of
  Persons), BOIs (Body of Individuals), and
  artificial juridical persons.
• ITR 6 It has been meant for all the companies
  that have been registered under the Companies Act
  2013 or previous Companies Act 1956.
• ITR 7 This form is specifically meant for
  persons, including companies, who required to
  furnish their return u/s 139(4A) or 139(4B) or
  139(4C) or 139(4D).

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Process of E-Filing the Income Tax Return

• Step 1 Official website of e-filing
• Firstly, you have to visit the official
  website of e- filing of income tax return.
• Step 2 Register/ login
• After that, register or log into the website
  of E-filing.
• Step 3 Selecting the option of File Income Tax
  Returns
• After logged in, you will see the e- file
  menu on the menu bar. When you click on e file
  menu then, you will get the option of Income Tax
  Returns on clicking which you will see the
  option of File Income Tax Return and you have
  to click on that option.

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• Step 4 Select the assessment year
• After that, you have to select the
  assessment year and the mode of filing for
  which you wish to file the income tax return and
  then you have to click on Continue.
• Step 5 Select the status
• Then, you have to select the status of
  filing ITR among Individual, HUF or other and
  click on Continue.
• Step 6 Select the ITR type
• After that, you have to select the type of
  ITR form.
• Step 7 Reason for filing ITR
• You have to choose the reason of filing the
  ITR. You have to select the correct option that
  has been applicable to your situation-

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• Step 8 Submit bank account details other
  information
• You have to add your bank details. If already
  submitted, then you have to make sure that it has
  been pre- validated.
• Step 9 Tax Computation summary
• Your screen will displayed the summary of the
  tax computation according to your given
  information.
• Step 10 e-verification of ITR
• E-Verification of ITR is the most crucial
  step. You have the option to e verify the ITR
  via Aadhaar OTP, Net banking EVC i.e. Electronic
  Verification Code or by sending a physical copy
  of ITR to CPC Bengaluru.
• Step 11 Submission of ITR
• At last, you have to click on Submit
  button to submit your ITR.

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Conclusion

• It is nice that you enter the realm of
  online ITR filing. It is very important for the
  taxpayers to file Income Tax Return to claim the
  tax deductions. Let LegalPillers help you by
  simplifying the process of filing ITR so that the
  complications of the tax law do not distract you
  from your core activities.
• Choose LegalPillers as your trusted partner
  for filing the ITR so that your business will
  stay on the right track.