ITR E Filing in Pune
*Complete by: within 4 days
- *Income tax return filing for an individual with salary income of less than Rs.5 lakhs.
ITR E-Filing in Pune : Startupportal Business Services
Startupportal business services is the best ITR E-Filing services provider in Pune. Filing your income tax return is now easier than ever with the facility of e-filing, which is done completely online. Apart from being secure, online return filing is easier and faster than visiting the Income Tax office. Filing your Income Tax Return (ITR) is mandatory as a dutiful citizen of India and e-filing can make it possible to do it from the comfort of your own home.
What is Income Tax Return (ITR) Filing?
Income Tax Return (ITR) filing is the process of submitting financial information to the Indian Income Tax Department. It is a legal requirement for all individuals and organizations with a taxable income to file an ITR every year. The ITR must be filed annually, on or before the due date, which is usually July 31st of each financial year. The process involves filling out an ITR form, providing information on your income, expenses, and taxes paid, and submitting the form to the Income Tax Department. The ITR form must be filed electronically or manually and can be done through the e-filing portal of the Income Tax Department. Filing an ITR is important because it helps the government keep track of your income and ensure that you are paying the correct amount of taxes.
Who Needs to File ITR (Income Tax Return) in India?
The following individuals and entities must file an Income Tax Return (ITR) in India via e-filing:
- Individuals and HUF: Under 60 years with income above Rs 2.5 lakh (Rs 3 lakh for seniors, Rs 5 lakh for super seniors).
- Companies: All companies, regardless of income, must file ITR annually via e-filing.
- Audit-Provisioned Entities: Firms, individuals, or HUFs requiring an audit under Section 44AB must file ITR with a digital signature.
- Residents with Foreign Assets: Those with foreign assets or accounts need to file ITR electronically.
- Persons Claiming Relief: Individuals claiming relief under Sections 90, 90A, or 91 must file ITR electronically.
- Tax Refund & Carrying Forward Losses: Those seeking tax refunds or wishing to carry forward losses must file ITR.
- Income Types Requiring ITR: Income from salary, pension, property rental, capital gains, business, and services requires ITR filing.
- Annual Information Return Transactions: Those with transactions under AIR must file ITR.
- Specific Audit & Tax Provisions: Individuals or entities under specific tax provisions (e.g., Section 44AB, 80-IA, 92E) must file ITR.
Eligibility for Income Tax E-Filing:
- Any firm or company is required to file ITR whether they make profit or loss.
- If individuals want to apply for a loan or visa.
- If individuals invest in foreign assets or earn income from foreign assets.
- If individuals want to claim a refund from Income Tax Department.
- The individual must have all necessary documents, such as Form 16 (issued by the employer) and TDS certificates, if applicable.
- The individual must have a valid digital signature or Aadhaar-based e-signature.
- If the total annual income of the individual is more than the details mentioned in the table below:
Documents Required for E-Filing of Income Tax Return (ITR):
To file an income tax return, taxpayers will need to have the following documents:
- PAN card
- Aadhar card
- Bank account details (for electronic filing)
- Form 16 or Form 16A (if the taxpayer is salaried)
- TDS certificate (if the taxpayer has received any income on which TDS has been deducted)
- Form 26AS (to check TDS credit)
- Investment proof (for claiming deductions under Section 80C, 80D, etc.)
Taxpayers can also seek the help of tax consultants or chartered accountants to file their returns. Let us help you for ITR E-Filing in Pune, connect with startupportal expert team.
Types of ITR Forms (Income Tax Return Forms)
Filing your income tax return in India requires choosing the right ITR form. Here’s a quick overview of the different types of ITR forms for taxpayers in cities across India, including Delhi, Mumbai, Bangalore, and more.
ITR 1 (Sahaj): For residents earning up to Rs 50 lakh with income from salary, house property, other sources, and agricultural income up to Rs 5,000. Not for those with foreign income/assets or business income.
ITR 2: For individuals and HUFs without business income.
ITR 3: For individuals and HUFs with business income.
ITR 4(Sugam): For individuals, HUFs, and firms with income up to Rs 50 lakh opting for presumptive taxation.
ITR 5: For entities other than individuals, HUFs, and companies.
ITR 6: For companies not claiming exemptions under Section 11.
ITR 7: For individuals or entities required to file under specific sections of the Income Tax Act (e.g., charitable organizations).
Advantages of E-filing of Income Tax:
E-filing of Income Tax Return (ITR) is an electronic way of submitting your tax returns to the government. It has many advantages over the traditional manual filing process. The major advantages of e-filing are convenience, faster processing, error-free processing, easy tracking, more secure, proof of filing, saves time, easy to access, cost-effective, and reduces the chances of fraud. E-filing eliminates the need for physical copies, paper, and mailing costs. It also ensures that the data is transmitted over a secure internet connection and stored on a secure server. Additionally, the electronic verification process is mandatory, which reduces the chances of fraud. Overall, e-filing is a more efficient and secure way to file your tax returns.
Key Precautions When Filing ITR:
1. File Before the Due Date:
Ensure that you file your ITR on time to avoid penalties and complications.
○ Late filing can result in:
• Loss of the ability to carry forward certain losses (except house property loss).
• Interest charges under section 234A.
• Late filing fees under section 234F (Rs. 5,000 if filed after the due date but before 31st December; Rs. 10,000 otherwise).
• Late fees may not exceed Rs. 1,000 if income is below Rs. 5 lakh.
• Loss of exemptions and deductions under sections 10A, 10B, and others.
2. Download and Verify Form 26AS:
• Ensure that the TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) mentioned in Form 26AS matches the tax you have paid. If there are discrepancies, take the necessary steps to resolve them.
3. Prepare Documents for Filing:
○ Carefully compile all relevant documents such as:
• Bank statements or passbooks.
• Interest certificates, and investment proofs (for deductions).
• Profit and Loss (P&L) statement, balance sheet, and books of accounts (if applicable).
4.No Documents Need to Be Attached:
• There is no need to attach physical documents with your ITR. Ensure you provide accurate information and details in the correct form.
5. Verify Personal Information:
• Double-check that personal details such as PAN, address, email, and bank account information are correct.
6. Ensure Accurate Calculations:
• Validate your total income, deductions, exemptions, tax liabilities, and refunds before submitting your return.
7. Electronic Filing Considerations:
• If filing electronically without a digital signature or Electronic Verification Code (EVC), make sure to send the ITR-V form to CPC Bangalore within 120 days of filing.
By following these precautions, you can ensure a smooth ITR filing process and avoid common mistakes that may lead to fines or missed deductions.
Penalty for Late Income Tax e-Filing:
If an individual fails to file their income tax return by the due date, they may be subject to a penalty. The specific penalty amount and rules can vary depending on the individual’s circumstances, but some possible penalties for late e-filing of income tax returns include:
- Late filing fee: If an individual files their return after the due date, they may be required to pay a late filing fee of INR 10,000. This fee is reduced to INR 5,000 for individuals whose total income does not exceed INR 5 lakhs.
- Interest: An individual may also be subject to interest charges if they have a tax liability and file their return late. The interest rate is 1% per month or part of a month, calculated from the original due date to the date of filing.
- Prosecution: In case of wilful default or fraud, the individual may be liable for prosecution and if found guilty, may be subject to imprisonment.
It’s important to note that the due date for filing returns for Individuals are different based on the type of assessee, such as 31st July for salaried individuals and 30th September for self-employed individuals. It’s always better to file the return on time to avoid penalties and late fees.
New Income Tax Regime (2024-25)
The Union Budget 2024 introduces a revised Income Tax Regime with updated tax slabs and rates, aimed at simplifying the tax structure and providing relief to taxpayers. Here are the key details:
Tax Slabs and Rates:
- Income up to ₹3 Lakh: Nil
- ₹3 Lakh to ₹7 Lakh: 5%
- ₹7 Lakh to ₹10 Lakh: 10%
- ₹10 Lakh to ₹12 Lakh: 15%
- ₹12 Lakh to ₹15 Lakh: 20%
- Above ₹15 Lakh: 30%
For a detailed analysis and personalized tax planning, consult us at Startupportal Business Services.
1)Updated List of 28 Banks for Income Tax Payments on e-Filing Portal
Looking for convenient banking options to make your income tax payments? Startupportal has brought you an easy way with the updated list of 28 banks for the e-Filing Portal’s e-Pay Tax service. Dhanlaxmi Bank has been added as the 28th bank effective June 26, 2024. Below is the updated list of available banks:
- Axis Bank – 01-Nov-22
- Bandhan Bank – 12-Jul-23
- Bank of Baroda – 01-Feb-23
- Bank of India – 01-Sep-22
- Bank of Maharashtra – 01-Oct-22
- Canara Bank – 01-Oct-22
- Central Bank of India – 01-Nov-22
- City Union Bank – 01-Jan-23
- DCB Bank – 16-Jun-23
- Federal Bank – 01-Jul-22
- HDFC Bank – 01-Apr-23
- ICICI Bank – 01-Nov-22
- IDBI Bank – 01-Jan-23
- Indian Bank – 01-Nov-22
- Indian Overseas Bank – 01-Oct-22
- IndusInd Bank – 07-Jan-23
- Jammu & Kashmir Bank – 01-Jan-23
- Karur Vysya Bank – 01-Oct-22
- Kotak Mahindra Bank – 01-Jul-22
- Karnataka Bank – 13-Dec-23
- Punjab National Bank – 01-Dec-22
- Punjab & Sind Bank – 01-Apr-23
- RBL Bank – 28-Apr-23
- State Bank of India – 01-Apr-23
- South Indian Bank – 22-Mar-23
- UCO Bank – 01-Jan-23
- Union Bank – 01-Jan-23
- Dhanlaxmi Bank – 26-Jun-24
Simplify your tax payment process with this convenient and secure platform. Choose from the list of available banks and enjoy a hassle-free experience. If you have any concerns contact our team for expert guide
2) Growth in Direct Tax Collections for FY 2024-25 :
The direct tax collections for FY 2024-25 have shown significant growth, reflecting the robustness of the Indian economy and efficient tax compliance. The gross collection, including corporate tax, personal income tax, securities transaction tax, and other taxes, increased from Rs. 5,23,563 crore in FY 2023-24 to Rs. 6,45,259 crore in FY 2024-25, marking a 23.24% growth. Corporate tax collections rose by 20.44% to Rs. 2,65,336 crore, while personal income tax collections saw a 22.76% increase to Rs. 3,61,862 crore. Securities transaction tax collections surged by 25.31% to Rs. 16,634 crore, and other taxes grew by 17.28% to Rs. 1,426 crore. Refunds also saw a substantial increase, with total refunds rising by 64.49% to Rs. 70,902 crore. This impressive growth underscores the health of the Indian economy and the effectiveness of tax collection mechanisms.
Frequently Asked Questions(FAQ's):
To register for e-filing of Income Tax Returns (ITR), follow these steps:
- Go to the official e-filing website of the Income Tax Department (www.incometaxindiaefiling.gov.in)
- Click on "Register Yourself" and select the appropriate category of assess
- Enter your PAN and personal details, create a username and password
- Enter the OTP received on your registered mobile and email for validation.
- Login to the e-filing portal and start filing your ITR.