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 E-Filing in Pune 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:
How to File Your Online ITR E-Filing in Pune
- 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 ITR E Filing in Pune
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:
Electronic filing of Income Tax Return (ITR) is an electronic submission of your tax returns to the government. It has numerous benefits compared to the conventional manual process. The biggest benefits of e-filing include convenience, quick processing, error-free processing, easy tracking, more secure, proof of filing, saves time, easy to access, cost-effective, and minimizes chances of fraud. E-filing does away with physical copies, paper, and mailing expenses. It also makes sure that the information is sent over a secure internet connection and saved on a secure server. Also, the electronic verification process is required, which decreases the possibility of fraud. In general, e-filing is a more efficient and secure method of filing your tax returns.
Key Precautions When Filing ITR:
- File Before the Due Date: File your ITR on time to avoid penalties, interest charges, and loss of deductions or exemptions.
- Download & Verify Form 26AS: Ensure TDS/TCS details in Form 26AS match your tax payments and resolve any discrepancies.
- Prepare Necessary Documents: Gather bank statements, interest certificates, investment proofs, and financial records as needed.
- No Attachments Required: ITR filing does not require physical documents; ensure all information is accurate.
- Verify Personal Information: Double-check PAN, address, email, and bank details for correctness.
- Ensure Correct Calculations: Validate your income, deductions, tax liabilities, and refunds before submission.
- Electronic Filing Requirements: If filing without a digital signature or EVC, send ITR-V to CPC Bangalore within 120 days.
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.
Why Choose Startupportal for hassle-free ITR e-filing in Pune!
Startupportal Business Services offers expert ITR e-filing services in Pune, making the process simple, secure, and efficient. Our team ensures accurate filing, helping you avoid errors and maximize your tax benefits. We prioritize confidentiality and security, ensuring your sensitive data is protected throughout the process.
With Startupportal, you get timely, reliable service at an affordable price. We streamline the filing process, making it quick and hassle-free, while providing comprehensive support for all your tax needs. Trust us to handle your ITR filing, so you can focus on what matters most. Get started with your ITR filing today!
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.