Income Tax Services
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Our tax experts gather all relevant information to prepare optimized tax returns, ensuring you save money while complying with regulations.
We offer standardized rates but customized filings based on your investments, income, and declarations.
Income Tax Services
An income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information.
e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.
Documents Required to File Income Tax Return File
Along with other forms, the following documents should be provided to file your income tax returns online:
PAN Card
Aadhar Card
Form 16
Form 16A
Form 16b
Form 16c
Bank account details
Investment details
Bank statement or passbook
Home loan statement
Details of capital gains
Details of Rental income
Details of foreign income
Details of dividend income
Investments in tax saving instruments
Life insurance receipts
PPF receipt
Donation receipts
Details regarding equity or mutual funds
Checklist for Income Tax Returns (ITR ) Filing
Here is a detailed checklist for filing ITR returns
ake sure to have all your personal information, like your name, address, contact details, and PAN
Find out the appropriate income tax return forms
Select the proper forms and collect all the income details
Keep proofs of all the deductions and exemptions
Take note of the information on TDS returns, capital gains, and foreign assets and incomes
In the case of a firm or registered company, make sure to have all the financial statements, audit reports, TDS compliances, and other related party transactions.
Have proof of all the annual compliances in hand.
Process of Income Tax Return Filing
Filing your income tax returns online is a complex process. Errors during income tax return filing may result in multiple issues. Vakilsearch provides a one-stop solution for filing out your income tax returns online. We have a team of tax experts who can complete your ITR filing in India in just three easy steps
- Consult our tax Experts
Get in touch with our tax experts to resolve all your queries. Our in-house CA will provide you with tailor-made advice to save on taxes
- Provide all the Required Documentation
As per the requirement to submit all the income statements and documentation of investment proves to our team.
- Get your ITR Filed
Based on the scenario, our team will choose the apt ITR forms and file them on your behalf on time.
Why Should You File ITR?
As per the income tax laws, every citizen who is earning income should file an income tax return if their total income exceeds the basic threshold. Online ITR return filing helps you carry forward the losses in the present year to the next financial year.
Filing ITR returns online creates a valid proof of income. It is mandatory for applying for any loans in the future; filing ITR returns is required for applying for credit cards in the future. It is valid proof when it comes to visa applications.
Mandatory E-filing for Individuals
Filing income tax return in India is mandatory for individuals under the following circumstances:
Individuals below 60 years whose gross total income exits ₹2.5 lakh
Individuals above 60 years but below 80 years who’s gross total income exit ₹3 lakh
Individuals above 80 years who’s gross total income exceeds ₹5 lakh
Apart from this if the income falls within these sources one must file and it are return online
Individuals having deposits over ₹1 crore in the current bank Account
Deposits over ₹50 lakhs and savings bank account Individuals who spent over ₹2 lakh on foreign travel
Electricity expenses more than ₹1 lakh
TCS or TDS over ₹25000
Business turnover above ₹60 Lakhs
Professional income over ₹10 lakh
Why Should You File ITR?
ITR Last Date and Penalty
Last Date for e-filing Income Tax Return
Generally one can file ITR returns after the financial year ends. The online income tax return filing deadline is July 31, of the applicable assessment year.
Penalty for Late Filing of ITR
If the income tax returns are not filed on time it may incur late filing fees and interest. Here is a complete outline of the same:
If the income tax return is not filed within the due date one might have to pay a late filing penalty of ₹5000
If the overall income is less than ₹5 lakhs then the penalty amount is further reduced to ₹1000
Under Section 234a one percent interest collected per month is part of the month for the unpaid Tax amount.