Online Income Tax Return filing in India

Income Tax Filing

Helping You Keep Your Earnings As An Honest Taxpayer…

Every employed Indian citizen who earns a particular amount of money in a year has to file their income tax return to declare his/her earnings before the government. Following the launching of a new ITR web portal by the government, it has become much easier for professionals to file income tax returns online in India easily. However, the process being a seamless one, there are plenty of challenges one might encounter, if they aren’t familiar with the process of income tax efiling. E.g., there is a different ITR form (ranging from ITR 1-7) for different salaried individuals and each of them covers a different category. There are plenty of errors that you could make while online income tax return filing, like:

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  • Submitting the wrong ITR form
  • Submitting incorrect personal information
  • Missing a source of income when you have multiple income sources
  • Inconsistencies in TDS Information & Form 26AS
  • Failing to report certain deductions that should be claimed
  • Filing to stick to the deadline
  • All salaried professionals wish to save their taxes to maximize their in-hand income. This is where an income tax efiling expert comes to the rescue.

Who All Should File Income Tax Returns Online?

  • Despite most misconceptions, any individual earning beyond the standard tax slabs (2.5 lakhs, 3 lakhs, or 5 lakhs) must file income tax returns online in India.
  • Besides salaried personnel, all private limited, partnership & LLP firms must file income tax returns online in India, despite their profits and losses. Individuals earning from share markets, mutual funds, equities, bonds, FDs, religious trusts, charities, foreign incomes or assets, and directors or partners of firms should file their ITR.

How Can Taxflick Smoothen The Income Tax Efiling Process For You?

Taxflick can help you file income tax returns online in India and avail all the benefits that come with e-filing of income tax, like:

  • Claim TDS refunds by filing the ITR correctly
  • Improve the credit score, as regular taxpayers get quick loan approvals due to a high credit score
  • Evade high rate of interest on loans
  • Avoid a hefty penalty or scrutiny of personal income sources by the government
  • Carry forward any unadjusted loss to the subsequent financial year
  • Improve your chances of getting employed overseas (as many foreign embassies use the ITR receipts to assess an individual's income)
  • Use Form16 as an official document to prove income and domicile
  • Our experts can make the process of online income tax return filing quick, seamless, and hassle-free by doing all the paperwork, solving your queries, and providing advice on tax savings. You just have to provide us with your financial details and the documents required for income tax efiling.
  • A copy of the individual's PAN card or Aadhar card to prove identity
  • Form 16 (optional, if not salaried)
  • Form 26AS
  • A copy of bank account statements showcasing regular income
  • List of investments declared under section 80
  • Tax audit reports (in case of a business)
  • E-filing payment proofs
  • Receipts showcasing your expense

What To Do When The ITR Due Date Is Extended?

If you are an individual falling under the taxable income bracket, you need to file income tax returns online in India by the last date (which is usually July 31 every year). Companies and institutions that are liable to pay taxes must finish their income tax efiling by September 30 every year. All the belated returns must be done by 31st March every year.

Important FAQs

You can still file the ITR online but you will have to pay a penalty for late filing. It would be Rs. 5000 (especially if the annual income doesn’t exceed the upper bracket of INR 5,00,000) if the ITR is filed before 31st December. In other cases, it could be up to Rs 10,000. The government may have the ITR due date extended under special circumstances, like in the case of the pandemic last year.
Even if you have sustained financial losses this year, you can still file income tax returns online and propose to carry forward the losses to the next financial year. However, you must remember to claim your losses before the ITR due date.
Yes, you should. You can attach Form16 to showcase the deduction of TDS. All the extra amount deducted will be refunded back to your account.

Get in touch with our expert at Shivaay Corparate Solutions to clear all your doubts around income tax efiling.