ITR 2023-24 FILLING

Keynotes on 2,000/- ITR 2023-24 FILLING

₹2,000.00
📣File Your Income Tax Return now!📣
🛑 Stop procrastinating your ITR filing!
⚠️Avoid last-minute stress and penalties. 💵💰
🤝Let us handle your Income Tax Return filing with precision and expertise.📚🔍

📅We ensure accurate and timely ITR services.⏳
🛎️Don’t miss out on deductions and risk penalties.⏰

👋Say goodbye to the hassle and focus on your goals.💼

“File Now!”
📞Call: +917977043372 to discuss your tax filing needs.

🏆Our dedicated team of tax experts provided end-to-end support, from document preparation to ITR submission. We answer your queries, resolve issues, and ensure a smooth filing experience.

What is ITR?

An Income Tax Return (ITR) is a crucial document that taxpayers use to report their income and related tax obligations to the income tax department. It acts as an official statement of an individual or entity’s financial details, promoting transparency and adherence to tax laws.

There are seven different ITR forms available: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Taxpayers must submit their ITR by the designated due date. The form selected depends on various factors, including income sources, total income earned, and the taxpayer’s classification, which may include individuals, Hindu Undivided Families (HUFs), companies, and others.

Who Can File ITR

Filing an Income Tax Return (ITR) is a responsibility that applies to a wide range of individuals and entities. Here’s a breakdown of who can file ITR under Law Sarathi:

  1. Individuals:

    • Salaried Employees: Those earning a salary above the taxable limit must file ITR.
    • Self-Employed Individuals: Freelancers, professionals, and business owners whose income exceeds the prescribed threshold should file ITR.
    • Senior Citizens: Individuals aged 60 years or older can file ITR even if their income is below the taxable limit, as filing may still be beneficial for various financial purposes.

  2. Hindu Undivided Families (HUFs):

    • HUFs are treated as separate entities under tax laws and must file ITR if their total income exceeds the taxable limit.

  3. Companies:

    • All companies, regardless of their size, are required to file ITR annually, irrespective of whether they earned income or incurred losses.

  4. Partnership Firms:

    • Partnership firms, whether registered or unregistered, must file ITR if their total income exceeds the taxable limit.

  5. Trusts and Societies:

    • Charitable trusts and societies with income above the prescribed limit are mandated to file ITR.

  6. Non-Resident Indians (NRIs):

    • NRIs earning income in India, such as rental income or capital gains, must file ITR to comply with Indian tax laws.

  7. Other Entities:

    • Entities such as associations of persons (AOPs) or body of individuals (BOIs) must file ITR if their total income exceeds the taxable threshold.

Why Filing ITR is Important

Filing your ITR is not just a legal obligation; it also serves several important purposes, such as:

  • Loan Applications: Many banks and financial institutions require ITR as proof of income when processing loan applications.
  • Tax Refunds: If excess tax has been deducted or paid, filing ITR enables you to claim a refund.
  • Carrying Forward Losses: Filing ITR allows individuals and businesses to carry forward losses to subsequent years for tax benefits.

Documents Needed for Filing Income Tax Return (ITR)

Filing your Income Tax Return (ITR) requires careful preparation and the collection of necessary documents. Here’s a comprehensive list of documents needed for the process, as outlined by Law Sarathi:

  1. Personal Identification Documents:

    • PAN Card: Permanent Account Number (PAN) is mandatory for filing ITR.
    • Aadhaar Card: While not mandatory, linking your Aadhaar with your PAN can simplify the filing process.

  2. Income Documents:

    • Salary Slips: For salaried individuals, recent salary slips for the financial year are essential.
    • Form 16: Issued by your employer, this form summarizes your salary and the tax deducted at source (TDS).
    • Form 16A: For TDS on income other than salary (like interest from banks).
    • Income Statements: For self-employed individuals, profit and loss statements, and balance sheets may be required.
    • Bank Statements: Bank statements for the financial year showing interest earned and other income sources.

  3. Investment and Deduction Documents:

    • Tax-saving Investment Proofs: Receipts for investments made under sections 80C, 80D, and other relevant sections (like life insurance premiums, PPF contributions, ELSS, etc.).
    • Home Loan Statement: For those claiming deductions on home loan interest.
    • Rent Agreement: If you are claiming House Rent Allowance (HRA), you may need to provide your rent agreement and receipts.

  4. Other Income Details:

    • Rental Income Details: If you own property, documents related to rental income, including rent receipts.
    • Capital Gains Statement: If applicable, details of any capital gains from the sale of property, stocks, or other assets.
    • Interest Certificates: Certificates from banks or financial institutions regarding interest earned on fixed deposits or savings accounts.

  5. Previous Year’s ITR:

    • Copy of Last Year’s ITR: This helps in cross-verifying income and deductions claimed in the current assessment year.

  6. Proof of Deductions/Exemptions:

    • Documents Related to Deductions: Any documents supporting deductions claimed under sections like 80E (education loan), 80G (donations), etc.

  7. Miscellaneous Documents:

    • Form 26AS: A consolidated tax statement that provides details of tax deducted and paid on your behalf.
    • Investment Account Statements: For mutual funds or shares if applicable.