Income Tax Return Filing

Interest: If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.

Late Fee: In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.

Loss Adjustment: In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.

Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.

Updated Return: Still, if you miss the 31st December deadline due to unavoidable reasons still you can file the updated (ITR U) return subject to the conditions specified therein.

In this case, you can contact us on the helpline number or can send us mail. Our expert shall call you and will help you to decide the most effective plan for you.

Income Tax is payable by every person whose income exceeds the basic exemption limits. It is levied on the Income Earned during financial year starting from 1st April to 31st March.

Income Tax Returns are required to be filed by 31st July of the Year to avoid any late payment fees (Other than those liable to Audit) and can be filled till 31st March of Next Year with late payment fees.

• In case of Individual:
  1. Every Individual whose Income Exceeds the basic amount not chargeable to tax without claiming any deduction under chapter VI-A.

However, the following persons are also advised to file IT Return.

• Whose TDS has been deducted and wants to claim the same.
• Who plans to avail any loan in next 3 to 5 years.
• It is useful for obtaining Visa for studies, Job or any other purpose.
• Act as Income proof for availing any government subsidy or benefit of government scheme.
• Mandatory for every type of entity other than Individual whether having any Income or Not:
  1. Partnership Firm.
  2. Limited Liability Partnership (LLP).
  3. Private and Public Limited Company.
  4. One Person Company (OPC).
  5. Trust and NGO.

Payment of Income-tax can be made either through Physical mode, i.e. Cheque or Cash on the bank ounter or e-payment from Income Tax Login Portal. Payment is to be made through Challan 280.

Type of Income Tax from depends on the type of assesse and his nature of Income.

• For Individual/ HUF: ITR-1, ITR-2, ITR-3 and ITR-4.
• For Company: ITR 6.
• For Trust: ITR: 7.
• For Others: ITR-5

• To claim a refund of any TDS that has been deducted.
• Acts as an Income proof for availing any loans or for obtaining Visa for studies, Job or any other purpose.
• Act as Income proof for availing any government subsidy or benefit of government scheme

The belated return can be filed on or before 31st December of the relevant assessment year.

If any error is discovered in filling the Income Tax return, then the return can be revised u/s 139(5) of the Income Tax Act. However, no Income Tax return can be revised after 31st December of that assessment year.

Even if your income is below the taxable limits you are advised to file your Income Tax Return to avail the below–given benefits

• Whose TDS has been deducted and wants to claim the same.
• Who plans to avail any loan in next 3 to 5 years.
• It is useful for obtaining Visa for studies, Job or any other purpose.
• Act as Income proof for availing any government subsidy or benefit of government scheme.

Income Tax Slab for non-senior citizen individual for F.Y 2023-24 is

However, if your net income is below INR 5.00 Lakhs then there is a rebate up to INR 12,500/- due to which no tax is required to be paid.

• 26As is a statement that contains all the data of the TDS, advance tax and TCS deducted from your income. Further, it also contains data of Income Tax Refund and property transaction made by you.
• To download form 26AS login to your Income Tax ID and click on download form 26 AS from the same. Then fill the financial year in it and click on the submit button.

Input credit filled by the supplier is reflected in GSTR 2A automatically with details of all the input supply. The Credit reflected in GSTR 2A has to be reconciled with that shown in books of accounts, GSTR 3B and GSTR 1 quarterly.

This type of errors occurs mostly in case of wrong filing of TDS returns by the deductor or case of non-deposit of the TDS to the department. Under such circumstances the person should ask the deductor for filling of TDS return or deposit of the tax amount.

Don’t worry we will reset your Income Tax Password through your Aadhar OTP if you don’t remember your Income Tax password.

No, as per the Income Tax Act, you can only claim the deduction of those investments in that financial year. So you will be allowed to claim the deduction of the investment in next financial year only.