Income tax filing is mandatory for individuals, businesses, and trusts meeting specific criteria. You can avoid penalties and enjoy various benefits by filing your tax return on time...
Directors/partners of Private Limited Companies/LLPsReceiving income from trusts/voluntary contributions.Salaried individuals with gross income above exemption level.We have simplified the process for you and can be done online with NGOExperts in 3 simple steps:
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Income tax filing is a crucial part of India's financial landscape, & it plays a critical role in the country's overall economic development. It is a legal obligation that every individual, including businesses & firms, must comply with each year. India's Income Tax Act of 1961 lays down the guidelines & regulations for taxation, setting forth rates, deductions, & exemptions.
Filing taxes in India can be complex, but it is essential to understand the process for proper compliance with the law. As reliable experts, we aim to provide comprehensive guidance & support for anyone seeking precise & up-to-date information on income tax filing in India.
So, who all must file Income Tax Return, here is a concise list of all the eligibility criteria.
Filing your income tax return online has become increasingly convenient with the advent of technology. Here's a simplified guide in 9 easy steps
Sounds like a lengthy process! Why stress over confusing paperwork? Let NGOExperts handle & file income tax returns online. Keep your finances in compliance with ease.
For income tax filing in India, here are the necessary documents you need without fail.
● PAN Card - It is one of the most essential documents for filing ITR in India. In case you don't have a PAN card, you can apply for it online or offline
● Form 16 - If you are a salaried individual, your employer has to issue you a Form 16 indicating your total salary & TDS deducted.
● Form 26AS - It is a consolidated tax statement containing details of tax deducted on your behalf by your employer, banks, & other entities.
● Form 15G - But what is form 15G, it is a declaration form falling under section 197A of the Income Tax Act, 1961. Use to declare your total taxable income when lower than the max exempt limit.
● Bank Statements - You must have your bank statements to prove your income, deductions, & investments.
● Investment Proofs - You need to produce income proof of investments made, such as insurance premium receipts, mutual fund statements, & National Savings Certificate receipts.
● Rent Receipts - If you are claiming HRA (House Rent Allowance), make sure to have rent receipts from your landlord.
● Medical Bills - You can claim deductions for the medical bills incurred for yourself, your spouse, & dependent children under Section 80D.
| ncome Range | Tax Rate | Fixed Tax Amount | Variable Tax Amount |
|---|
| Up to ₹3,00,000 | No tax | – | – |
| ₹3,00,001 to ₹6,00,000 | 5% | – | On income above ₹3,00,000 |
| ₹6,00,001 to ₹9,00,000 | 10% | ₹15,000 | On income above ₹6,00,000 |
| ₹9,00,001 to ₹12,00,000 | 15% | ₹45,000 | On income above ₹9,00,000 |
| ₹12,00,001 to ₹15,00,000 | 20% | ₹90,000 | On income above ₹12,00,000 |
| Above ₹15,00,000 | 30% | ₹1,50,000 | On income above ₹15,00,000 |
SlabNew Tax Regime
(till 31st March 2024)New Tax Regime
(From 1st April 2024)Up to Rs. 2,50,000NILNILRs. 2,50,000 - Rs. 3,00,0005%NILRs. 3,00,000 - Rs. 5,00,0005%5%Rs. 5,00,000 -Rs. 6,00,00010%5%Rs. 6,00,000 -Rs. 7,50,00010%10%Rs. 7,50,000 -Rs. 9,00,00015%10%Rs. 9,00,000 -Rs. 10,00,00015%15%Rs. 10,00,000 - Rs. 12,00,00020%15%Rs. 12,00,000 - Rs. 12,50,00020%20%Rs. 12,50,000 - Rs. 15,00,00025%20%Above Rs. 15,00,00030%30%
If you're looking to file income tax return & other related services, NGOExperts is the perfect choice. We specialize in providing top-notch professional services to meet the taxation obligations & other financial requirements.
● Expertise: We have a team of experienced professionals who specialize in ITR filing & compliance requirements.
● Personalized service: We understand that every organization is different, & we tailor our services to fit your specific needs & goals.
● Transparency: We believe in transparency & clear communication, so you can be sure that you are always aware of the status of your income tax e filing.
● Dedication to social impact: At NGOExperts, we are passionate about supporting all & their missions.
Yes. If your employer has already deducted tax at source, you still have to file an income tax return (ITR). The reason is TDS & income tax are calculated & settled differently. While TDS is just an interim tax payment, income tax is calculated on the actual taxable income at the end of the year. Therefore, it is important that you file income tax return & disclose your income & taxes paid to avoid any legal issues in the future.
Under Section 237 of the Income Tax Act, 1961, the excess tax you have paid will be returned to you as a refund. But you must note that the income tax department will carefully review your filed return before confirming the refund. Also, unlike some other cases, the excess tax refund won't include any additional interest.
Individuals who have experienced a loss of income during the year are not required for income tax e filing for that year. However, if you are self-employed or a business owner, the rules are different. Even if you have experienced a loss, you are required to file income tax return. By income filing tax, you technically report the loss & have the opportunity to offset future income, which can reduce your overall tax burden.
ITR forms are designed for a streamlined process, & therefore, there is no need to attach any documents. Taxpayers are not required to furnish any evidence, such as proof of investment or TDS certificates, along with their return of income. This is applicable for both manual & electronic filing. Such a practice simplifies the submission process & saves the taxpayer time & effort.
As per the latest norms, it is mandatory to do income tax e filing online if your total income exceeds Rs. 3 Lakhs. But what is the minimum salary required to qualify for ITR filing? While there is no set minimum salary requirement, it is vital to keep in mind that any income generated from multiple sources must be accounted for in your tax returns
E-filing in income tax refers to the electronic filing of income tax returns. Rather than filling out a physical tax form & mailing it to the government, individuals can now file their taxes online. This process simplifies the filing process for taxpayers & reduces the processing time for the government. Also, it offers a greater level of security & accuracy, as e-filing eliminates human errors & ensures that your tax return is submitted promptly.
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