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What is online ITR filing

Online ITR Filing/Income Tax E-Filing/Tax Filings

Online ITR Filing or Income Tax E-Filing is a ITR compliance in which each taxpayer like individuals, HUFs, AOP, BOI, Company, Firms will provide information of their Taxable income derived in a financial year from all sources of income which includes all five sources as per Income tax Act 1961, such as Income from Salary, Income from House property, Income from Business and Profession, Income from Capital gain and Income from other sources. It also cover computation of Income after all eligible deductions & exemptions as per Income Tax law. For online filing ITR, verious ITR forms are prescribed by the CBDT such as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 etc.

The Income derived from all above sources of Income in prescribed manner after deduction of expenses, other deduction and exemptions etc for the same you may required help of professional like kcorptax, our expertise and guidance you may use for filing your Tax filings in India.

The Indian government has launched a user-friendly income tax e-filing platform. Online ITR filing or Income Tax e-filing procedure has also been enhanced as a result of the emergence and expanded use of technology result of which all Income Tax related informations are auto filled in most of the cases.

Why do you need advice from an expert for e-filing Income Taxes or online ITR filing?

There are a few frequent blunders that most people make throughout the online ITR filing procedure, such as:

Selecting the improper ITR form

Failure to declare an income source

Inadequately filling out personal details

Deductions that you might be able to claim

Failure to reconcile information from Form 26AS and TDS

Income tax e-filing 2023-24 includes several deductions, new income tax slab rates, new ITR forms, and no extension of the ITR due dates, among other things. You must contact our income tax e-filing professionals in order to minimise your income tax and maximise your effective income.

Our Incredible Packages

Basic

999/-

(Govt Fees, Gst is extra)
  • Online ITR Filing
  • Get Free Advice
  • Support in documents and minimise Taxes
  • Guidance for Investments
  • Income Tax Plannings
  • Guidance on expenses
Order Now

Standard

1499/-

(Govt Fees, Gst is extra)
  • Online ITR Filing
  • Get Free Advice
  • Support in documents and minimise Taxes
  • Guidance for Investments
  • Income Tax Plannings
  • Guidance on expenses
Order Now

Premium

2499/-

(Govt Fees, Gst is extra)
  • Online ITR Filing
  • Get Free Advice
  • Support in documents and minimise Taxes
  • Guidance for Investments
  • Income Tax Plannings
  • Guidance on expenses
Order Now

The Advantages of Online ITR Filing

Avoid a fine of up to INR 10,000

If the return is filed after January 1st, the penalty cost might be as high as Rs. 10,000, according to the legislation. The government, on the other hand, made things easier for small taxpayers by lowering the penalty to a maximum of Rs.1000 for those with a turnover of less than Rs. 5 lakh.

Income Tax Notices and Income Tax Returns Should Be Avoided!

If you do not file online ITR correctly, you may receive a tax warning from the income tax, which might lead to secrutiny assessment. You should complete the ITR filing process on or before due date of filing of ITR.

TDS refunded

It's possible that you're entitled to a tax refund if your customer or company deducts TDS from your payment. You can claim your TDS credit and obtain a refund of the excess TDS deducted above your net tax liability.

Loans are simple to obtain.

An income tax return is document for a bank or financial institution's as a key criteria for authorising a loan. The receipts that prove your financial honesty are included in your tax return, allowing you to promptly cancel the loan.

Losses are carried over.

When you file your ITR return on time, you are able to carried forward any business loss or capital gain losses, which you may have during the year, which may be offset against income received in later years, allowing you to save Income tax in those financial years.

Documents are required before submission of online ITR filing.

Form 16 and/or 16A (conditional).

Aadhar Card/PAN Card.

Statements of Bank Accounts.

Investments made under Section 80 of the Internal Revenue Code.

Report on a Tax Audit (if applicable).

Payment evidence for income tax e-filing.

To claim expenses, you'll need receipts.

Credit statement consolidated (Form 26AS).

Documents required for Income Tax Return

Frequently asked questions

ITR Filing stands for Income Tax Return Filing. It is a document that provides information on a person's earnings and the taxes paid on those earnings to the Internal Revenue Service. It also provides for the carrying forward of losses and the filing of a refund claim with the IRS.

The Income Tax Return Form can be submitted in a variety of ways.

  • On a scrap of paper.
  • Digitally, using a digital signature;
  • Filling the information in the return digitally with a digital verification code;
  • Filling the data in the return electronically and then submitting the return verification in Return Form ITR-V; Note: If
  • Can be used without a digital signature, two hardcopies of Form ITR-V should be obtained.

    • Note:

  • If (iv) is used instead of a digital signature, the person must print two copies of Form ITR-V.
  • One copy of ITR-V, suitably signed, must be mailed to the Income-tax Department-CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (within 120 days) (Karnataka)
  • The taxpayer may keep the other copy for his records.

No, papers should not be added to the application (whether manually or electronically submitted), but they must be given to tax officials if requested.

The official website of Income Tax Goverment can be used to e-file an income tax return. The website is www.incometaxindiaefiling.gov.in.

It offers a free e-filing service that allows you to create an e-return and ask for a refund online. It may be downloaded with instructions at www.incometaxindiaefiling.gov.in.

If you have any questions about e-filing, you can call 1800 180 1961.

E-payment refers to the electronic payment of taxes by net banking or debit/credit card. E-filing is the process of submitting a tax return electronically.

No, if there is taxable income and the return is not filed, a penalty will be imposed according to the Income Tax Act.

Return submission:

  • Is it a responsibility to contribute to the nation's development?
  • Before financial institutions, it verifies creditworthiness.
  • It allows one to receive financial assistance from banks and other financial entities.

Returns can be

  • Filed electronically from any location and at any time.
  • Saving time and effort
  • Simple, quick, and simple.
  • It is digested more quickly.

If you want to carry/forward the loss to another year(s) for adjustments against beneficial income, you shall submit a claim of loss even before deadline.

If an individual is not obligated to file an ITR under section 139, there is no late filing charge or penalty under section 234F.

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