IT Files (IT Planning Filling)
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 West Bengal and in all other part of 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.
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).
