Ensure Compliance with Mytaxwala
Filing your Income Tax Return (ITR) is an essential responsibility for individuals, businesses, and other entities to ensure compliance with the Income Tax Act. At Mytaxwala, we simplify the ITR filing process for you, helping you file your returns accurately and on time.
Whether you are a salaried employee, a business owner, or a self-employed professional, we guide you through the complexities of the Income Tax filing process, ensuring you make the most of available exemptions and deductions.
Income Tax Return (ITR) filing is the process by which individuals and businesses report their annual income to the Income Tax Department. The returns contain details of income earned, deductions claimed, and taxes paid or refundable.
Filing an Income Tax Return is mandatory if your total income exceeds the taxable limit set by the government. Even if your income is below the taxable limit, filing an ITR is recommended to ensure a clean financial record and to claim refunds on any excess tax paid during the financial year.
Legal Requirement: Filing your ITR on time ensures compliance with the tax laws and helps you avoid penalties and interest charges.
Claim Tax Refunds: If you have paid more taxes than your actual liability, you can claim a refund by filing your ITR.
Financial Record Keeping: Filing an ITR ensures proper record-keeping of your financial transactions for future reference and credit applications.
Carry Forward Losses: Filing ITR allows you to carry forward losses, such as business or capital losses, to offset future tax liabilities.
Proof of Income: Your ITR can serve as a proof of income when applying for loans, visas, and other financial requirements.
There are several forms for filing income tax returns depending on your income source and the type of taxpayer. Some of the commonly used ITR forms are:
ITR-1 (Sahaj): For individuals who earn income from salaries, one house property, and other sources like interest.
ITR-2: For individuals and Hindu Undivided Families (HUFs) who have income from more than one house property or income from capital gains, foreign income, etc.
ITR-3: For individuals and HUFs who earn income from business or profession.
ITR-4 (Sugam): For small taxpayers having income from a business or profession under the presumptive taxation scheme.
ITR-5: For firms, LLPs, AOPs, BOIs, etc.
ITR-6: For companies other than those claiming exemption under section 11.
ITR-7: For persons, including companies, required to furnish returns under sections 139(4A), 139(4B), 139(4C), and 139(4D).
Every taxpayer whose total income exceeds the exemption limit is required to file an income tax return. Below are the key criteria for mandatory ITR filing:
Individuals or Hindu Undivided Families (HUF) whose total annual income exceeds the basic exemption limit of INR 2.5 lakh (for individuals below 60 years) or INR 3 lakh (for senior citizens).
Businesses with income over the threshold defined for their category (e.g., for a company, it is Rs. 2.5 lakh).
Individuals or entities with foreign income or assets.
Salaried individuals who have additional sources of income or significant deductions to claim.
Here is a step-by-step guide for Income Tax Return filing through Mytaxwala:
To file your ITR, you need to collect the following documents:
PAN Card for identification.
Form 16 from your employer (if applicable).
Bank Statements for interest income.
Tax Deduction at Source (TDS) Certificates.
Proof of Investments for deductions under sections like 80C (Life insurance, EPF, PPF, etc.).
Capital Gains details (if applicable).
Other supporting documents like rent receipts, medical bills, etc.
Choose the appropriate ITR form based on your income type. For example, if you are salaried, ITR-1 is applicable. If you are a business owner, you might need ITR-3.
Personal Details: Fill in your personal information such as name, address, PAN, etc.
Income Details: Report your income from all sources (salary, business, house property, etc.).
Deductions and Exemptions: Include deductions under sections like 80C, 80D, 80G, etc.
Tax Calculation: The portal will calculate your taxable income and tax liability after considering the exemptions and deductions.
Verify the Details: Double-check the entered details for accuracy.
Submit: Once all the details are filled out and verified, submit the form.
After submitting the ITR, you need to e-verify the return through one of the following methods:
Aadhaar OTP: For those who have linked their Aadhaar with PAN.
Net Banking: Through your bank’s internet banking portal.
Digital Signature: If you have a digital signature certificate (for companies).
Sending Physical ITR-V: If you do not have other means of verification, you can send the signed ITR-V to the Income Tax Department.
Once verified, your ITR will be processed by the Income Tax Department. An acknowledgment of receipt will be sent, and the status can be checked through the government portal.
The due date for filing an income tax return varies:
Individual Taxpayers: The due date is usually 31st July of the assessment year.
Companies and Firms: The due date is usually 30th September of the assessment year.
It is essential to file the ITR before the due date to avoid penalties and interest charges.
If the return is filed after the due date, a penalty may be levied under Section 234F. The penalty can range from INR 1,000 to INR 10,000 depending on the delay and the taxpayer's income.
Additionally, there will be interest charges under Section 234A for late payment of taxes.
Expert Assistance: Our team of experts ensures accurate filing and maximizes your tax savings by identifying eligible exemptions and deductions.
User-Friendly Process: Our platform makes filing your ITR simple, even for those with little to no tax knowledge.
Timely Filing: We ensure your ITR is filed on time to avoid penalties and interest charges.
Hassle-Free: From document collection to final submission, we take care of the entire process for you.
Secure Filing: We use the latest encryption technologies to ensure the security and confidentiality of your data.
If you need further assistance or want us to start filing your Income Tax Return, contact Mytaxwala today and experience a hassle-free, accurate, and timely ITR filing process!