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Income Tax Return Filing Service Delhi
In India, filing income tax returns (ITR) is a mandatory requirement for individuals and businesses that meet certain income thresholds. Here is some information to help you understand the process:
Eligibility: Any individual or business with an annual income exceeding Rs. 2.5 lakh is required to file an income tax return.
Types of ITR: There are several types of ITR forms, each designed for specific types of taxpayers. The most commonly used forms include ITR-1, ITR-2, ITR-3, and ITR-4.
Documents Required: You will need to gather several documents before you can file your income tax return. These include PAN card, Form 16, salary slips, bank statements, and investment-related documents such as mutual fund statements, property sale deeds, etc.
Filing Deadline: The deadline for filing income tax returns in India is usually July 31st.
Online Filing: The easiest and most convenient way to file your income tax returns is through the Income Tax Department’s official website (https://www.incometaxindiaefiling.gov.in/). You can create an account on the website, fill in the required details, upload the necessary documents, and submit your return.
Penalties: If you fail to file your income tax returns on time, you may be subject to penalties and fines. The penalty for late filing is Rs. 5,000, which can go up to Rs. 10,000 for returns filed after December 31st.
Consult a Professional like us: If you are new to filing income tax returns, it may be a good idea to consult a professional such as a chartered accountant or tax consultant who can guide you through the process and help you maximize your tax savings.