Filing Your Income Tax Made Easy: Simple Steps for a Stress-Free Process

Learn how to file income tax returns in simple and cost-effective ways

Paying income tax is an obligation for every citizen who earns a certain amount of income in a year. Income tax is a direct tax that the government levies on the income of an individual, a company, or a partnership firm. In India, the Income Tax Act of 1961 governs the collection and management of income tax.

Want to know how to file income tax return !

Find information about Online Income Tax Return Filing Process, Online ITR Filling, Income Tax Refund, Documents Required for ITR Filling, Online Income Tax Return Filing Fees

As a taxpayer, it's crucial to understand the different aspects of income tax.

Here are some key points that you need to know:

Taxable Income: Income tax is calculated on the taxable income of an individual. The taxable income is calculated by subtracting the allowed deductions and exemptions from the total income.

 

Income Tax Slabs: The Indian income tax system has different income tax slabs for different income levels. The income tax rate varies from 0% to 30%, depending on the income level.

 

Advance Tax: Advance tax is the tax that you need to pay in advance if your tax liability for the year is more than Rs. 10,000. It's paid in four instalments throughout the year.

 

TDS (Tax Deducted at Source): TDS is a system in which the payer deducts tax from the payment made to the payee and deposits it with the government. TDS is applicable to various types of payments, such as salary, rent, commission, etc.

 

Filing Income Tax Returns: Every taxpayer needs to file an income tax return at the end of the financial year. The due date for filing the return is usually July 31st of the assessment year. Filing returns on time can avoid penalties and interest charges.

 

Benefits Of Income Tax return Filing in Delhi, India

ITR Receipt is an important document: Having an ITR receipt is important because it is more detailed than Form 16, entailing your income and taxation along with revenue from other sources. Use as address proof: ITR receipt is sent to your registered address, which can serve as residential proof. Helps the bank loan documentation process easier: Being a diligent income tax filer makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan, etc. “Banks usually ask for copies of tax returns filed for the previous 2-3 years at the time of applying for the loan to ascertain the income capacity of the individual. Hence, to apply for loans a tax return would be required to be filed, Compensate losses in the next financial year: Unless you file the ITR, you cannot recompense your expenses/losses in the previous financial year to the current.

As per the income-tax provisions, if tax returns are not filed on time, unadjusted losses (with some exceptions) cannot be carried forward to future years. Hence, to ensure that the losses are carried forward for future adjustment, a tax return would be required to be filed. Helps to avoid extra interest: If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you. For example, banks would deduct tax from interest on fixed deposits exceeding a certain threshold. To claim a refund of tax deducted by the bank (if any) on the interest income, a tax return would be required to be filed regardless of the taxable income. To buy an insurance policy with a higher cover: If insurance companies have reasons (non-compliance) to believe that you are a tax-evader, they will not give you policies with more cover.

Tips Related to File Income Tax Return online in India

At Luxe Finalyzer, we understand that managing your income tax can be a daunting task. Our team of tax experts can guide you through the entire process, from tax planning to tax return filing. We offer a range of services, including:

 

Tax planning and advisory

Income tax return filing

TDS compliance

Representation before tax authorities

With our expertise, you can rest assured that your tax affairs are in good hands. Contact us today for a consultation and take the first step towards financial peace of mind.

 

Documents Required For Filling ITR online

  • PAN Card & Adhar Card of Assessee
  • Form 16 of individual(in case of salaried Person)
  • Bank Statement for whole FY (ie. 01.04 to 31.03)
  • other income details if any
  • Expenses Details incase of Firm/Company
  • KYC of all directors/partners incase of firm/company

Supporting Documents to Save Tax to filling ITR

  • Life Insurance Premium Receipt /PPF– Under this you can invest up to an amount of 1.5 lakhs u/s 80C into Lic and get tax exemption for that amount.
  • Sukanya Samridhi Yojana Scheme – Under this as well you can invest up to an amount of 1.5 lakhs u/s 80C and get tax exemption for the invested amount.
  • Medical Insurance - This amount can be exempted from your Income up to 25000/- to calculate your taxable Income.
  • Tax Saving FD - You can again claim a tax rebate of an amount limiting to 1.5 lakhs invested into a tax saving FD (FD with tenure of 5 years) under section 80C.
  • Loan Repayment Certificates – You can claim tax rebate for your home loans and education loans repayments. You may need loan repayment certificates in order to calculate principal and interest portion on loan repayments.  
  • Senior Citizen Savings Scheme – You can claim deduction of upto Rs. 1.5 lakh per annum under section 80C for an amount deposited under Senior Citizen Saving Scheme.
  • Tuition Fee Receipts for your Children – Payment of tuition fee upto Rs. 1.5 lakh can be claimed as deduction under section 80C.  
  • Donation Receipts – You can also get tax exemptions for any donation made by you to authorized NGO, trust, temple, etc. under section 80G.

Reach us for Income Tax Consultant Online, File ITR Online, Income Tax Refund Claim-Individual ITR

Luxe Finalyzer is a premier provider of income tax return filing services in pan India. Our team of experienced professionals is committed to ensuring that our clients' tax returns are filed accurately and on time. 

Filing your income tax return (ITR) is a legal requirement and an essential part of being a responsible citizen. It not only helps you comply with the law but also ensures that you can access various financial benefits such as loans, credit cards, and visas. 

At Luxe Finalyzer, we understand that filing your income tax return can be a daunting task, especially for those who are new to the process or have complex tax situations. That's why we offer a hassle-free and affordable tax filing service that takes care of everything from start to finish. 

Our team of experts will work with you to understand your financial situation, identify all the deductions and exemptions that you are eligible for, and ensure that your tax return is filed accurately and on time. We use the latest technology and software to ensure that your tax return is processed quickly and efficiently. 

So, if you want to ensure that your tax return is filed accurately and on time, we encourage you to choose Luxe Finalyzer. With our expert assistance, you can be sure that your tax affairs are in safe hands. Don't delay - file your income tax return with Luxe Finalyzer today and enjoy peace of mind knowing that your taxes are taken care of.

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