File Income Tax Return with Ease and Accuracy
Every responsible citizen pays taxes. However, not everybody may be an expert in filing income tax. But that should not make you avoid filing. Thanks to the online filing option, the process has become easier and more accurate. Even so, if you still feel not confident in filing the returns on your own, you can take the help of experts at Online Legal Center.
To file an income tax return, you must fill a form. There are various forms and each form has a specific purpose. It is also meant for a specific group of people. So, before filing, know what form to fill and what category you fall into. The forms are from ITR 1 to ITR 7. There are different forms for salaried people, for individuals, for corporates, etc.
If all this confuses you, don’t worry. Our legal experts will help you carry on the entire process smoothly. They will guide you in each step, right from choosing the form, filling it, documentation, and till the end. Hiring an expert makes all the difference. You don’t have to struggle in the process. You can get things done quickly and correctly.
5 Most important benefits of filing for income tax return
- You can easily avail yourselves loans from the banks, such as personal loan, car loan, etc. Most of the banks ask you to produce ITR proof for the last three years.
- The ITR filings serve as proof of your income and address.
- You can claim for tax refund.
- Those applying for visa can benefit from filing for tax returns, as the immigration offices, while checking the paperwork, also check ITRs.
- If you fall in the income bracket that requires you to pay taxes, then failing to file for returns can attract penalty. If you are supposed to pay tax and you don’t, then it is an offence as per law. Timely filing of income tax return can save you from legal consequences.
Documents required to file for tax
For salaried people:
- PAN Card
- Monthly salary slips
- Form 16 (this is provided by the employer)
For businesspeople:
- Account details of the business
- Report of trading
- Statement of profit and loss (if applicable)
For others:
- TDS certificates
- Interest income statement
- Investment proof, such as receipt of mutual funds, etc.
Document of sales and so on
The process
- Contact Online Legal Center through WhatsApp, phone call, or email.
- Make the payment and the legal expert will contact you.
- Describe your requirement and produce the necessary documents for income tax return.
- The documentation and filing is done by the experts on behalf of you.
- You are supposed to acknowledge the filing.
Frequently Asked Questions (FAQs)
In case of a delay in filing, you must pay a penalty under Section 234E, which ranges from Rs. 10,000 to Rs. 1,00,000, plus the late filing fee. There is a daily late fee of Rs. 200.
Of course you can; but then you should be sure of what form to choose and fill, how to file correctly, how to check the status, etc. Most of us are not experts in this process. It is better to hire legal assistance for accurate and complete filing. Online Legal Center can do the filing for you.
In India, as per Budget 2023-24, those earning upto 7 lakhs per annum are exempted from paying taxes.
Online filing of income tax return is more beneficial due to:
- Privacy while entering personal details, thus, making it safer.
- Accuracy thanks to e-filing software.
- Quick processing.
- High convenience.
- accessibility of previous filings.
Yes. You must have proofs of all income sources.