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Taxation Advisory

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Effortless Income Tax Filing with LegalSalah

Introduction

Filing Income Tax Returns (ITR) is a crucial obligation for every Indian taxpayer. It involves submitting a detailed report of your income, deductions, and tax liabilities to the Income Tax Department.

Key Highlights:

  • Due Date: The last date to file your ITR for the Financial Year 2024-25 (Assessment Year 2025-26) without incurring a late fee is July 31, 2025.
  • Early Filing Benefits: Avoid last-minute stress and potential technical glitches by filing your ITR early.
  • LegalSalah Expertise: Our team streamlines the entire process, ensuring a smooth and efficient online ITR filing experience.

What is an Income Tax Return (ITR)?

An ITR is a document that provides a comprehensive overview of your income and tax payments to the Income Tax Department. There are seven different ITR forms, each designed for specific categories of taxpayers.

Who Needs to File an ITR?

  • Salaried Individuals: If your income exceeds the basic exemption limit.
  • Businesses: All companies, LLPs, and partnerships are required to file ITRs.
  • Directors and Partners: Individuals serving as directors or partners in companies/LLPs.
  • Dividend Earners: If you receive dividends from various sources.
  • Charity and Religious Trusts: Entities receiving income from charitable activities.
  • Tax Refund Claimants: Individuals and businesses eligible for tax refunds.
  • NRIs and Tech Professionals: If their income from India exceeds the exemption limit.

Eligibility for ITR Filing:

Income Thresholds:

  • Individuals under 60 years: Rs. 2.5 lakh
  • Individuals aged 60-80 years: Rs. 3.0 lakh
  • Individuals over 80 years: Rs. 5.0 lakh

High-Value Transactions:

  • Deposits exceeding Rs. 1 crore in current accounts.
  • Rs. 50 lakh in savings accounts.
  • Foreign travel expenses exceeding Rs. 2 lakh.
  • Electricity bills exceeding Rs. 1 lakh.
  • TDS/TCS exceeding Rs. 25,000 (Rs. 50,000 for senior citizens).

Business and Professional Income:

  • Businesses with turnover exceeding Rs. 60 lakh.
  • Professionals with gross receipts exceeding Rs. 10 lakh.

Benefits of Filing ITR:

  • Legal Compliance: Avoid penalties and ensure adherence to tax regulations.
  • Claim Tax Benefits: Reduce your tax liability by claiming eligible deductions.
  • Essential for Financial Transactions: Required for loans, visas, and high-value investments.
  • Refund Claims: Claim refunds on excess tax payments.
  • Improved Financial Standing: Build a strong financial profile for future opportunities.

Documents Required for ITR Filing:

  • General: PAN, Aadhaar, Bank Account Details
  • Income-Related: Salary Slips, Form 16, Rent Receipts, Interest Certificates
  • Deduction-Related: Proof of investments, insurance premiums, etc.
  • Capital Gains: Documents related to the sale of assets.
  • Foreign Income: Proof of income from foreign sources.

Due Date for ITR Filing:

  • Individuals and Entities Not Liable for Tax Audit: July 31, 2025
  • Taxpayers Under Tax Audit: October 31, 2025
  • Taxpayers Covered Under Transfer Pricing: November 30, 2025

Penalty for Late Filing:

  • Interest Charges: 1% per month on unpaid tax.
  • Late Filing Fee: Rs. 5,000 (reduced to Rs. 1,000 for income below Rs. 5 lakh).
  • Loss Adjustment Limitations: Loss carry forward may not be possible in case of belated filing.

How to File ITR Online:

  1. Log in to the Income Tax Portal: Use your PAN and password.
  2. Select "File Income Tax Return."
  3. Choose the Assessment Year and Filing Mode.
  4. Select Taxpayer Category and ITR Form.
  5. Review and Edit Pre-filled Information.
  6. Review and Confirm ITR Details.
  7. Make Tax Payment (if applicable).
  8. E-verify Your Return: Use EVC, Aadhaar OTP, or send signed ITR-V.

Common Mistakes to Avoid:

  • Choosing the wrong ITR form.
  • Incorrect entry of PAN, personal details, and bank account information.
  • Not claiming all eligible deductions.
  • Failing to disclose all income sources.
  • Not e-verifying the return.
  • Filing after the deadline.

File Your ITR with LegalSalah:

Simplify your ITR filing process with LegalSalah. Our expert team provides:

  • Seamless Online Filing: Hassle-free submission of your ITR.
  • Expert Guidance: Assistance from our tax professionals.
  • On-time Filing: Avoid penalties by meeting the deadline.
  • Affordable Pricing: Competitive rates for all your ITR filing needs.

Contact Us Today!

Experience a stress-free and efficient ITR filing process with LegalSalah.