Hassle-Free ITR Filing Services
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Every individual earning an income above the exempted limit is required to pay income tax in India. The income can be derived from various sources such as salary, rental income, savings interest, mutual funds, agricultural income, property sales, or professional/business income.
Income Tax Return (ITR) is a form that must be submitted to the Income Tax Department. The format and type of form required depend on the income source, as outlined by the Income Tax Department, with specific disclosure requirements based on the income type.
As per the Income Tax Act, 1961, individuals who meet the eligibility criteria must file their income tax returns annually. Filing your ITR helps legalize your earnings and investments. Failure to disclose taxable income could result in that income being classified as black money. Timely ITR filing also allows individuals to claim a refund if they have paid excess tax.
Track Tax offers comprehensive services for online ITR filing, ensuring compliance with the law and expert advice throughout the process. Contact our team at +91 072407-51000 or email at admin@tracktax.in for your Personal ITR Filing in Jaipur.
New Tax Regime vs. Old Tax Regime
The government offers taxpayers the choice between the New Tax Regime and the Old Tax Regime. The main concept behind this is to provide flexibility based on an individual’s financial situation. If you have fewer investments or are not looking to claim various deductions/exemptions under Section 80, you can opt for the New Tax Regime, which offers lower tax rates.
Key Points for New Tax Regime:
Under the New Tax Regime, taxpayers cannot claim certain deductions, which include:
The decision between the Old and New Tax Regimes can be made at the time of filing your Income Tax Return (ITR).
At Track Tax, our expert team will assist you in evaluating which tax regime is more beneficial for you, ensuring you make an informed decision that maximizes your tax savings. Contact us for personalized tax advice!
When applying for high-value loans like home or car loans, most banks and Non-Banking Financial Companies (NBFCs) require ITR receipts from the last three years as proof of income. Regularly filing your ITR helps streamline the loan approval process.
The ITR Acknowledgment form serves as the most credible proof of income and is often used to assess an individual's net worth. It helps to analyze your income sources and the taxes paid.
Filing your ITR online within the due date helps you avoid penalties imposed on late filers. It ensures that you stay compliant with tax regulations.
If you've paid excess tax through advance tax, TDS deductions, or investments, filing your ITR allows you to claim a refund of any overpaid taxes.
For individuals planning to move abroad, ITR receipts are a crucial document that foreign embassies demand during visa applications. Regularly filing ITR ensures a smooth visa process.
Note: Senior citizens aged 75 years and above are exempt from filing ITR if their income is solely from pensions and interest from banks, but it’s recommended to continue filing for the above benefits.
Filing your ITR online is not only a legal requirement but also offers practical advantages that can help in various personal and financial matters.
When considering Nidhi Companies and Non-Banking Financial Companies (NBFCs) as financial institutions, both have distinct characteristics, requirements, and regulations. Below is a detailed comparison:
Basis | Limited Liability Partnership (LLP) | Partnership Firm |
Registration Requirement | Mandatory to register under the LLP Act, 2008 | Can be registered or unregistered |
Number of Members | Unlimited number of partners | 2 – 50 partners |
Number of Directors | Minimum 2 designated partners | Not Applicable (NA) |
Naming of Entity | Name must be unique, free of existing trademarks, and should end with “LLP” | No specific naming guidelines |
Capital Requirement | No minimum capital requirement | No minimum capital requirement |
Liability of Partners | Limited liability | Unlimited liability |
Foreign Investment | Eligible for Foreign Direct Investment (FDI) under RBI norms | Not allowed |
Statutory Audit | Required if contribution exceeds ₹25 lakhs or turnover exceeds ₹40 lakhs | Not required, but tax audit applicable based on turnover (as per IT Act) |
Compliance Level | LLP must file annual returns and statements every year | Fewer compliances; only income tax return (ITR) filing required |
Tax Rate | 30% tax rate | 30% tax rate |
Investment details under Section 80 (for tax deductions)
These documents help in calculating the tax liability accurately and ensuring that you can claim any applicable deductions or exemptions.
Fill out the simple questionnaire provided by our team to assess your income sources and requirements.
Provide all necessary documents based on your income category, as outlined earlier.
Aggregate turnover of more than Rs. 20 lakhs during financial year needs to take GST registration. (Rs. 10 lakhs for North Eastern states)
Once verified, we will file your income tax return before the due date, helping you avoid any penalties.
After filing, we will inform you and provide the return form along with the computation of your income tax.
This streamlined process ensures a hassle-free experience while filing your income tax return online.
Due dates for filing Income Tax return
For Taxpayers Not Eligible for Tax Audit:
The due date for filing Personal ITR for taxpayers not falling under the tax audit limit or who opt for presumptive taxation for FY 2023-24 (AY 2024-25) is 31st July 2024. This option is available to businesses with a turnover of less than ₹2 crores.
For Taxpayers Eligible for Tax Audit:
The due date for filing income tax returns for taxpayers who fall under the tax audit or do not opt for presumptive taxation for FY 2023-24 (AY 2024-25) is 30th October 2024.
Belated Returns:
Taxpayers can file belated returns up to 31st December 2024 for Assessment Year 2024-25.
Make sure to adhere to these deadlines to avoid penalties and ensure compliance!
Penalty for Non-Filing of Income Tax Return
If a person is required to file an Income Tax Return under section 139(1) and fails to do so within the prescribed deadline, the following penalties apply:
It’s crucial to file your return on time to avoid these penalties!
Income Tax Slabs for FY 2023-24
Income | Upto 60 yrs (Rs.) | Between 60 yrs – 80 yrs (Rs.) | More than 80 yrs (Rs.) |
Basic Exemption Limit | 2,50,000 | 3,00,000 | 5,00,000 |
Above Basic Limit (₹5,00,000) | 5% | 5% | Nil |
Between ₹5,00,001 – ₹10,00,000 | 20% | 20% | 20% |
Above ₹10,00,000 | 30% | 30% | 30% |
For non-residents, rates applicable to individuals aged up to 60 years will apply.
New Tax Regime
SL No | Income | Tax Rates |
1 | Up to ₹2,50,000 | Nil |
2 | Between ₹2,50,001 – ₹5,00,000 | 5% |
3 | Between ₹5,00,001 – ₹7,50,000 | 10% |
4 | Between ₹7,50,001 – ₹10,00,000 | 15% |
5 | Between ₹10,00,001 – ₹12,50,000 | 20% |
6 | Between ₹12,50,001 – ₹15,00,000 | 25% |
7 | Above ₹15,00,000 | 30% |
Surcharge
Health and Education Cess
This overview helps in understanding your tax obligations under both regimes for the financial year 2023-24.
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