Income Tax Filing

Income tax filing is mandatory for individuals, businesses, and trusts meeting specific criteria. You can avoid penalties and enjoy various benefits by filing your tax return on time..

  • Directors/partners of Private Limited Companies/LLPs
  • Receiving income from trusts/voluntary contributions.
  • Salaried individuals with gross income above exemption level.

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Your Income Tax Filing with NGOExperts

We have simplified the process for you and can be done online with NGOExperts in 3 simple steps:

First, we'll have a consultation with you to assess your NGO's needs & determine which services are necessary.

Step 1

Next, we'll guide you through the paperwork & legal requirements needed to register your organization.

Step 2

We'll work with you to ensure that your NGO is in compliance with all applicable laws & regulations, & ready to make an impact.

Step 3

Introduction

Income tax filing is a crucial part of India's financial landscape, & it plays a critical role in the country's overall economic development. It is a legal obligation that every individual, including businesses & firms, must comply with each year. India's Income Tax Act of 1961 lays down the guidelines & regulations for taxation, setting forth rates, deductions, & exemptions.

Filing taxes in India can be complex, but it is essential to understand the process for proper compliance with the law. As reliable experts, we aim to provide comprehensive guidance & support for anyone seeking precise & up-to-date information on income tax filing in India.

  • ● Claim a Refund: Filing an income tax return allows you to claim any excess tax paid & receive a refund from the tax department.
  • ● Loan Processing: An income tax return is necessary to apply for a loan, be it for personal or business, as it serves as proof of income & financial stability.
  • ● Avoid Penalties Delay in income tax e filing return attracts a late filing penalty, interest on unpaid taxes, & other charges. Filing on time helps you avoid these penalties.
  • ● Build Financial History: It also helps build a strong financial history, which can improve your credit score & increase your chances of getting approved for bigger loans.
  • ● Visa & Passport Processing: Many foreign countries require tax returns as proof of financial status to process visa & passport applications.
  • ● Reduced Scrutiny: Income tax filing signifies your compliance with the law & reduces scrutiny from the tax department.
  • ● Legal Evidence: t serves as legal evidence of income & reduces the chance of any legal or tax-related disputes.
  • ● Increased Pension Benefits: If you contribute to the Employee Provident Fund (EPF), income tax filing is necessary to receive your contributions back with interest when you retire.

Are You Eligible to File an Income Tax Return?

So, who all must file Income Tax Return, here is a concise list of all the eligibility criteria.

  • ● Directors of Private Limited Companies or Partners of LLPs
  • ● Individuals receiving income from trusts or voluntary contributions
  • ● Salaried individuals with gross income above exemption level
  • ● Individuals who have earned capital gains from the sale of property, stocks, or mutual funds.
  • ● Every private, LLP, or partnership firm.
  • ● NRIs, tech professionals on onsite deputation, & foreign income earners.
  • ● Individuals & businesses seeking tax refunds.

9 Easy Steps to File Your Income Tax Return Online

Filing your income tax return online has become increasingly convenient with the advent of technology. Here's a simplified guide in 9 easy steps

  • 1. Gather Your Documents Collect all the necessary documents such as Form 16/16A, TDS certificates, bank statements, & investment receipts.
  • 2. Register Yourself - Go to the official Income Tax filing website & register yourself using your PAN card number.
  • 3. Select the Right Form - Choose the appropriate ITR form based on your sources of income. For most salaried individuals, it's usually ITR-1 (Sahaj) or ITR-2.
  • 4. Verify Your Details - Double-check all of the info. before submitting.
  • 5. Compute Taxable Income - Calculate your total taxable income after considering all deductions and exemptions available under the Income Tax Act.
  • 6. Compute Tax Liability - You must use any reliable online calculator to compute your tax liability.
  • 7. File Your Return - As everything has been successfully verified, tap on the Submit button to file income tax return.
  • 8. E-Verify Your Return - After submitting the return, you will then receive an acknowledgment no. You can also e-verify your tax return using this number & your Aadhaar card.
  • 9. Pay any Outstanding Tax - If you owe any tax, be sure to pay it before the due date.

Sounds like a lengthy process! Why stress over confusing paperwork? Let NGOExperts handle & file income tax returns online. Keep your finances in compliance with ease.

Documents Required for Income Tax Return Filing Online

For income tax filing in India, here are the necessary documents you need without fail.

  • ● PAN Card - It is one of the most essential documents for filing ITR in India. In case you don't have a PAN card, you can apply for it online or offline
  • ● Form 16 - If you are a salaried individual, your employer has to issue you a Form 16 indicating your total salary & TDS deducted.
  • ● Form 26AS - It is a consolidated tax statement containing details of tax deducted on your behalf by your employer, banks, & other entities.
  • ● Form 15G - But what is form 15G, it is a declaration form falling under section 197A of the Income Tax Act, 1961. Use to declare your total taxable income when lower than the max exempt limit.
  • ● Bank Statements - You must have your bank statements to prove your income, deductions, & investments.
  • ● Investment Proofs - You need to produce income proof of investments made, such as insurance premium receipts, mutual fund statements, & National Savings Certificate receipts.
  • ● Rent Receipts - If you are claiming HRA (House Rent Allowance), make sure to have rent receipts from your landlord.
  • ● Medical Bills - You can claim deductions for the medical bills incurred for yourself, your spouse, & dependent children under Section 80D.

Income Tax Slab for the Financial Year 2024-25

Income Range Tax Rate Fixed Tax Amount Variable Tax Amount
Rs. 3,00,000 & under No tax - -
Rs. 3,00,000 to Rs. 6,00,000 5% - Income above Rs. 3,00,000
Rs. 6,00,000 to Rs. 900,000 10% Rs. 15,000 Income above Rs. 6,00,000
Rs. 9,00,000 to Rs. 12,00,000 15% Rs. 45,000 Income above Rs. 9,00,000
Rs. 12,00,000 to Rs. 1500,000 20% Rs. 90,000 Income above Rs. 12,00,000
Above Rs. 15,00,000 30% Rs. 150,000 Income above Rs. 15,00,000

Latest Tax Rates Within the New Tax Framework

Slab New Tax Regime
(till 31st March 2024)
New Tax Regime
(From 1st April 2024)
Up to Rs. 2,50,000 NIL NIL
Rs. 2,50,000 - Rs. 3,00,000 5% NIL
Rs. 3,00,000 - Rs. 5,00,000 5% 5%
Rs. 5,00,000 -Rs. 6,00,000 10% 5%
Rs. 6,00,000 -Rs. 7,50,000 10% 10%
Rs. 7,50,000 -Rs. 9,00,000 15% 10%
Rs. 9,00,000 -Rs. 10,00,000 15% 15%
Rs. 10,00,000 - Rs. 12,00,000 20% 15%
Rs. 12,00,000 - Rs. 12,50,000 20% 20%
Rs. 12,50,000 - Rs. 15,00,000 25% 20%
Above Rs. 15,00,000 30% 30%

How Can Ngoexperts Assist You?

If you're looking to file income tax return & other related services, NGOExperts is the perfect choice. We specialize in providing top-notch professional services to meet the taxation obligations & other financial requirements.

  • ● Expertise: We have a team of experienced professionals who specialize in ITR filing & compliance requirements.
  • ● Personalized service: We understand that every organization is different, & we tailor our services to fit your specific needs & goals.
  • ● Transparency: We believe in transparency & clear communication, so you can be sure that you are always aware of the status of your income tax e filing.
  • ● Dedication to social impact: At NGOExperts, we are passionate about supporting all & their missions.

Popular FAQ's on
income tax filing

Yes. If your employer has already deducted tax at source, you still have to file an income tax return (ITR). The reason is TDS & income tax are calculated & settled differently. While TDS is just an interim tax payment, income tax is calculated on the actual taxable income at the end of the year. Therefore, it is important that you file income tax return & disclose your income & taxes paid to avoid any legal issues in the future.

Under Section 237 of the Income Tax Act, 1961, the excess tax you have paid will be returned to you as a refund. But you must note that the income tax department will carefully review your filed return before confirming the refund. Also, unlike some other cases, the excess tax refund won't include any additional interest.

Individuals who have experienced a loss of income during the year are not required for income tax e filing for that year. However, if you are self-employed or a business owner, the rules are different. Even if you have experienced a loss, you are required to file income tax return. By income filing tax, you technically report the loss & have the opportunity to offset future income, which can reduce your overall tax burden.

ITR forms are designed for a streamlined process, & therefore, there is no need to attach any documents. Taxpayers are not required to furnish any evidence, such as proof of investment or TDS certificates, along with their return of income. This is applicable for both manual & electronic filing. Such a practice simplifies the submission process & saves the taxpayer time & effort.

As per the latest norms, it is mandatory to do income tax e filing online if your total income exceeds Rs. 3 Lakhs. But what is the minimum salary required to qualify for ITR filing? While there is no set minimum salary requirement, it is vital to keep in mind that any income generated from multiple sources must be accounted for in your tax returns

E-filing in income tax refers to the electronic filing of income tax returns. Rather than filling out a physical tax form & mailing it to the government, individuals can now file their taxes online. This process simplifies the filing process for taxpayers & reduces the processing time for the government. Also, it offers a greater level of security & accuracy, as e-filing eliminates human errors & ensures that your tax return is submitted promptly.

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