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Income Tax Return Filing with Bharat Tax Services

1. What is ITR Filing?

Income Tax Return (ITR) filing is the process of declaring your income, expenses, and tax payments to the Income Tax Department of India. By filing your ITR, you inform the government about your annual income and the taxes paid on it. This ensures compliance with the law and helps the government collect the appropriate amount of tax.

2. Income Tax Return Filing Benefits

  • Legal Compliance: Filing your ITR is mandatory if your income exceeds the specified threshold. It keeps you compliant with tax laws.
  • Proof of Income: ITR serves as a proof of income, which is essential for loan applications, visa processing, and other financial transactions.
  • Claiming Refunds: If excess tax is paid, filing an ITR allows you to claim a refund.
  • Carrying Forward Losses: Timely filing enables you to carry forward losses to offset against future income.
  • Avoiding Penalties: Timely filing helps avoid penalties and interest on unpaid taxes.
  • Financial Planning: Regular ITR filing aids in better financial planning and investment decisions.

3. Documents Required for ITR Filing

To file your ITR accurately, you need to gather the following documents:

  • PAN Card: Permanent Account Number*
  • Aadhaar Card: Unique Identification Number*
  • Form 16: Issued by your employer*
  • Form 26AS: Annual Tax Statement*
  • Bank Statements: Summary of financial transactions*
  • Investment Proofs: Receipts for tax-saving investments (e.g., LIC, PPF, NSC)*
  • Loan Certificates: Home loan interest certificates*
  • Rental Income Proofs: Details of rental income and receipts*
  • Capital Gains Statements: For sale/purchase of assets*
  • Other Income Proofs: Interest income, freelance earnings, etc.*
  • Tax Payment Receipts: Advance tax, self-assessment tax payments
    *Mandatory
    *Optional

4. Fine and Late Fees for Not Filing ITR Before the Due Date

Filing your ITR after the due date can attract penalties and late fees:

  • Penalty: A fee of up to ₹5,000 if the return is filed after 31st july. If filed after December 31st, the penalty can increase to ₹10,000. For taxpayers with an income below ₹5 lakhs, the maximum penalty is ₹1,000.
  • Interest: Interest under Section 234A at 1% per month or part of a month on the unpaid tax amount from the due date till the actual filing date.
  • Loss of Benefits: Losses cannot be carried forward if the ITR is not filed on time.

Avoid these penalties and ensure timely compliance by partnering with Bharat Tax Services. Contact us today!

5.Our Charges

  • Annual Income Less than ₹7.5 Lakhs: Filing Charge ₹500
  • Annual Income More than ₹7.5 Lakhs: Filing Charge ₹1,000

6. How to Connect with Us

At Bharat Tax Services, we make the ITR filing process simple and efficient. Here’s how you can get in touch with us:

Our expert team is ready to assist you at every step of the ITR filing process, ensuring accuracy and compliance while maximizing your tax benefits.

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