INCOME TAX RETURN IN RANCHI | SONASIS ECOM INDIA

INCOME TAX RETURN

Maximize your refund, minimize your stress—file your Income Tax Return with ease today!

WHAT IS Income TAX?

Income tax in India is a tax levied by the government on individuals and businesses based on their income or profits. It is governed by the Income Tax Act, 1961, and administered by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance.

Types of Taxpayers IN INDIA:

Individuals (Residents & Non-Residents)
Hindu Undivided Families (HUFs)
Partnership Firms
Companies (Domestic & Foreign)
LLPs (Limited Liability Partnerships)
Trusts and Societies

New Tax Regime Slabs for FY 2024-25:

The Indian government has revised the income tax slabs for the financial year (FY) 2024-25 (assessment year 2025-26) under the new tax regime to provide tax relief and stimulate economic growth.

DOCUMENTS REQUIRED INCOME TAX FILING

Income Tax Return (ITR) Filing – Frequently Asked Questions (FAQs)

1. What is Income Tax Return (ITR)?

Income Tax Return (ITR) is a form used to report your income, expenses, and taxes paid to the Income Tax Department of India.

2. Who needs to file an Income Tax Return in India?

Udyam Registration is the official online Individuals, businesses, and entities whose income exceeds the basic exemption limit must file an ITR.

3. What are the different types of ITR forms?

ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 are the main forms depending on income type and entity.

4. What is the last date to file Income Tax Return?

The due date is usually 31st July for individuals (subject to government extension).

5. What documents are required for ITR filing?

PAN card, Aadhaar card, Form 16, bank statements, investment proofs, and income details.

6. How to file ITR online in India?

ITR can be filed online through the Income Tax e-filing portal using login credentials.

7. What is Form 16?

Form 16 is a certificate issued by employers showing salary income and TDS deducted.

8. What is the penalty for late ITR filing?

A penalty of up to ₹5,000 may be charged under Section 234F for late filing.

9. Is Aadhaar mandatory for ITR filing?

Yes, Aadhaar is required for filing and e-verification of ITR.

10. Can I file ITR without Form 16?

Yes, you can file ITR using salary slips and bank statements.

11. What are the benefits of filing ITR?

Benefits include easy loan approval, visa processing, tax refunds, and legal compliance.

12. What is e-verification of ITR?

E-verification is the process of verifying your filed return using Aadhaar OTP, net banking, or DSC.

13. How long does it take to process ITR?

ITR is usually processed within 7–45 days after verification.

14. What is TDS in Income Tax?

TDS (Tax Deducted at Source) is tax deducted before income is paid to you.

15. Can I revise my ITR after filing?

Yes, you can revise your ITR before the end of the assessment year.

16. What is the basic exemption limit for Income Tax?

It depends on age and tax regime but generally starts from ₹2.5 lakh for individuals.

17. Is ITR filing mandatory for businesses?

Yes, all businesses must file ITR regardless of income.

18. What happens if I don’t file ITR?

You may face penalties, interest, and legal consequences.

19. Can salaried employees file ITR themselves?

Yes, salaried individuals can easily file ITR using ITR-1 form.

20. What is advance tax?

Advance tax is paid in installments during the financial year if tax liability exceeds ₹10,000.

21. What is the difference between old and new tax regime?

The old regime allows deductions, while the new regime offers lower tax rates with fewer deductions.

22. Can I claim tax refund through ITR?

Yes, if excess tax is paid, you can claim a refund through ITR filing.

23. Is GST required for ITR filing?

GST is separate from ITR but business income may include GST details.

24. What is AIS in Income Tax?

AIS (Annual Information Statement) provides a detailed summary of your financial transactions.

25. Why choose professional services for ITR filing?

Professionals ensure accurate filing, maximum tax savings, and compliance with tax laws.