E-Filing of Income Tax Return Online 2024-25

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About Income tax Return filing

At AI Advisory, we understand the complexities of income tax filing and the importance of maximizing your tax benefits. With our comprehensive Income Tax Return Plan, we offer a seamless and hassle-free experience that ensures accurate filings and potential refunds.

Overview​

Income tax return refers to the process of reporting your annual income, calculating the amount of tax you owe to the government, and submitting the necessary documentation to the tax authorities. It is a fundamental requirement for individuals and businesses to fulfill their tax obligations.

Benefits

  1. Legal Compliance: Filing income tax returns is a legal obligation in most countries. By fulfilling this requirement, you demonstrate your compliance with tax laws, avoiding potential penalties and legal consequences.
  2. Claiming Refunds: If you have overpaid taxes throughout the year, filing a tax return allows you to claim a refund. This can provide you with a financial boost and allow you to use the extra funds for savings, investments, or other financial goals.
  3. Avoiding Penalties: Failing to file income tax returns or filing them late can result in penalties and interest charges. By promptly filing your returns by the specified deadline, you can avoid unnecessary financial burdens.
  4. Building Financial Records: Consistently filing income tax returns helps in building a documented financial record of your income and expenses. This record can be valuable when applying for loans, mortgages, or other financial transactions, as it provides proof of your financial standing.
  5. Access to Financial Benefits: Certain financial benefits, such as social security benefits, government assistance programs, and tax credits, often require individuals to have a record of filed tax returns. By filing your returns, you ensure eligibility for these benefits when needed.
  6. Loan Applications: When applying for loans, lenders often require copies of filed tax returns as part of the application process. By regularly filing your returns, you can enhance your credibility and improve your chances of obtaining favorable loan terms.
  7. Planning for the Future: Filing income tax returns provides insights into your financial situation and helps you understand your income, expenses, and tax liabilities. This information is essential for effective financial planning and making informed decisions about investments, retirement savings, and other financial goals.
  8. Establishing Proof of Income: For self-employed individuals or business owners, filed tax returns serve as proof of income. This documentation is often required when renting a property, applying for business licenses, or participating in certain business opportunities.
  9. Avoiding Audits: Regularly filing accurate income tax returns reduces the likelihood of being selected for an audit by tax authorities. By maintaining proper records and submitting truthful information, you decrease the chances of being subjected to a tax audit.
  10. Contributing to the Economy: Income tax revenue plays a crucial role in funding public services and infrastructure. By fulfilling your tax obligations through filing returns, you contribute to the development and maintenance of essential services that benefit society as a whole.

Last Date for Filing Income Tax Returns

The return that is currently being filed is for the income you earned in FY 2022-23, or for the money earned between 1 April 2022 and 31 March 2023, must be submitted before 31 July 2023, in order to avoid a late filing penalty.

Documents Required for ITR Return File

If you are an employee:
  • PAN card
  • Form 16 provided by your employer
  • Salary slip (**Very essential for e filing of ITR)
If you are a business owner:
  • Trading report
  • Business account details
  • Profit and loss statement if any
Apart from this, you can submit:
  • Investment proofs
  • Asset purchase/sale documents
  • TDS certificates provided by banks
  • Interest income statement
  • Receipts regarding donations mutual funds and other forms of investments.

How it’s done

Our online accounting services feature end-to-end online processing provided by our experts. It is very simple, completely digital and available for 365 days.
  1. Fill the form
  2. Talk to an expert
  3. Buy our plan
  4. Complete the overboarding