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ITR Filling Services in Gurgaon
Income Tax Return (ITR) filling Services
Income tax is a direct tax levied on individuals and entities based on their earnings. Governed by the Income Tax Act, taxpayers are categorized into various slabs, and the tax collected contributes significantly to the country’s revenue. Income Tax Compliance is mandatory, and filing returns is an annual obligation. Filing Income tax returns is mandatory for individuals and businesses, ensuring transparency and accountability. Various exemptions, deductions, and rebates are available to taxpayers, promoting compliance and encouraging investment. For more information on Income Tax you can visit https://www.incometax.gov.in/iec/foportal/
Our Range of Services
- Individual Income Tax Returns: Let us help you make the most of your deductions and credits, ensuring you get the refund you deserve.Whether you are looking to file ITR 1 for salaried person /employees or revised ITR / Income tax return or any other return we are just one stop solution for all of your requirements.
- TDS on purchase of Property : TDS (Tax Deducted at Source) is applicable on the purchase of property if the transaction value of the property is Rs. 50 lakhs or more. Buyer is required to deduct TDS @ 1% of the total sale consideration at the time of credit of the amount to the seller or at the time of payment, whichever is earlier.
- Small Business Tax Services: From sole proprietorships to partnerships, we’re here to assist in optimizing your business tax returns.
- Corporate Tax Solutions: For corporations, our team will ensure that you remain in compliance with all tax laws while minimizing your tax liability.
- Tax Planning: We provide year-round support to help you strategize for a more tax-efficient financial future.
Who is required to file Income Tax Return.
All Individuals whose total income exceeds the basic exemption limit are required to file an income tax return. The basic exemption limit varies based on age and residential status. For example, for the financial year 2023-24 (assessment year 2024-25), the basic exemption limit for individuals below 60 years of age is Rs. 2.5 lakh. For senior citizens aged between 60 and 80 years, Rs 3 lakh is exempt from tax in a financial year. For super senior citizens, aged 80 years and above, income up to Rs 5 lakh is exempt from tax.
Penalities for non filling of income tax return
In India, failing to file an income tax return within the specified due date can lead to various penalties and consequences. Here are the penalties for non-filing or delayed filing of income tax returns:
- Late Filing Fees: Individuals who file their income tax returns after the due date but before December 31 of the assessment year are subject to a late filing fee. For returns filed after the due date (usually July 31 for individuals), the late filing fee is Rs. 5,000 if the return is filed on or before December 31 of the assessment year. If the return is filed after December 31, the late filing fee may be higher.
- Interest on Tax Due: If there is any tax payable and it remains unpaid after the due date, interest is levied under Section 234A of the Income Tax Act. The interest is charged at the rate of 1% per month or part thereof on the outstanding tax amount.
- Loss of Deductions: If the return is not filed within the due date, certain deductions and exemptions under various sections of the Income Tax Act may not be available to the taxpayer.
- Prosecution: In severe cases of non-compliance or willful evasion, the Income Tax Department may initiate prosecution proceedings against the taxpayer, which can lead to fines and imprisonment.
- Disallowance of Loss Carry Forward: Losses incurred in a financial year, such as capital losses or business losses, can be carried forward to subsequent years for set-off against future profits. However, if the return for the year in which the loss is incurred is not filed within the due date, the taxpayer may lose the right to carry forward such losses.
- Scrutiny and Assessment: Non-filing of income tax returns may attract scrutiny from the Income Tax Department, leading to assessment proceedings where the taxpayer
| Type of Income | ITR-1 (Sahaj) | ITR-2 | ITR-3 | ITR-4 (Sugam) |
|---|---|---|---|---|
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Income from Salary |
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Income from House property |
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Income from other Sources |
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Income from Business/Profession |
Not Applicable |
Not Applicable |
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(Presumptive) |
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Capital Gains (Short/Long Term)
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Not Applicable |
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Not Applicable |
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Exempt Income
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Deductions |
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Note: ITR-1 is only for residents having income <50 Lacs
What Sets Us Apart
- Personalized Attention: We don’t believe in a one-size-fits-all approach. Our team takes the time to understand your financial situation and provide tailored solutions.
- Expert Guidance: Our tax professionals are well-versed in the ever-changing tax laws. You can trust us to keep you compliant and optimize your returns.
- Ease and Convenience: We’ve streamlined the entire tax filing process. Just provide us with the necessary documents, and we’ll take care of the rest.
- Affordability: Quality tax services don’t have to come with a hefty price tag. We offer competitive rates to ensure that our services are accessible to everyone.
- Timely Filing: Say goodbye to last-minute tax stress. We ensure that your tax returns are filed accurately and on time.
Your Trusted Tax Companion
At ebex Consulting, we understand that income tax filing can be a complex and overwhelming process. Our dedicated team of tax professionals is here to simplify your tax journey. With years of expertise and a commitment to staying up-to-date with the latest tax regulations, we ensure that you maximize your returns while minimizing your tax liabilities.
Tailored Solutions for Every Need
We recognize that everyone’s tax situation is unique. Whether you’re an individual, a small business owner, or a corporation, our income tax return services are customized to meet your specific requirements. No matter the complexity of your financial situation, we’ve got you covered.
Contact Us Today
Are you tired of the annual tax season hassle? Searching for a reliable partner to guide you through the intricate maze of income tax returns? Look no further! Our Income Tax Return Services are designed to make tax filing an effortless and stress-free experience.
Don’t let the complexities of income tax return filing overwhelm you. Partner with eBex Consulting to make your tax season stress-free. Contact us today for a consultation or if you are looking for a CA for ITR / Income Tax Return filling services in Gurgaon.
We look forward to helping you navigate the world of income tax with ease and confidence. Trust us to be your tax companion, every step of the way.
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Knowledge Centre
In India, the requirement to file an income tax return for Individuals depends on several factors, including the individual’s age, income, and other specific conditions. Here are the general rules:
Individuals Below 60 Years of Age
- Gross Total Income Exceeds Basic Exemption Limit: Individuals must file an ITR if their gross total income exceeds the basic exemption limit:
- ₹2,50,000 for individuals below 60 years of age.
Individuals Aged 60 to 80 Years (Senior Citizens)
- Gross Total Income Exceeds Basic Exemption Limit: The basic exemption limit is ₹3,00,000 for senior citizens (aged 60 to 80 years).
Individuals Aged 80 Years and Above (Super Senior Citizens)
- Gross Total Income Exceeds Basic Exemption Limit: The basic exemption limit is ₹5,00,000 for super senior citizens (aged 80 years and above).
Specific Conditions
Regardless of income level, individuals must file an ITR if they meet any of the following conditions:
- Deposit in a Current Account: They have deposited more than ₹1 crore in one or more current accounts during the financial year.
- Foreign Travel: They have spent more than ₹2 lakh on foreign travel during the financial year.
- Electricity Bill: They have incurred more than ₹1 lakh on electricity consumption during the financial year.
- Foreign Income or Assets: They have income from a foreign source or own foreign assets.
- TDS/ TCS Claim: They want to claim a refund of any excess tax deducted or collected at source.
- Carry Forward Loss: They want to carry forward or set off losses under a head of income.
- Cryptocurrency Income: They have income from cryptocurrency or other digital assets.
- Resident and Signature Authority: They are a resident and have signing authority in any account outside India.
Ebex Consulting is a prominent firm provides ITR Filling services in Gurgaon.
The old and new tax regimes in India offer different approaches to personal income tax for individual taxpayers. Here’s a comparison to help you understand their key differences. This will help you to file Income Tax return:
Old Tax Regime
Tax Slabs:
- Income up to ₹2.5 lakh: No tax
- Income from ₹2.5 lakh to ₹5 lakh: 5%
- Income from ₹5 lakh to ₹10 lakh: 20%
- Income above ₹10 lakh: 30%
Deductions and Exemptions:
- Allows various deductions such as under Section 80C (up to ₹1.5 lakh), 80D (health insurance), house rent allowance (HRA), standard deduction (₹50,000), home loan interest, etc.
- Exemptions for allowances like HRA, LTA, etc.
Ideal for:
- Taxpayers who have significant investments and expenses eligible for deductions and exemptions.
New Tax Regime
Tax Slabs:
- Income up to ₹2.5 lakh: No tax
- Income from ₹2.5 lakh to ₹5 lakh: 5%
- Income from ₹5 lakh to ₹7.5 lakh: 10%
- Income from ₹7.5 lakh to ₹10 lakh: 15%
- Income from ₹10 lakh to ₹12.5 lakh: 20%
- Income from ₹12.5 lakh to ₹15 lakh: 25%
- Income above ₹15 lakh: 30%
Deductions and Exemptions:
- Does not allow most deductions and exemptions, including Section 80C, 80D, HRA, LTA, etc.
- However, it offers lower tax rates for all slabs compared to the old regime.
Ideal for:
- Taxpayers who prefer a simpler tax structure without the need to manage multiple investments for deductions.
- Those who do not have significant expenses eligible for deductions.
Key Points to Consider
- Simplicity vs. Benefits: The new regime is simpler with no need to track deductions, but may not be beneficial for those with high eligible deductions under the old regime.
- Flexibility: Taxpayers can choose between the two regimes each financial year depending on which is more beneficial.
Choosing between the old and new tax regimes depends on individual financial situations, including income, investments, and eligible deductions. Analyzing both options based on your specific circumstances will help you make an informed decision and in your Income tax return filling in Gurgaon.
The penalty for late filing of Income Tax Return (ITR) in India is governed by Section 234F of the Income Tax Act, 1961. The penalties vary depending on when the ITR is filed after the due date. Here are the key details:
Filing After Due Date but Before December 31:
- A penalty of ₹5,000 is levied if the ITR is filed after the due date (usually July 31 for individuals and non-audit cases) but on or before December 31 of the assessment year.
Filing After December 31:
- A higher penalty of ₹10,000 is applicable if the ITR is filed after December 31 of the assessment year.
Reduced Penalty for Small Taxpayers:
- If the taxpayer’s total income is less than ₹5 lakhs, the penalty for late filing is reduced to ₹1,000, regardless of when the return is filed after the due date.
Interest on Tax Due:
- In addition to the penalty, interest under Section 234A may also be charged at 1% per month or part thereof on the amount of unpaid tax.
Loss of Benefits:
- Filing ITR late may result in the loss of benefits such as carrying forward of losses (other than house property loss) and certain deductions.To avoid penalties and interest, it’s advisable to file your ITR on or before the due date specified by the Income Tax Department each year. You can also contact us if you are looking for Income Tax return filling services in Gurgaon.
