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ITR Filing Service in Delhi

SRV Associates: ITR Filing Service in Delhi

It's imperative for every responsible Indian citizen to fulfill their obligation of filing income tax with the government. Thanks to advancements in technology, the process of filing your income tax online has become remarkably convenient. This method ensures both swiftness and accuracy without any temporal constraints.

However, navigating through the official website to file income tax returns in India involves the completion of specific ITR forms. These forms vary depending on whether you're an individual or a salaried individual. The Income Tax Department administers a range of forms, designated from ITR 1 to ITR 7, each serving a distinct purpose within a particular category.

Completing these forms accurately is crucial, as any omission or error could result in a delay in filing your income tax. This is where expert guidance becomes invaluable. At SRV Associates, we specialize in income tax return filing services for both individuals and institutions on a regular basis. You can trust us to perfectly handle your online income tax return filing. To proceed, we'll require the following documents from you.

How SRV Associates Help Yoo

Filing income tax returns independently can be an arduous task. However, by opting for SRV Associates to handle your income tax returns, the entire process becomes streamlined into just three simple steps.

Our proficient team is available round the clock to offer support, ensuring your income tax returns are filed online promptly and without any delays.

Why bother with the hassle when you can opt for our income tax return filing services?

  • Cost-effective solution: We take pride in giving the most economical option for online income tax return filing in comparison to our competitors.
  • Swift processing: If time is of the essence or you're nearing the deadline, our efficient and rapid process ensures timely filing and addresses your urgent requirements.
  • Expertise: Filing income tax returns is a routine task for our proficient team, enabling us to execute it seamlessly.
  • Trusted track record: Our extensive clientele, comprising thousands of companies and individuals, relies on SRV Associates for their income tax filing needs.
  • Hassle-free service: Simply reach out to us, relax, and witness your income tax return filing completed effortlessly.

Documents Required to File Income Tax Return

For Employees:

  • PAN card
  • Form 16 issued by your employer
  • Salary slip (Crucial for e-filing of ITR)

For Business Owners:

  • Trading report
  • Business account particulars
  • Profit and loss statement (if applicable)

Additionally, you can provide:

  • Investment proofs
  • Documentation of asset purchase/sale
  • TDS certificates from banks
  • Statement of interest income
  • Receipts for donations, mutual funds, and other investment types.

Who Should File an Income Tax Return?

As per Income Tax regulations

  • Salaried individuals with gross income surpassing the exemption threshold before deductions under Sections 80C to 80U are obligated to file IT returns.
  • Every business entity, irrespective of profit or loss, such as private limited companies, LLPs, or partnerships, must file IT returns.
  • Individuals serving as Directors in a Private Limited Company or as Partners in a Limited Liability Partnership firm are required to file IT returns.
  • Individuals earning dividends from various sources, including mutual funds, bonds, equities, fixed deposits, and interest, are mandated to file IT returns.
  • Individuals receiving income through charity or religious trusts, along with income from voluntary contributions, must file IT returns.
  • Individuals and businesses seeking tax refunds are encouraged to file IT returns.
  • Non-resident Indians (NRIs) and professionals in the tech industry are also included in the category of those required to file IT returns.

Penalties for Not Filing an Income Tax Return in India

Consequences of Late Filing and Non-compliance with Income Tax Return (ITR) Deadlines:

  1. Late Filing Charges: Failure to submit your ITR by the due date incurs late filing fees, with the amount varying depending on the filing date. If filed after the due date although before December 31 of the relevant assessment year, a late fee of ₹5,000 applies. However, filing after December 31 escalates the late fee to ₹10,000.
  2. Interest on Outstanding Taxes: In addition to late filing fees, failure to meet the ITR deadline triggers interest charges on the unpaid tax amount. This accrues at a rate of 1% per month or part of from the due date of the return till the date of payment.
  3. Legal Ramifications and Potential Imprisonment: Neglecting to file ITR despite receiving notices from the income tax department may lead to legal proceedings under section 276CC of the Income Tax Act. Conviction could result in imprisonment, ranging from a min of 3 months to a max of 7 years, along with fines. Prosecution is typically reserved for cases involving deliberate tax evasion or repeated non-compliance.
  4. Forfeiture of Deductions: Timely filing of your income tax return is vital for claiming deductions and exemptions. Delayed filings may lead to loss of these benefits, potentially increasing your tax liability and reducing tax savings.
  5. Impact on Credit Rating: The punctuality of your ITR filings online can influence your credit score, which financial institutions and banks consider when evaluating loan applications. Timely submissions signal responsible tax compliance, enhancing your creditworthiness. Conversely, late or non-filings can lower your credit score, making it challenging to secure loans at favorable interest rates.

Benefits of Income tax return filing

Income tax return filing online offers numerous advantages that will streamline your financial management. Here's how it can benefit you:

  1. Minimize Tax Notices: E-filing reduces the likelihood of errors on your tax return, decreasing the chance of receiving notices from tax authorities.
  2. Maintain Financial Records: E-filing encourages the maintenance of accurate financial records, facilitating better money management practices.
  3. Utilize Losses Effectively: E-filing enables the carry-forward of past losses to offset future taxes, optimizing tax planning strategies.
  4. Expedite Tax Refunds: E-filing often results in faster processing of tax refunds, providing a timely financial boost.
  5. Enhance Credit Score: Maintaining a clean tax record through e-filing can positively impact your credit score, enhancing your eligibility for loans and credit cards.
  6. Streamline Business Finances: For businesses, e-filing simplifies the tax process, aiding in meeting tax obligations efficiently.
  7. Facilitate Financial Planning: E-filing prompts an annual assessment of your financial situation, facilitating better financial planning for the future.

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Frequently Asked Questions

Filing a comprehensive income tax return by the deadline is the most straightforward method to claim your tax refund. You can verify the total advance tax payments made on Form 26AS while filing your return.
If you've filed your Income Tax Return (ITR) through our platform, you can conveniently check the status of your e-filing online on our website. Alternatively, you can approch our experts for assistance.
There is no restriction on the number of times you can submit a revised return. However, each revised return must contain details of your initial ITR submission.
Yes, absolutely. Although your company deducts TDS, there's a distinction between filing income tax returns and TDS deductions. Filing your tax return serves as evidence of payment for all taxes owed. Moreover, these documents can bolster your loan application. Additionally, if there's any excess TDS deducted, it will be refunded to your bank account
When you file your Income Tax (IT) return, the government offers mechanisms to refund any surplus tax paid. The refund will be directly added to your designated bank account via Electronic Clearing Service (ECS). It's crucial to ensure accuracy when providing your bank details during filing.