Income Tax Return Filing

Get your Income Tax Return filed for FREE

Why 1 Finance for ITR Filing?

Why 1 Finance for ITR Filing?

Complete financial planning

We go beyond ITR filing and offer a complete financial plan worth ₹2499 absolutely free.

Qualified Advisor

Get your ITR filed by a Qualified Advisor (CA, CFPs, etc) with 100% accuracy & compliance.

Post filing assistance

We provide refund updates and communicate with the tax department when needed

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Steps to file ITR with us

1
Reach out to us

Submit your phone number or simply start a chat

2
Share documents

Provide us with the necessary documents; we will prepare your draft ITR and get back to you

3
Approve draft

Approve the draft ITR prepared by our qualified advisor

4
E-verify

Our team will help you with ITR filing and e-verification of the same

Benefits of filing ITR with our Qualified Advisors

Ensuring Compliance

We ensure your return is filed in full compliance with the latest tax laws and regulations, minimising the risk of errors and potential penalties. You can trust us to keep you updated with any changes in tax laws, ensuring your filing is always accurate and timely.

Post-Filing Assistance

We offer comprehensive support throughout the process. We handle all communications with the income tax department, so you don't have to deal with any back-and-forth. Our team will also assist you in responding to any notices or queries from the tax authorities, ensuring a smooth and hassle-free experience.

Strategic Planning for future

We provide advice on tax planning strategies to optimise your tax liability for both the current and future years. Our experts will help you plan your investments and expenses to take full advantage of available tax benefits, ensuring long-term financial efficiency.

Claim Eligible Deductions

We help you maximise your tax savings by identifying and claiming all eligible deductions and exemptions. Our advisors stay updated on the latest tax-saving opportunities, ensuring you never miss out on potential savings.

Accurate Reporting

We ensure that all your income sources, investments, and expenses are accurately reported, reducing the risk of discrepancies. Our meticulous approach guarantees that your tax return reflects your true financial situation, providing peace of mind and avoiding future complications.

Handling Complex Situations

We help you manage complex financial situations with ease. For individuals with multiple income sources, investments, or international income, our qualified advisors provide specialised knowledge to handle these intricacies effectively.

Ongoing Support and Advice

Beyond just ITR filing, we offer ongoing support and advice on tax-related matters throughout the year. Whether you need assistance with tax planning, investment decisions, or understanding new tax regulations, our advisors are always available to help you make informed decisions.

Exclusions & Ineligible cases

Individuals required to maintain books of accounts

We do not file Income Tax Returns (ITR) for individuals with business income where detailed books of accounts, including Profit and Loss Accounts and Balance Sheets, are required to be maintained.

Partnership Firms, LLPs, and Companies

We do not cover tax filing for partnership firms, Limited Liability Partnerships (LLPs), or any type of company, including private and public limited companies.

GST Filing

Our service does not include filing Goods and Services Tax (GST) returns. GST filing involves a different set of regulations and processes that are not part of our income tax return services.

Other Filings

We do not offer any tax filing services beyond ITR filing for individuals. This includes but is not limited to, filings related to corporate taxes, tax filing for NGOs, estate taxes, or any other specialized tax filings.

However, we can connect you with our empanelled CAs, who can independently offer the above mentioned filings.

ITR filing for FY 2023- 24

What is the due date for filing ITR for FY 2023-24?

The due date for filing your Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without incurring a late fee is July 31, 2024.

However, belated ITR filing can be done till December 31, 2024, with late fees and interest.

What are the penalties for late filing of ITR for FY 2023-24?

If you file your ITR after the due date of July 31, 2024, you will be liable to pay a late fee (penalty)  under Section 234F. The penalty can be up to ₹5,000 if filed by December 31, 2024, and ₹10,000 if filed after December 31, 2024. 

Additionally, interest under Section 234A will be charged on any outstanding tax amount.

Which documents are required for filing ITR for FY 2023-24?

The documents required for filing ITR include:

  • Form 16 from your employer
  • Bank statements
  • TDS certificates (Form 16A, 16B, 16C)
  • Interest certificates from banks and post offices
  • Proof of tax-saving investments
  • Home loan statement
  • Form 26AS
  • PAN card
  • Details of capital gains
  • Proof of other income (e.g., rental income)

Understanding Financial Year (FY) and Assessment Year (AY)

Financial Year (FY): When it comes to ITR Filing, the Financial Year (FY) refers to the year in which you earn your income. It spans from April 1st to March 31st of the following year. For example, FY 2023-24 means the period from April 1, 2023, to March 31, 2024.

Assessment Year (AY): In regards to ITR Filing, the Assessment Year (AY) refers to the year following the Financial Year, in which your income is assessed and ITR is filed. For example, the income earned in FY 2023-24 will be assessed in AY 2024-25. It is during the Assessment Year that you file your Income Tax Return (ITR) for the income earned in the previous Financial Year.

In summary, the Financial Year for ITR filing is when you earn your income, and the Assessment Year is when you file your ITR and your income is evaluated for filing ITR.

What is the Income Tax Returns (ITR) Filing Start Date for FY 2023-24?

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from April 1, 2024, and the last date to file ITR for FY 2023-24 is discussed above.

What are the Consequences of Missing the ITR Filing Deadline?

Failing to file your Income Tax Return (ITR) by the deadline can result in several consequences:

  • Interest: If you file your return after the deadline, you may be required to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
  • Late Fee: Section 234F imposes a late fee of Rs. 5,000 for late filing, which can be reduced to Rs. 1,000 if your total income is below Rs. 5 lakh.
  • Loss Adjustment: Missing the deadline may prevent you from carrying forward losses from sources like the stock market, mutual funds, properties, or businesses to offset them against your income in the subsequent year.

Which ITR Should I File?

There are four ITR forms for individuals: 

  • ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.
  • ITR-2: For individuals and HUFs not having income from business or profession.
  • ITR-3: For individuals and HUFs having income from business or profession.
  • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with a total income up to ₹50 lakh and having income from business and profession computed under sections 44AD, 44ADA, or 44AE.
  • You should choose the form based on your income source and type.

What are the tax deductions available that can be claimed while filing ITR for FY 2023-24?

Some common tax deductions available are:

  • Section 80C: Deductions up to ₹1.5 lakh for investments in PPF, ELSS, NSC, etc.
  • Section 80D: Deductions for health insurance premiums.
  • Section 80E: Deductions on interest on education loans.
  • Section 24(b): Deductions on interest on home loan.
  • Section 80TTA/80TTB: Deductions on interest from savings accounts and deposits for senior citizens.
  • Section 80G: Deductions for donations to specified funds and charitable institutions.

What is Form 16, and how is it used in filing ITR for FY 2023-24?

Form 16 is a TDS certificate issued by an employer. It provides details of salary paid and TDS deducted. Form 16 is used to fill in salary details and TDS information while filing ITR.

Why do you need to file ITR?

Filing your Income Tax Return (ITR) is not just a legal obligation but a vital financial practice that offers numerous benefits and safeguards. Here’s why it’s essential to file your ITR:

Legal Compliance

Mandatory Requirement: According to tax laws, individuals earning above a certain threshold must file their ITR. Non-compliance can result in penalties and legal complications.

Avoid Penalties: Timely ITR Filing helps you avoid late filing fees and penalties that can add up and create unnecessary financial stress.

Proof of Income

Income Verification: ITR acts as a legal document to verify your income, which is crucial when applying for loans, visas, or other financial transactions.

Transparency: Maintaining transparent financial records is crucial for any future financial assessments or audits.

Claim Refunds

Tax Deductions: If you have paid more tax than your liability, filing an ITR is the only way to claim a refund. This can include TDS (Tax Deducted at Source) or advance tax payments.

Maximise Savings: Properly filed ITRs ensure you can claim all eligible deductions, exemptions, and rebates, maximising your tax savings.

Facilitates Financial Planning

Financial Record Keeping: ITR Filing helps in maintaining a systematic record of your income, expenses, and investments, facilitating better financial planning and management.

Loan and Credit Applications: Banks and financial institutions often require ITRs of the past years to process loans or credit card applications, as they serve as proof of consistent income and financial stability.

Carry Forward Losses

Tax Benefits: ITR Filing allows you to carry forward certain losses to subsequent years, which can be set off against future income, thus reducing your tax liability in those years

Avoid Legal Complications

Compliance Check: ITR Filing helps avoid scrutiny and penalties from the tax authorities, ensuring that you remain compliant with all tax regulations and avoid any legal issues.

ITR Filing not only keeps you compliant with tax laws but also opens up numerous financial opportunities and benefits. At 1 Finance, we ensure that your ITR filing process is seamless, accurate, and beneficial, providing comprehensive support and strategic planning to optimise your financial health.

Frequently Asked Questions

Who needs to file an ITR?
Individuals whose income exceeds the basic exemption limit, NRIs with income in India, and anyone who wants to claim a refund of excess taxes paid.
What documents do I need to file my ITR?
PAN card, Form 16, bank statements, details of all income sources, investment proofs, and deductions under 80C, 80D, etc.
How can 1 Finance help with my ITR filing?
We provide end-to-end assistance, from document collection to filing and post-filing support, ensuring accuracy and compliance.
What if I receive a notice from the Income Tax Department?
Our team of qualified advisors will handle all communications and responses to ensure that your concerns are addressed promptly.

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