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Free Income tax return filing | MYFINTAX-Online Legal, Tax and Financial Service provider in India

ITR Filing starting @ ₹0/-

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department. It contains information about the person’s income and the taxes to be paid on it during a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year. 

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Free

Advanced

Basic

  • Widow with Family Pension Income
  • Retired Senior Citizens having Pension & Interest Income
  • Students
  • Unemployed Youth

File now @ ₹0/-

Basic

Advanced

Basic

  • Salary upto ₹ 10 Lakhs
  • TDS from Salary
  • Other Source (Bank Interest)
  • TDS other than salary (Bank Interest upto ₹ 10,000)
  • Self Assessment Tax
  • Agriculture Income

File now @ ₹799/-

Advanced

Advanced

Advanced

  • Salary/Pension more than ₹ 10 Lakhs
  • Other Source (Other than Bank Interest)
  • Capital Gain (1 - 50 records)
  • Agriculture Income
  • Exempt Income
  • Relief u/s 89
  • Special Rate Income
  • Losses
  • Advance Tax

File now @ ₹1499/-

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Advanced

Advanced

  • Self Employed Income
  • Professional Income
  • Income from Firms
  • Income From House Property
  • Income from Other Sources
  • Capital Gain (51 records and above)
  • Agriculture Income
  • Exempt Income
  • Relief u/s 90 / 91
  • Special Rate Income
  • Losses
  • Advance Tax
  • Foreign Assets

File now @ ₹2499/-

Overview of ITR Filing in India

Free income tax return filing | MYFINTAX-Online Legal, Tax and Financial Service provider in India

ITR filing in India is a process where individuals and entities report their income, deductions, and taxes to the Income Tax Department. It is mandatory for individuals and businesses whose income exceeds the specified threshold to file their ITR. Here is an overview of ITR filing in India:


  1. Eligibility: Individuals, Hindu Undivided Families (HUFs), companies, partnerships, and other entities are required to file ITR if their income surpasses the prescribed threshold.
  2. Types of ITR Forms: The Income Tax Department provides various types of ITR forms to cater to different taxpayer categories and income sources. These forms are numbered as ITR-1, ITR-2, ITR-3, etc., and each form has specific eligibility criteria.
  3. Income Sources and Deductions: Taxpayers need to disclose their income from various sources such as salary, house property, capital gains, business/profession, and other income. They can also claim deductions under different sections of the Income Tax Act to reduce their taxable income.
  4. Filing Methods: ITR can be filed online through the Income Tax Department's e-filing portal or offline by submitting a physical copy at the designated income tax office. Online filing is more convenient and popular, offering different methods like e-filing with a digital signature or e-verification using Aadhaar OTP or net banking.
  5. Deadline: The deadline for filing ITR in India is usually July 31st of the assessment year (AY) for most taxpayers. However, the due date may vary based on the taxpayer category and specific circumstances. It is advisable to file the ITR within the specified timeline to avoid penalties and interest.
  6. Importance and Benefits: Filing the ITR is not only a legal obligation but also carries several benefits. It serves as proof of income, facilitates loan and visa processing, supports claims for deductions and refunds, and maintains financial records for future references.
  7. Compliance and Penalties: Non-compliance with ITR filing requirements can result in penalties, interest, and legal consequences. It is essential to ensure accurate reporting, timely filing, and payment of taxes to stay compliant with the tax laws.

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Easy to avail bank loan

Easy to avail bank loan

Easy to avail bank loan

  ITR returns helps in filing loan application or to raise funds from different sources. 

Avoid income tax notice | MYFINTAX-Online Legal, Tax and Financial Service provider in India

Avoid Income tax notice

Easy to avail bank loan

Easy to avail bank loan

  To avoid legal notices, file your ITR on time and accurately as per the criteria defined in the Act. 

Income evidence | MYFINTAX-Online Legal, Tax and Financial Service provider in India

Income evidence

Easy to avail bank loan

Refund of excess TDS

 An income tax return is the only document that serves as proof of your current income and its source. 

Refund of excess TDS | MYFINTAX-Online Legal, Tax and Financial Service provider in India

Refund of excess TDS

Carry forward of losses

Refund of excess TDS

 Excess TDS deductions can be claimed as a refund by filing the ITR when the actual tax liability is lower than the deducted amount. 

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Visa procurement

Carry forward of losses

Carry forward of losses

 Income tax returns are required by certain countries for visa processing & universities may need it to assess eligibility for higher education purposes.

Carry forward of losses | MYFINTAX-Online Legal, Tax and Financial Service provider in India

Carry forward of losses

Carry forward of losses

Carry forward of losses

 Filing the ITR enables businesses to carry forward losses for up to 8 years, reducing taxable income in the future. Not filing the ITR means missing out on this benefit. 

Documents required

Salaried Persons

Co's / Partnership Firms

Proprietorship Firms

  • PAN card 
  • Aadhar Card
  • Form 16
  • Cancelled Cheque
  • Investment details
  • Bank Statement for the financial year
  • Income tax password

Proprietorship Firms

Co's / Partnership Firms

Proprietorship Firms

  • Proprietor PAN card 
  • Proprietor Aadhar Card
  • Investment details
  • Bank Statement for the financial year
  • Income tax Password

Co's / Partnership Firms

Co's / Partnership Firms

Co's / Partnership Firms

  • Co's / Firm's PAN card 
  • Directors / Partner's PAN Cards
  • Co's / Firm's Financial Statements
  • Co's / Firm's Bank Statement
  • Co's Incorporation Certificate

Get your ITR filed now

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Frequently Asked Questions

Please reach us at support@myfintax.in if you cannot find an answer to your question.

  

 

ITR filing is the process of submitting the annual tax return to the Income Tax Department, providing details of the taxpayer's income, deductions, and tax liabilities for a particular financial year.


  

 

Individuals, including salaried employees, self-employed professionals, and business owners, whose income exceeds the prescribed threshold as per the Income Tax Act, are required to file an Income Tax Return.


   

Individuals typically need to file an Income Tax Return annually. The due date for filing the return is usually July 31st of the assessment year, unless extended by the Income Tax Department.


  

  

Commonly required documents for ITR filing include PAN (Permanent Account Number), Form 16 (for salaried individuals), bank statements, investment proofs, and other relevant financial documents.


 

 The Income Tax Department provides different types of ITR forms, such as ITR-1, ITR-2, ITR-3, and so on, catering to different categories of taxpayers based on their income sources and financial activities.


 

Yes, ITRs can be filed after the due date, but it will be considered a belated return. However, there may be consequences such as late filing penalties and loss of certain benefits.


 

  

Yes, if any errors or omissions are identified in the original filed ITR, individuals can file a revised ITR within the specified time limit to rectify the mistakes.


  


Non-filing or late filing of an ITR can result in penalties, interest charges, and loss of certain deductions and benefits. It is important to comply with the due dates to avoid such consequences.


  

E-filing of ITR is mandatory for certain categories of taxpayers, including those with an annual income above a specified threshold, individuals claiming a refund, and individuals with certain types of income.



   

ITRs can be filed electronically through the Income Tax Department's online portal (www.incometaxindiaefiling.gov.in) or through authorized e-filing intermediaries.


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