Online Income Tax Return Filing in Delhi

How Does Income Tax Return Filing in Delhi Work?

Income Tax Return (ITR) is a form that an assessee/person is required to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year. Taxcellent is one of the leading and most trusted chartered accountancy agencies that provide you with online income tax return filing in Delhi, India at very nominal fees. Speak out to our expert for more details: 8882323267

There are various heads under which income can be taxed:

• Income from Salary
• Income from other sources such as dividends, Interest, winning lottery etc
• Income from House Property
• Income from Capital gains
• Profits and gains from Business and Profession

The Income Tax Department has issued 7 types of ITR forms i.e. ITR-1 / ITR-2 / ITR-3 / ITR-4 / ITR-5 / ITR-6 / ITR-7 and the applicability of the form depends on the nature and amount of income and the type of taxpayer. The applicability of ITR forms is as under:

ITR-1 : Total Income does not exceed INR 50 Lacs during the relevant FY.

• Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include:
• Interest from Savings Accounts.
• Interest from Deposits (Bank / Post Office / Cooperative Society)
• Interest from Income Tax Refund
• Interest received on Enhanced Compensation
• Any other Interest Income
• Family Pension

Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above.

ITR-1 cannot be used by a person who:

• Is a director in a company
• Has held any unlisted equity shares at any time during the previous year.
• Has any asset (including financial interest in any entity) located outside India.
• Has signing authority in any account located outside India.
• Has income from any source outside India.
• Is a person in whose case tax has been deducted u/s 194N.
• Is a person in whose case payment or deduction of tax has been deferred on ESOP.
• Who has brought forward loss or loss to be carried forward under any head of income.

ITR-2

This return is applicable for Individual and Hindu Undivided families (HUF) not having Income under the Profits and Gains of Business or Profession and those who are not eligible to filing ITR-1.

ITR-3

This return is applicable for Individual and Hindu Undivided families (HUF) having Income under the Profits and Gains of Business or Profession and those who are not eligible to filing ITR-1,2 & 4.

ITR-4

This return is applicable for Individual and Hindu Undivided Family (HUF) who is Resident other than Not ordinarily Resident or a firm (other than LLP) which is resident having Total Income up to INR 50 Lakhs and having Income from business or profession which is computed on presumptive basis (u/s 44AD/44ADA/44AE) and income from any of the following sources:

• Salary/Pension.
• One House Property.
• Other Sources (Interest, Family Pension, Dividend).
• Agriculture Income up to INR 5,000

ITR-5

All firms, AOPs, LLPs, cooperative societies, BOIs, local authorities, and artificial judicial persons, apart from taxpayers filing returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D), have to submit the ITR 5 Form for income tax returns.

ITR-6

The ITR 6 form is an income tax form that is to be used by companies other than those companies that claim exemptions under Section-11.

ITR-7

Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

We at Taxcellent, assist you in filing the TDS returns and provide advisory for tax deduction at source.

Who Needs to File an ITR in Delhi?

• Individuals, including residents and NRIs, whose total income exceeds ₹2.5 lakh if they are below 60 years of age.

• Senior citizens aged 60 to 80 with income above ₹3 lakh, and super senior citizens aged above 80 with income exceeding ₹5 lakh.

• Companies and LLPs, regardless of their income or losses.

• Partnership firms, even if they have no income.

• Individuals who wish to claim an income tax refund.

• Residents who own foreign assets or earn income from foreign sources.

• Individuals and businesses that want to carry forward losses under capital gains, business income, or other applicable categories.

• Individuals who have deposited more than ₹1 crore in a current account, spent over ₹2 lakh on foreign travel, or incurred electricity expenses exceeding ₹1 lakh.

Filing your ITR offers several important benefits:

• • Legal Compliance: Filing your ITR helps you comply with income tax laws and avoid legal complications.

  • Claiming Refunds: Get a refund for excess tax paid through TDS or advance tax.

  • Loan and Visa Applications: Banks and embassies often require ITR documents from previous years for loan and visa applications.

  • Proof of Income: ITR documents serve as official proof of income for financial, legal, and transaction-related matters.

  • Avoid Penalties: Filing your ITR on time helps you avoid applicable late-filing fees and penalties

Due Date for Filing Income Tax Return in Delhi

• The due date for filing ITR for individuals and non-audit cases is generally 31st July of the assessment year.
• For taxpayers who require an audit under the Income Tax Act, such as eligible businesses, the due date is typically 31st October.
• Filing an ITR after the due date may result in penalties, interest charges, and the loss of certain tax benefits.

Penalty for Late Filing

• A penalty of ₹1,000 may apply if the total income does not exceed ₹5 lakh.
• A penalty of ₹5,000 may apply if the total income exceeds ₹5 lakh and the return is filed after the due date but before 31st December.
• Interest may be charged under Section 234A on the outstanding tax amount.
• The taxpayer may lose the benefit of carrying forward certain losses.
• The Income Tax Department may select the return for scrutiny.

Documents Required for ITR Filing in Delhi

For Salaried Individuals:

• PAN Card (Permanent Account Number).
• Aadhaar Card.
• Bank account details and other relevant information.
• Form 16 or salary slips.
• Form 26AS and AIS/TIS from the Income Tax Portal.
• Salary slips for the relevant financial year.
• Details of investments made during the financial year.

For Self-Employed Individuals and Business Owners:

• Profit and Loss Account.
• Balance Sheet.
• Books of Accounts containing business transactions.
• TDS certificates (Form 16A, 16B, or 16C), wherever applicable.
• Bank statements and other relevant financial details.
• GST returns, wherever applicable.

Procedure for E-Filing ITR in Delhi, India

Step 1: Register/Login: Visit the Income Tax Department website and log in or register your account.

Step 2: Select ITR Form: Choose the appropriate ITR form based on your income and taxpayer category.

Step 3: Fill in the Details: Enter your income details, deductions, and tax payments accurately.

Step 4: Validate Data: Cross-check your details with Form 26AS, AIS, and TIS.

Step 5: Compute Tax: Calculate your tax liability and claim eligible deductions under sections such as 80C and 80D.

Step 6: Submit and E-Verify: Review your ITR, submit the form online, and complete the e-verification process.

Step 7: Download Acknowledgement: After successful filing, download the ITR-V acknowledgement for your records.

Why Choose Taxcellent for Income Tax Return Filing in Delhi?

Choosing the right tax consultant makes income tax return filing easier and more convenient. Taxcellent offers affordable ITR filing services, expert guidance, and support to help you meet your tax obligations.

1. Affordable Income Tax Return Filing Services

Taxcellent offers online income tax return filing services at affordable fees. We help individuals and businesses file their income tax returns according to their income and applicable tax requirements.

2. Easy Documentation Process

Filing an income tax return becomes easier with the right guidance. Taxcellent helps you understand the documents required for ITR filing, such as PAN, Aadhaar, Form 16, bank details, and investment records, wherever applicable.

3. Expert Tax Advice and Support

Our team provides expert guidance to help you understand the income tax return filing process. We also assist with tax-related queries and help you understand the requirements for filing your return.

4. Support for Different ITR Forms

Taxcellent provides assistance with ITR forms from ITR-1 to ITR-7. We help you identify the appropriate form based on your income sources, taxpayer category, and applicable income tax rules.

5. Convenient Online ITR Filing in Delhi

With Taxcellent, you can get assistance with income tax return filing online from anywhere in Delhi. Our services are designed to make the filing process more convenient for salaried individuals, self-employed professionals, and eligible businesses.

6. Transparent Pricing with No Hidden Charges

Taxcellent focuses on transparent pricing for income tax return filing services. Our page highlights no hidden charges, helping you understand the service costs before proceeding with your ITR filing.

7. Assistance with TDS Returns and Tax Queries

Along with income tax return filing, Taxcellent also assists with TDS returns and provides guidance on tax deduction at source. This helps individuals and businesses get support for their related tax compliance needs.