ITR Filing Status

Why File Income Tax Returns (ITRs)?

Filing Income Tax Returns (ITRs) is crucial for several reasons:

Legal Compliance: It's a legal requirement in most countries for individuals whose income exceeds a certain threshold. Compliance ensures you avoid penalties and legal consequences.
Documenting Income: ITRs serve as official documentation of your income, essential for various purposes like applying for loans, visas, or government benefits.
Tax Deductions and Credits: By filing your ITRs, you can claim deductions and tax credits applicable to you, reducing your taxable income and potentially resulting in a tax refund.
Transparency and Accountability: Filing ITRs showcases your financial transparency, contributing to the integrity of the tax system and ensuring accountability.
Avoiding Penalties: Timely filing of ITRs helps you avoid penalties and interest charges, ensuring you stay compliant with tax laws.
Financial Planning: Regular filing of ITRs provides insights into your financial situation, aiding in informed financial planning, including budgeting and investments.

What Happens if You Miss the ITR Filing Deadline?

Interest: If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
Late Fee: In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.
Loss Adjustment: In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.
Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.
Updated Return: Still, if you miss the 31st December deadline due to unavoidable reasons, you can file the updated (ITR U) return subject to the conditions specified therein.

Why Choose Us for ITR Filing?

When it comes to filing Income Tax Returns (ITRs), choosing the right service provider can make all the difference. Here's why you should choose us:

Expertise: Our team consists of experienced professionals who are well-versed in tax laws and regulations, ensuring accurate and compliant filing for our clients.
Personalized Service: We understand that every individual or business has unique financial situations. That's why we offer personalized assistance tailored to meet your specific needs and maximize your tax benefits.
Timely Filing: With our efficient workflow and proactive approach, we ensure timely filing of your ITRs, helping you avoid penalties and unnecessary hassles.
Comprehensive Support: From initial consultation to post-filing assistance, we provide comprehensive support at every step of the filing process, addressing all your queries and concerns promptly.
Customer Satisfaction: Our top priority is customer satisfaction. We strive to exceed your expectations by delivering exceptional service and ensuring your peace of mind throughout the filing process.

Entrust your ITR filing needs to us and discover a blend of quality, efficiency, and tranquility. With a track record of excellence spanning over 12 years and 75,000+ applications filed, we maintain a flawless 100% satisfaction rate. Additionally, our remarkable 99.3% conversion ratio ensures that once clients choose us, they stay with us and If we can't deliver a favorable return, no one can.

List of Tax Exemption Sections in India

Section 10(10D): Exemption on the maturity proceeds received from a life insurance policy, subject to certain conditions.
Section 10(10DA): Exemption on commutation of pension received from the National Pension System (NPS).
Section 10(11): Exemption on payment received from a statutory provident fund.
Section 10(12): Exemption on payment received from a recognised provident fund.
Section 10(13): Exemption on payment received from approved superannuation fund.
Section 10(14): Allowances such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), Conveyance Allowance, Medical Allowance, etc., subject to certain conditions.
Section 10(15): Interest earned on specified savings instruments like Public Provident Fund (PPF), Employee Provident Fund (EPF), Tax-free bonds, etc.
Section 10(16): Scholarship granted to meet the cost of education.
Section 10(17): Allowance granted to an employee working in any transport system to meet his personal expenditure during his duty performed in the course of running of such transport from one place to another place, provided that such employee is not in receipt of daily allowance.
Section 10(17A): Special allowance or benefit specifically granted to meet expenses wholly, necessarily, and exclusively incurred in the performance of duties of an office or employment of profit.
Section 10(18): Pension received by gallantry award winners including Param Vir Chakra, Maha Vir Chakra, Vir Chakra, and other recipients.
Section 10(19): Family pension received by the family members of armed forces.
Section 10(26): Any income of a member of a scheduled tribe residing in certain areas of the North-Eastern States of India, as specified by the government.
Section 10(32): Income of a minor child clubbed with the income of the parent(s) or guardian(s).
Section 80C: Investment in specified schemes like EPF, PPF, Life Insurance Premium, Equity Linked Savings Scheme (ELSS), National Savings Certificate (NSC), Sukanya Samriddhi Account, Senior Citizen Saving Scheme, etc.
Section 80CCC: Investment in annuity plans of insurance companies for receiving pension.
Section 80CCD: Contribution to the National Pension System (NPS) by both the employee and employer, subject to certain limits.
Section 80CCD(2): Employer's contribution to the National Pension System (NPS) for the benefit of the employee.
Section 80D: Premium paid for health insurance policies for self, spouse, children, and parents. Also includes preventive health check-up expenses.
Section 80DD: Deduction available on expenses incurred on the medical treatment, training, and rehabilitation of a handicapped dependent.
Section 80DDB: Deduction for medical treatment of specified diseases for self or dependent.
Section 80E: Interest paid on Education Loan for higher studies.
Section 80EE: Interest on loan taken for the purchase of a residential property.
Section 80EEA: Additional deduction on interest paid on loan taken for the purchase of affordable housing property.
Section 80EEB: Deduction for interest paid on loan taken for the purchase of an electric vehicle.
Section 80G: Donations made to specified funds, charitable institutions, or organizations. The amount eligible for deduction varies based on the type of donation.
Section 80GG: Rent paid for accommodation by individuals who do not receive HRA from their employer.
Section 80GGA: Donations for scientific research or rural development.
Section 80GGC: Contributions given by any person to political parties.
Section 80IA: Deduction for profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
Section 80-IAB: Deduction for profits and gains from housing projects in affordable housing.
Section 80-IAC: Deduction for profits and gains from specified business startups.
Section 80-IAD: Deduction for profits and gains from business of developing affordable housing.
Section 80-IB: Deduction for profits and gains from certain industrial undertakings other than infrastructure development, etc.
Section 80-IBA: Deduction for profits and gains from housing projects in affordable housing.
Section 80-IC: Deduction for profits and gains from certain industrial undertakings or enterprises in certain special category states or union territories.
Section 80-ID: Deduction for profits and gains from hotels and convention centers in specified areas.
Section 80-IE: Deduction for profits and gains from specified business of commercial production of mineral oil or natural gas.
Section 80JJA: Deduction in respect of profits and gains from collecting and processing of biodegradable waste.
Section 80JJAA: Deduction for additional employee cost for employment of new employees.
Section 80LA: Deduction from income of Offshore Banking Units and International.

Filed ITR Applications

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Why File Income Tax Returns (ITRs)?

What Happens if You Miss the ITR Filing Deadline?

Why Choose Us for ITR Filing?

List of Tax Exemption Sections in India