Worried about ITR? Then this write-up is for you! Before hiring a tax consultant you must be aware of important ITR facts. Read on to know more about ITR filing.
The deadline to file an ITR is approaching. If you have never filed an ITR before, you may find the task to be a daunting one.
You can reduce all the stress by getting a tax consultant on board. It is also important that you are aware of certain facts about filing ITR. Here are some important things that you must keep in mind, especially if you are filing an ITR for the first time:
1. Filing an ITR is mandatory by law
Yes, you heard it right! All Indians including NRIs must file an ITR. If your total income before deductions under Section 80c -80 u is more than 2.5 lakh, you need to file an ITR.
It is important to note that even if you don’t fall in the tax bracket, it is still wise to file one with “NIL Return”.
2. E-filing is now a mandate
Individual tax payers, except senior citizens are now required to file the ITR online. If you are not sure how to go about it, you can take help from a CA in Dwarka.
3. The details have to be taken care of
All employees have to mention a detailed break up of components. By these components, we mean payments received by employers and tax deductions occurred.
4. Take help from a tax consultant in Delhi so you don’t miss out on important details:
If you have sold equity shares, mutual funds or own a property, do not forget to mention these details. Also, if you have sold any property in the present year or have any overseas earnings.
Filing an ITR with these many details might seem complicated. That is why you should consult a CA in Dwarka as they are experts in ITR filing. Having a CA to help you means you will not miss any important details.
5. ITR-1 forms will now be pre-filled
ITR-1 will now come already filled on income tax website and have details of your salary, FD income and TDS. It is still important that you check the form for any discrepancies which you can edit yourself.
6. Make sure you file the ITR before the deadline
A failure to file the ITR before 31st July can lead to serious penalties. Filing the same on or before 31st December will cost you up to INR 5000 and double the amount if you file later.
Note that if your taxable income is less than Rs. 5 lakhs, the maximum penalty cannot go beyond Rs. 1000. Yet, it is better to be wary of deadlines and file the ITR well in advance.
Keeping in mind all above points can be daunting and stressful. Don’t you think consulting a tax consultant is a wise decision instead of doing it all by yourself?
manishanilgupta.com is a reputed tax consultant firm in Dwarka. The company is an expert in not only in ITR filing but also NRI return filing and many other tax solutions
In conclusion, filing an Income Tax Return (ITR) can be a daunting task, especially for first-time filers. Hiring a tax consultant can alleviate the stress and ensure compliance with important ITR facts. From the mandatory nature of filing to the need for detailed information, it's crucial to be aware of key aspects. A tax consultant, such as a CA in Dwarka, can provide expert guidance, preventing you from missing crucial details. Additionally, with advancements like pre-filled ITR-1 forms, professional assistance can help you navigate any discrepancies effectively. Remember, filing the ITR before the deadline is essential to avoid penalties. Instead of shouldering the burden alone, consulting a tax consultant is a wise decision that ensures a smooth and accurate ITR filing process.
Take the stress out of ITR filing - Hire a professional Tax Consultant today!" For any queries, Contact us today at info@manishanilgupta.com
Disclaimer: The information given in this article is for general guidance to the readers. This information should not be sought as a substitute for legal opinion
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