Everything You Need To Know About ITR Filing In India

Income Tax Return (ITR) Filing in India is something taxpayers need to undertake every financial year. It is a legal obligation individuals and businesses need to comply with, failing which they may face penalties and legal consequences. Here is everything you need to know about ITR Filing in Delhi, Gurgaon and other parts of India.

The Significance Of ITR Filing

Firstly, it is essential to understand the significance of ITR Filing in Delhi, Gurgaon, and other cities in India. It is a process through which taxpayers declare their income, deductions, and taxes paid for a specific financial year. ITR Filing in Delhi and Gurgaon helps government to track income of taxpayers and ensure the correct amount of tax.

Documents Needed For ITR Filing

To file an Income Tax Return in Delhi, taxpayers need to gather all the necessary documents such as PAN Card, Aadhaar Card, Form 16, bank statements, investment documents, and other supporting documents. It is crucial to ensure that all the details provided in the ITR form are accurate and up-to-date.

Types Of ITR Forms To Know

In Delhi, Gurgaon, and other parts of India, there are different types of ITR forms commonly used in India for tax-related purposes are Form 16, Form 16A, Form 26AS, Form 15G, Form 15H, Form 10E, etc.

• Form 16 is a certificate of TDS (Tax Deducted at Source) issued by the employer to the employee, which contains details of the employee's salary income, tax deducted at source, and other deductions. It is a proof of the tax deducted by the employer and is required for filing income tax returns.
• Form 16A is also a certificate of TDS, but it is issued by entities other than an employer who deduct TDS on payments such as rent, commission, professional fees, etc.
• Form 26AS is a consolidated statement of all the taxes that are deducted from an individual's income and deposited with the government. It shows the amount of TDS deducted by the employer, bank, or any other entity.
• Form 15G and Form 15H are used to avoid TDS on payments made by banks or other financial institutions, but they are used for those whose total income for the year is below the taxable limit.
• Form 10E is used to claim relief under section 89 of the Income Tax Act, which allows tax relief on arrears of salary received in a financial year.

Important Dates to Remember with Penalties

Filing Income Tax Return (ITR) on time is essential in India. If an individual fails to file their ITR in Delhi, Gurgaon or any other city, they may face penalties and legal consequences.

• A penalty of Rs. 5,000 can be levied if an individual fails to file their ITR before the due date (31st July for individuals and HUFs).
• If an individual files their ITR after the due date but before 31st December of the assessment year, a penalty of Rs. 5,000 may be levied.
• If an individual files their ITR after 31st December of the assessment year but before 31st March, a penalty of Rs. 10,000 may be levied.
• If the total income of an individual is less than or equal to Rs. 5 lakh, the maximum penalty that can be charged is Rs. 1,000.

Concluding Thoughts

Individuals and businesses in Delhi, Gurgaon and other parts of India need to file their ITRs on time and pay their taxes, if any. Failure to comply with the ITR filing requirements may lead to penalties and legal consequences. It is important to keep in mind the important dates and file the ITR before the due date to avoid any penalties. Corporate Genie team are highly experienced in income tax return filling for individuals and businesses.