Why Ourtaxpartner.com for Income Tax Return filing, tax planning, and other IT-related affairs?
Ourtaxpartner.com is a leading platform that provides seamless and hassle-free income tax return filing services in India. With their team of experienced professionals in income tax returns ( ITR), tax planning advisories, tax mitigation, tax litigation, various income tax notice handling, and innovative technological solutions, Ourtaxpartner.com has become a go-to platform for individuals and businesses seeking reliable and efficient tax filing, resolving and planning solutions. The platform offers a range of services, including tax planning, compliance, and advisory services, catering to the diverse needs of its clients. We have extensive experience handling complex returns like Cpaital Gains arising on Capital Market transactions, Sales of Immovable properties, business income tax returns, house property incomes, and Non-Resident involved transactions. With a commitment to delivering high-quality services, Ourtaxpartner.com has established a reputation for excellence and reliability in the industry. Whether an individual taxpayer or a business entity, Ourtaxpartner.com provides customized solutions to meet your unique requirements and ensure compliance with the Income Tax Act of 1961.
Who can benefit from our Income Tax Consulting services?
Whether you are a salaried employee looking for assistance in filing your ITR-1 or a business owner requiring guidance on ITR-6 filing, our comprehensive ITR filing services can cater to your diverse needs and ensure compliance with the Income Tax Act of 1961. We also assist freelancers, consultants, and other self-employed professionals in filing their ITR-3 and ITR-4 forms accurately and efficiently, helping them maximize their tax savings and avoid legal penalties. With our team of experienced professionals and cutting-edge technology solutions, we offer personalized and hassle-free ITR filing services to all our clients, regardless of their size or complexity. Our ITR filing services cater to various individuals and businesses, including salaried individuals, self-employed professionals, sole proprietors, partnership firms, limited liability partnerships (LLP), and companies.
Benefits of Filing your Income Tax Return (ITR) in India
- Avoiding legal issues: Filing your ITR ensures compliance with the Income Tax Act of 1961, avoiding any potential legal issues, such as fines or penalties, that may arise due to non-compliance.
- Claiming refunds: If you have paid more tax than you owe, you can claim a refund by filing your ITR.
- Loan approvals: Many banks and financial institutions require a copy of your ITR as proof of income, making it easier to obtain loans, credit cards, or other financial products.
- Visa applications: Filing your ITR can also help with visa applications, especially when applying for a visa to countries like the USA or Canada, where ITR documents are mandatory.
- Creditworthiness: Filing your ITR can improve your creditworthiness and financial reputation, which can help in obtaining favorable loan terms, credit limits, or other financial products.
Filing your ITR is a crucial aspect of financial planning and management, providing several benefits that can positively impact your financial health and wellbeing.
Tax Planning and Advisory Services
At Ourtaxpartner.com , we specialize in providing personalized tax planning and advisory services tailored to your unique financial situation. Our expert team is committed to helping you navigate the complexities of tax laws to optimize your tax position. We understand that every individual’s and business’s financial circumstances are different, and there’s no one-size-fits-all solution. Our services include a thorough analysis of your income streams, investments, and potential deductions to develop a strategic tax plan. We focus on maximizing your tax savings through legitimate deductions, exemptions, and smart investment choices. Whether you’re an individual, a freelance professional, or a business owner, our goal is to help you understand and take full advantage of all tax-saving opportunities available to you under the law. We stay updated with the latest tax regulations and amendments to ensure our advice is current and effective. Trust us to be your partner in navigating the tax season with ease and confidence, minimizing your liabilities and enhancing your financial health.
Sector-Specific Tax Filing Guidance
Understanding that different sectors face unique tax challenges, Ourtaxpartner.com offers specialized tax filing guidance tailored to the specific needs of various professional groups. Our services are designed to cater to the distinct tax scenarios encountered by freelancers, small business owners, salaried employees, and NRIs. For freelancers, we navigate the intricacies of project-based incomes, deductions for home offices, and expenses. Small business owners can benefit from our expertise in handling business expenses, asset depreciation, and GST implications. For salaried employees, we provide comprehensive assistance in understanding tax-saving instruments, optimizing exemptions, and managing investments. Additionally, our specialized guidance for NRIs covers the complexities of double taxation, foreign income, and assets. By offering sector-specific tax solutions, we ensure that every client receives the most relevant and efficient tax planning advice, minimizing liabilities and ensuring compliance with the latest tax laws and regulations.
Advanced Tax Saving Strategies
In our commitment to provide effective financial solutions, Ourtaxpartner.com offers insights into advanced tax-saving strategies that can significantly enhance your financial planning. We delve into a range of sophisticated instruments like Equity-Linked Savings Schemes (ELSS), National Pension System (NPS), and tax-saving Fixed Deposits (FDs). Each of these instruments has its unique features and benefits. For instance, ELSS offers the dual advantage of tax savings and potential for high returns through equity exposure, albeit with a higher risk factor. The NPS serves as a retirement savings tool that not only reduces your tax liability but also secures your future financially. On the other hand, tax-saving FDs provide a safer investment option with assured returns and tax benefits under Section 80C of the Income Tax Act. However, it’s crucial to understand their limitations as well, such as the lock-in period in ELSS and FDs, and the annuity aspect in NPS. Our expert team guides you through these options, helping you choose the right mix that aligns with your risk appetite, investment horizon, and financial goals, thereby optimizing your tax savings effectively and efficiently.
Personalized ITR Filing Assistance
At Ourtaxpartner.com, we understand that filing Income Tax Returns (ITR) can be daunting, especially in complex financial scenarios. That’s why we offer personalized ITR filing assistance to cater to your unique tax situation. Our team of experienced tax professionals is equipped to handle even the most intricate tax cases, ensuring accuracy and compliance with the latest tax laws. Whether you are dealing with capital gains, foreign income, or multiple sources of revenue, we provide bespoke solutions to streamline your ITR filing process. Additionally, our expertise extends to handling scrutiny cases, offering strategic advice and representation if your return is selected for a detailed review by the Income Tax Department. We also assist in rectifying any discrepancies and responding effectively to various notices from the IT Department. Our goal is to make your ITR filing experience seamless, minimizing liabilities and maximizing benefits, while you remain stress-free and confident about your tax affairs.
Income tax e-filing due dates for FY 2023-24 (AY 2024-25)
| Category of Taxpayer |
Due Date for Tax Filing
FY 2021-22 (unless extended) |
Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited) |
July 31, 2024 |
Tax Audit Report Filing
Forms 3CA, 3CB, 3CD & 3CE |
September 30, 2024 |
| Businesses (Requiring Tax Audit) |
October 31, 2024 |
| Businesses (Requiring Transfer Pricing Report) |
November 30, 2024 |
Returns and Forms Applicable for Salaried Individuals for AY 2024-25
| 1. ITR-1 (SAHAJ) – Applicable for Individual |
| This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh |
| Salary / Pension |
One House Property |
Other sources (Interest, Family Pension, Dividend etc.) |
Agricultural Income up to ₹ 5,000 |
Note : 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 any brought forward loss or loss to be carried forward under any head of income
| 2. ITR-2 – Applicable for Individual and HUF |
| This return is applicable for Individual and Hindu Undivided Family (HUF) |
| Not having Income under the head Profits and Gains of Business or Profession |
Who is not eligible for filing ITR-1 |
| 3. ITR-3- Applicable for Individual and HUF |
| This return is applicable for Individual and Hindu Undivided Family (HUF) |
| Having Income under the head Profits and Gains of Business or Profession |
Who is not eligible for filing ITR-1, 2 or 4 |
| 4. ITR-4 (SUGAM) – Applicable for Individual, HUF and Firm (other than LLP) |
| This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a 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 etc.) |
Agricultural Income up to ₹ 5,000 |
Note : ITR-4 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 payment or deduction of tax has been deferred on ESOP
- who has any brought forward loss or loss to be carried forward under any head of income
Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business or Profession on presumptive basis u/s 44AD, 44ADA or 44AE.
Income Tax Slab FY 2023-24 (AY 2024-25)
For Individuals Below 60 Years, NRIs and HUFs
Old Tax Regime
Income Tax Slab Rates
FY 2023-24 (AY 2024 -25) |
Net Taxable Income |
New Tax Regime
Income Tax Slab Rates
FY 2023-24 (AY 2024 -25) |
| Exempt |
Up to Rs 2.5 lakh |
Exempt |
| 5% |
Rs 2,50,001 to Rs 3 lakh |
Exempt |
| Rs 3,00,001 to Rs 5 lakh |
5% ( Tax Rebate u/s 87 A ) |
| 20% |
Rs 5,00,001 to Rs 6 lakh |
5% ( Tax Rebate u/s 87 A ) |
| Rs 6,00,001 to Rs 9 lakh |
10% ( Tax Rebate u/s 87 A upto Rs. 7 Lakh) |
| Rs 9,00,001 to Rs 10 lakh |
15% |
| 30% |
Rs 10,00,001 to Rs 12 lakh |
15% |
| Rs 12,00,001 to Rs 15 lakh |
20% |
| Over Rs. 15 lakh |
30% |
For Senior Citizen Taxpayers
Old Tax Regime
Income Tax Slab Rates
FY 2023-24 (AY 2024 -25) |
Net Taxable Income |
New Tax Regime
Income Tax Slab Rates
FY 2023-24 (AY 2024 -25) |
| Exempt |
Up to Rs 3 lakh |
Exempt |
| 5% |
Rs 3,00,001 to Rs 5 lakh |
5% |
| 20% |
Rs 5,00,001 to Rs 6 lakh |
5% |
| Rs 6,00,001 to Rs 9 lakh |
10% |
| Rs 9,00,001 to Rs 10 lakh |
15% |
| 30% |
Rs 10,00,001 to Rs 12 lakh |
15% |
| Rs 12,00,001 to Rs 15 lakh |
20% |
| Over Rs. 15 lakh |
30% |
For Super Senior Citizens
Old Tax Regime
Income Tax Slab Rates
FY 2023-24 (AY 2024 -25) |
Net Taxable Income |
New Tax Regime
Income Tax Slab Rates
FY 2023-24 (AY 2024 -25) |
| Exempt |
Up to Rs 3 lakh |
Exempt |
| Rs 3,00,001 to Rs 5 lakh |
5% |
| 20% |
Rs 5,00,001 to Rs 6 lakh |
5% |
| Rs 6,00,001 to Rs 9 lakh |
10% |
| Rs 9,00,001 to Rs 10 lakh |
15% |
| 30% |
Rs 10,00,001 to Rs 12 lakh |
15% |
| Rs 12,00,001 to Rs 15 lakh |
20% |
| Over Rs. 15 lakh |
30% |
Note: Apart from the above income tax liability computed using the Income Tax slab rates for FY 2023-24, you also have to pay a 4% health and education cess as part of your overall tax outgo for the fiscal. If taxable income is above 50 lakh, then applicable Surcharge will also come part of the Income Tax Liability.
Surcharge on Income Tax in AY 2024-25
| Net Taxable Income (AY 2023-24) |
Rate of Surcharge on Income Tax (%) |
| Rs. 50 lakh to Rs 1 crore |
10% |
| Rs. 1 crore to Rs. 2 crore |
15% |
| Rs. 2 crore to Rs. 5 crore |
25% |
| Rs. 5 crore and above |
37% |
Income Tax Return Filing FAQs
Income Tax Return Filing FAQs
Q1: Who is required to file an income tax return in India?
A: Any individual whose total income exceeds the basic exemption limit as specified in the Income Tax Act, 1961, is obligated to file an income tax return in India. This includes both residents and non-residents.
Q2: What is the deadline for filing income tax returns in India?
A: The deadline for filing income tax returns for individuals is usually the 31st of July of the following year, unless extended by the Government. For businesses requiring audit, the deadline is usually 30th September.
Q3: Can I file my income tax return after the deadline?
A: Yes, you can file a belated return under Section 139(4) of the Income Tax Act. However, there may be a late filing fee and reduced opportunities for carry forward of losses.
Q4: What are the consequences of not filing an income tax return?
A: Not filing an income tax return can result in penalties and interest on taxes due. It may also restrict your ability to carry forward certain losses and impact your creditworthiness.
Q5: Can I file my income tax return online?
A: Yes, you can file your income tax return online through the Income Tax Department’s e-filing website. This process is known as electronic filing (e-filing).
Q6: What documents are required for filing an income tax return?
A: Common documents include PAN card, Aadhar card, bank statements, salary slips, Form 16/16A, proof of investments, and details of other income sources.
Q7: What is Form 16?
A: Form 16 is a certificate issued by employers in India. It provides details of the salary paid to the employee and the tax deducted at source (TDS) from their salary.
Q8: Are there any deductions available that can reduce my taxable income?
A: Yes, there are various deductions under sections 80C, 80D, 80E, etc., of the Income Tax Act, which can reduce your taxable income. These include deductions for certain investments, insurance premiums, education loans, etc.
Q9: Can a non-resident Indian file income tax returns in India?
A: Yes, if a non-resident Indian has income that accrues or arises in India, they are required to file an income tax return in India.
Q10: How can I verify my income tax return?
A: You can verify your income tax return electronically using Aadhar OTP, EVC through your bank account, or by sending a signed physical copy of ITR-V to CPC, Bangalore.
Q11: What is the difference between financial year and assessment year?
A: The financial year is the year in which you earn an income, whereas the assessment year is the year following the financial year, in which the income is assessed and taxed.
Q12: Is it mandatory to link Aadhaar with PAN for filing income tax returns?
A: Yes, it is mandatory to link your Aadhaar with your PAN for filing income tax returns as per the Income Tax Act.
Q13: Can I revise my income tax return?
A: Yes, if you have made a mistake in your original income tax return, you can file a revised return under Section 139(5) of the Income Tax Act before the end of the assessment year.
Q14: What is Advance Tax and who should pay it?
A: Advance Tax is the income tax that should be paid in advance instead of a lump sum payment at the end of the year. It is applicable if your tax liability exceeds ₹10,000 in a financial year.
Q15: How is income from other sources, like interest, dividends, etc., taxed?
A: Income from other sources such as interest, dividends, etc., is included in your total income and taxed according to the applicable income tax slabs.
Q16: What is TDS and how does it affect my tax filing?
A: TDS (Tax Deducted at Source) is a method of collecting income tax at the source of income. It is adjusted against your total tax liability when filing your income tax return.
Q17: Can I claim tax benefits on home loan interest?
A: Yes, under Section 24 of the Income Tax Act, you can claim a deduction on home loan interest subject to certain conditions and limits.
Q18: What is e-assessment or faceless assessment in income tax?
A: E-assessment, also known as faceless assessment, is a new initiative by the Income Tax Department where tax returns are assessed without any physical interaction between the taxpayer and the tax officer.
Q19: What happens if I don’t pay my taxes on time?
A: Not paying taxes on time can lead to penalties and interest charges. Continuous non-payment can also result in legal proceedings.
Q20: How can I check the status of my income tax refund?
A: You can check the status of your income tax refund online through the Income Tax Department’s e-filing website or the NSDL website.
Q21: What are the different types of ITR forms available?
A: There are several ITR forms like ITR-1 (Sahaj), ITR-2, ITR-3, etc., each designed for different types of income and taxpayers. The choice of form depends on the source and amount of income, and the category of the taxpayer.
Q22: What is ITR-1 (Sahaj) form, and who can use it?
A: The ITR-1 (Sahaj) form is for individuals with income up to ₹50 lakh from salaries, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000. It is not for individuals who are either Directors in a company or have invested in unlisted equity shares.
Q23: How can I correct errors after submitting my ITR?
A: If you discover errors after submitting your ITR, you can file a revised return under Section 139(5) as long as it’s done within the prescribed deadline.
Q24: Are there any special ITR provisions for senior citizens?
A: Senior citizens (aged 60 years or above but less than 80) have a higher basic exemption limit. Also, very senior citizens (aged 80 years and above) have the benefit of an even higher exemption limit and are exempted from e-filing under certain conditions.
Q25: What is the process for e-filing of ITR?
A: E-filing involves registering on the Income Tax Department’s e-filing website, preparing the ITR using the online forms or uploading XML, verifying the return electronically, and then submitting it.
Q26: Is it mandatory for me to disclose all my bank accounts in the ITR?
A: Yes, it is mandatory to disclose all your bank accounts in India except dormant accounts. This includes savings, current, overdraft, and cash credit accounts.
Q27: Can I claim a refund for excess tax paid?
A: Yes, if you’ve paid more tax than your actual tax liability, you can claim a refund in your ITR. The excess amount will be refunded by the Income Tax Department after processing your return.
Q28: What income is considered exempt from tax and does not need to be reported in ITR?
A: Certain incomes like agricultural income below a certain limit, certain allowances for salaried employees, dividends, and proceeds from life insurance policies are exempt from tax. However, it’s advisable to report all income for transparency.
Q29: How long should I keep the documents related to my ITR?
A: It’s recommended to keep the documents related to ITR for at least six years, as the Income Tax Department can scrutinize your return up to six years back in certain cases.
Q30: What is the consequence of filing ITR with unreported income?
A: Filing ITR with unreported income can lead to penalties and prosecution under the Income Tax Act. It’s important to report all sources of income accurately.
Top Income Tax Consultation Services
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