Income Tax Return (ITR) eFiling Platform

E-filing of income tax returns refers to the process of filing ITR (Income Tax Return) online. In other words, it is the process of submitting your tax returns electronically.

Following are the documents required for filing ITR:

• Form 16
• Aadhar and PAN Card
• Salary Slips
• Bank interest certificates
• TDS certificate issued by banks and others
• Annual Information Statement
• Proofs of tax-saving investment
• Capital gains statement
• Details of foreign assets and investments
• Form 26AS

Apart from staying compliant, there are various other benefits of filing income tax return online.

Some of them are listed below:

• Easy loan approval
• Income and Address Proof
• Quick Visa Processing
• ITR filing online ensures speedy income tax refund
• Acts as proof of income and address
• Losses can be Carried Forward
• For buying term insurance
• Avoid penalty on non-filing of income tax returns

There are 7 ITR forms in India; each served to different taxpayer profiles:

• ITR 1 (Sahaj): For residents with an income up to Rs 50 lakh from salary, a single house property, or other sources (excluding lottery and racehorses). NRIs cannot use this form.
• ITR 2: For individuals and HUFs with income above Rs 50 lakh and income from agriculture exceeding Rs 5,000. Suitable for those earning from salary, home, capital gains, or other means. Can also be used by NRIs.
• ITR 3: For individuals and HUFs earning from a profession or sole proprietorship, including income from business, employment, real estate, capital gains, trades, and dealing in futures and options.
• ITR 4: (Sugam): For individuals with income from a business with turnover up to Rs 2 crore or a profession with income up to Rs 50 lakh. Suitable for freelancers in notified professions.
• ITR 5: For entities like Investment Funds, Business Trusts, Cooperative societies, LLPs, AOPs, BOIs, etc. to declare profits and other sources of income.
• ITR 6: For companies, except those seeking Section 11 exemption. Requires disclosure of housing property rental revenue, business income, and multiple sources of income.
• ITR 7: For individuals or entities required to furnish returns under Sections 139(4A) to 139(4F), which include trusts, political parties, scientific research associations, medical institutions, universities, business trusts, and investment funds.

Yes, taxpayers can file their ITR themselves either through the income tax department’s website or through Tax2win’s website. Filing your Income Tax Return (ITR) with Tax2win offers a convenient and user-friendly experience. All you have to do is enter some basic information about your salary and personal details, and the AI-integrated DIY ITR filing software automatically extracts your personal details and employment details, selects the appropriate ITR form, computes the tax liability, and files your ITR.

If you missed the income tax filing due date, don’t worry. You still have a chance to file a late return but with penalty. The last date to file a belated return is 31 December.

Section 234F of Income Tax Act deals with penalties on taxpayers who fails to file their income tax return before the due date. This due date to file ITR is generally 31st July. However, if the taxpayer miss to file by the deadline, they have the option to file late return with the penalty of up to Rs. 5000. This penalty can be increased depending on the delay in filing ITR. Section 234F mandates taxpayers who miss the 31st deadline for filing returns face penalties.

Yes, if you discover an error in your filed ITR, you can correct it by filing a revised return. The last date to revise your return is 31 December.

Yes, e-filing of Income Tax Returns (ITR) is mandatory if the gross total income of an individual taxpayer exceeds the basic exemption limit. Under the old tax regime, individuals under 60 years old needed to file an Income Tax Return (ITR) if their income exceeded Rs. 2.5 lakhs, while individuals over 60 years old needed to file if their income exceeded Rs. 3 lakhs.

In the new tax regime, the income threshold for individuals under 60 years old has been raised to Rs. 4 lakhs (post budget 2025). Other Scenarios Where it is Mandatory to File ITR.

Yes, you can file your ITR without Form 16. Salaried employees can file their ITR even if they have not received Form 16 from their employer. In such cases, the TDS details can be found using Form 26AS, and income details can be found using AIS/TIS. Alternatively, you can ask your employer to issue Form-16, as it serves as a statement of TDS deducted.

In India, the basic exemption limit for filing an Income Tax Return (ITR) varies depending on the chosen tax regime (old or new) and the taxpayer's age.

The new time limit for e-verification of ITR is 30 days from the date of filing the return of income. However, where the return is filed on or before 31.07.2022, the earlier time limit of 120 days will continue to apply. e-Verify your ITR.

You can check the refund status of your ITR via Tax2win's "Check Income Tax Refund Status."

Tax2win has simplified the complex task of filing income tax returns. It is fast, safe, and easy to use. With its user-friendly platform, you can easily file your ITR in just 4 minutes. A small platform usage fee is applicable to deliver smooth services.

Under Section 87A of the Income Tax Act, an individual who is a resident in India and has a total income not exceeding Rs. 5,00,000 is eligible to claim a rebate from their tax liability under the old tax regime. The rebate is granted as a deduction from the tax liability, and it is the lower of:

• 100% of the income-tax liability, or
• Rs. 12,500.

Further, a maximum rebate of Rs. 25,000 is allowed under section 87A from the amount of income tax on total income, which is chargeable to tax under new tax regime. However, this rebate is allowed if the total income of assessee chargeable to tax under section 115BAC(1A) is up to Rs. 7,00,000.

Budget 2025 Update:

For salaried individuals opting for the new tax regime, income up to Rs. 12,75,000 will be tax-free. Additionally, the Section 87A rebate has been increased to Rs. 60,000, up from the previous threshold of Rs. 25,000 under the new tax regime. This provides significant tax relief to individuals with taxable income up to Rs. 12,75,000 under the new regime.

The changes announced in Budget 2025 will be applicable from FY 2025-26 onwards.