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Income Tax Return Filing for AY 2024-25

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Why is Form 16 required? Form 16 helps you easily file your income tax returns. It is proof that the employer did submit the money to the authorities that it deducted as TDS from your salary. It also details how your tax was computed based on the investment declarations you made at the beginning of the financial year. . . . .

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Top 5 Websites for Filing Income Tax Returns (ITR) Online in India

 Introduction:

Filing income tax returns (ITR) is a necessary task for individuals and businesses in India. With the convenience of the internet, online platforms have made it easier than ever to file your ITR. In this blog post, we will be highlighting the top 10 websites in India that offer efficient and user-friendly online ITR filing services. These websites have been selected based on their reputation, ease of use, features, and customer reviews.

Income Tax India Official Website: The official Income Tax India website is one of the most trusted platforms for filing income tax returns online. It provides a user-friendly interface and comprehensive support for taxpayers. The website offers various e-filing services, including ITR filing, tracking refunds, and accessing tax-related information and forms. Additionally, it provides resources and guides to help users navigate the taxation process easily.

Clear Tax  ClearTax is a popular platform for filing income tax returns in India. It offers a simple, fast, and secure way to e-file your ITR. ClearTax provides step-by-step guidance throughout the process and ensures accuracy in calculations. The platform also offers additional features such as tax-saving guides, investment declarations, and expert support. ClearTax is widely recognized for its user-friendly interface and excellent customer service.

My ITReturn  MyITReturn is a reliable website that specializes in online ITR filing services. It offers a seamless user experience with its easy-to-use interface and straightforward process. MyITReturn ensures that users have access to all the necessary forms and documents required for smooth filing. The platform also provides expert assistance and tax-saving tips for individuals and businesses. With a high customer satisfaction rate, MyITReturn stands out as a trusted choice for ITR filing.

TaxBuddy  TaxBuddy is a comprehensive online platform for tax-related services, including ITR filing. It offers a range of features to ensure a hassle-free experience for users. TaxBuddy simplifies the entire process by providing a step-by-step guide and built-in error checks. The platform also offers tax planning tools, refund tracking, and dedicated customer support. With its user-friendly interface and value-added services, TaxBuddy is a suitable choice for filing income tax returns.

The Tax Heaven (https://www.thetaxheaven.com): The Tax Heaven is a trusted website that provides efficient online tax filing services in India. It offers hassle-free ITR filing for both individuals and businesses. The platform guides users through the entire process and ensures compliance with regulatory requirements. The Tax Heaven boasts a user-friendly interface and a team of experienced experts who ensure accurate and timely filing of ITRs. Their services come at an affordable price, making them an excellent choice for taxpayers.

Conclusion: Filing income tax returns online has become the preferred method for individuals and businesses in India. The convenience, accuracy, and efficiency provided by online platforms have simplified the ITR filing process. In this blog post, we highlighted the top 5 websites, including the official Income Tax India website, ClearTax, MyITReturn, TaxBuddy, and The Tax Heaven. These platforms offer user-friendly interfaces, expert assistance, and additional features to enhance the filing experience. We recommend exploring these websites to find the one that best suits your needs for a smooth and hass.

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House Rent Allowance (HRA) – Exemption Calculation

What is House Rent Allowance (HRA)?

How to calculate exemption in respect of House Rent Allowance (HRA)?

Paying House Rent but Salary component does not have House Rent Allowance (HRA)

Important point in House Rent Allowance (HRA).

1. What is House Rent Allowance (HRA)?

Salaried employees receive House Rent Allowance (HRA) as a part of their salary income. If the employee lives in a rented accommodation, tax exemption can be claimed by the employee. As such there are no fixed criteria for the HRA payment. It all depends on the Salary structure of the employee, city of his employment and so on.

2. How to calculate House Rent Allowance (HRA) Exemption?

Deductions on Contribution to Pension Funds of Insurance Company

Tax exemption calculation in respect of House Rent Allowance (HRA) is quite simple. If an employee receives House Rent Allowance (HRA), he can claim least of the following three points as reduction from the actual HRA received:

Benefit of HRA tax exemption is available only if the employee pays house rent.

If you miss out to provide the rent payment details to your employer at the time of making declaration, you can claim House Rent Allowance (HRA) exemption at the time of filing ITR.

If an individual opts for Alternative Tax Regime under Section 115BAC deduction under House Rent Allowance (HRA) is not available from assessment year 2021-22.

Actual House Rent Allowance (HRA) received, or

50% of Basic Salary + Dearness Allowance (DA) (In metro cities)/ 40% of Basic Salary + DA (Non metro cities), or

Actual Rent Paid Less 10% of Basic Salary + DA

Let us understand HRA by a simple example:

Mr. Abhinav resides in Mumbai. He pays monthly rental of Rs. 12,000 for accommodation for the full year. The following is the monthly pay slip

PaymentsAmountDeductionsAmount

Basic35,000PF1,800

HRA15,000Professional tax200

Other Allowance3,000

LTA4,000

Earnings57,000Deductions2,000

House Rent Allowance (HRA) tax exemption for Mr. Abhinav will be as under:

PaymentsAmount

HRA Received

(Rs. 15,000 X 12)180,000

50% of Salary – 50% of Rs. 420,000

(Rs. 35,000 X 12)240,000

Actual Rent Less 10% of Salary

(Rs. 12,000 X 12) minus 10% of 420,000102,000

Tax Exempt HRA (least of 3 figures)102,000

So, Mr. Abhinav will be eligible for tax exemption of Rs. 102,000 out of total HRA received of Rs. 180,000 and thus only Rs. 78,000 shall form part of taxable income.

3. If I am paying House Rent but not receiving House Rent Allowance (HRA)?

If the salary component does not include House Rent Allowance (HRA), then no question of tax exemption for HRA arises even though the house rent is being paid by the employee. But this should not dishearten the taxpaying employee. He can claim deduction for house rent payment under Section 80GG. For more details on Section 80GG click here

4. Few Important points in House Rent Allowance (HRA)

Benefit of HRA tax exemption is available only if the employee pays house rent.

If you miss out to provide the rent payment details to your employer at the time of making declaration, you can claim House Rent Allowance (HRA) exemption at the time of filing ITR.

If an individual opts for Alternative Tax Regime under Section 115BAC deduction under House Rent Allowance (HRA) is not available from assessment year 2021-22.

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Know well about ITR forms

Who can file Income Tax Returns?

Individuals, HUFs, AOPs, BOIs, firms and companies are mandated to file the income tax return (ITR) if the income earned is taxable. Each of these taxpayers is taxed differently under the Income Tax laws of India wherein the domestic companies and firm have fixed a 22 per cent tax rate but the individuals are taxed as per the tax slabs.

Advantages of filing income tax returns (ITRS)

It has often seen that many individuals believe that if their salaries fall below the taxable bracket then they don’t need to file an income tax return (ITR). However, that is not true! Even if your earned income is not taxable, you should file ITR as it will benefit you in different ways. Listed out the following advantages of filing income tax returns:

Avoid Penalties:

Easy Loan Approval:

Address Proof:

Compensate for Losses in the next Financial Year:

Hassle-free Visa Processing:

Filing ITR timely can help you avoid penalties imposed by the Income Tax Department for belated return that could cost you extra interest.

In India, ITR is one of the important documents asked by banks in sanctioning a loan to an individual. Many banks and NBFCs ask for ITR receipts of the latest 3 years when applying for the loan such as home loan, car loan etc. Such lenders consider ITR as the most authentic document of verifying an individual’s income. Hence, an individual who is filing ITR on time can benefit from hassle-free loan approval.

Income Tax Return (ITR) receipts can serve as a residential proof as it is sent directly to your registered address.

If you are eligible to file ITR but didn’t then you would not be able to carry forward the losses of the current financial year to the next financial year. Hence, it is vital to file the ITR to claim the losses in the future years.

At the time of applying for Visa, the embassies generally ask for past ITR receipts to process the Visa application of an individual. So, filing ITR before the due date can help you in quick Visa processing at the time of Visa application.

Things to remember before filing an Income Tax Return

Income tax return filing is very important and if you have not filed your return yet, it’s a good idea to get going and try to do it as early as possible. Tax filing involves a lot of paperwork, confusion and queries. To ensure a seamless process, give yourself enough lead-time for a smooth and timely return filing. Unfortunately, there are penalties to be paid, if the deadlines are missed. These fines range between Rs. 5,000 to 10,000, depending on the delay.

You can get help from professionals to file your tax return who can advise you on how to save tax, the available deductions and exemptions under 80C and assist you with investment planning. But, if you are planning to file returns yourself, here are a few important things you could keep in mind.

First of all, make sure to collect all the required documents that you will need to file your ITR Form such as Form 16, Form 26AS, investment documents, premium payments, loan statements, salary slips, bank statements, and proof of capital gains (if any) that will help you in providing the details of tax deducted at source (TDS) and to compute the gross taxable income of yours in that financial year.

Similar to this, if you have redeemed mutual fund units within that year, you can reach out to your mutual fund house to provide you with the transaction statements and capital gain statements. Remember, if the gains exceed Rs. 1 lakh, you will be required to pay tax on LTCG. Once you finished computing your total income, the next thing is to calculate your tax liability by applying the tax rates as per your income slab.

Important Things To Remember While Filing Income Tax Returns

Know Your ITR Forms Well

The Central Board of Direct Taxes (CBDT) has made few amendments in the ITR forms to ease the process of filing Income Tax returns. The number of forms to be used by taxpayers has been reduced from 9 to 7. For individuals with annual taxable income (from salary, interest, one house property) of up to Rs. 50 lakh, ITR 1 is required to be filed. Whereas, for individuals with annual taxable income of more than Rs. 50 lakh, ITR 2 is required to be filed.

Mandatory Disclosure

Following up on the Central Government's efforts on demonetisation, the Income Tax department has made it mandatory to disclose cash deposits of Rs. 2 lakh and more in bank accounts. This was first initiated during the demonetisation period and continues to this day. The Income Tax department requires a declaration in a separate column giving details of money deposited along with bank details in the income tax returns. To prevent being taxed at 60% plus surcharge and cess, tax payers need to explain all sources or forms of income or investment.

Carefully Select the Assessment Year and Financial Year

Assessment Year and Financial Year are not the same and you need to be familiar with them in order to correctly file your taxes. Financial Year is the period or year within which you earn the income, whereas Assessment Year is the period or year that follows Financial Year and it is in this year that you file your tax return. Every Financial Year and Assessment Year begins on the 1st of April and ends on 31st of March. Assessment Year always comes after Financial Year.

Since your income is taxed in the Assessment Year, you have to select Assessment Year while filing your income tax return.

Check For Deductions Under 80C

Section 80C entitles you to certain deductions from the gross total income, up to a maximum limit of Rs. 1.5 lakh. It is the most widely used option to save income tax. The investments and expenditures that qualify for deduction under section 80C are investments in National Savings Certificates (NSC), Kisan Vikas Patra (KVP), notified Equity Linked Saving Scheme (ELSS) of a mutual fund, five-year post office term deposits, five-year bank fixed deposits, contribution to Employee Provident Fund (EPF), Public Provident Fund (PPF), Superannuation Funds and premiums paid for life insurance, annuity plan and Unit-Linked Insurance Plans (ULIP), etc.

These investments can not only be claimed as deduction while calculating your total taxable income but can also generate good returns. Moreover, investment in PPF, superannuation funds, etc. also help in accumulating funds for retirement planning.

Check TDS on Form 26A

Form 26A is an important document for tax filing. It provides details of the income paid to you, the tax deducted on that income and the amount of TDS deposited by the payer with the Government. The form also contains details of any refund applicable to you. To check your tax deduction on Form 26A, you have to go to https://incometaxindiaefiling.gov.in and login to your account. Next, you have to go to ‘My Account’ and click on ‘View Form 26AS’ in the drop down.

Conclusion

While filing your income tax return, ensure that you know the relevant ITR forms well, make the necessary disclosures, select appropriate assessment year, take advantage of 80C deductions and verify your TDS from Form 26A. This will ensure a smooth and hassle-free tax filing process.

For reference: http://www.incometaxindiaefiling.gov.in/main/ListOfITRsAndOtherForms