Online Income Tax Return Filing 2023-24
Confused b/w new & old Tax regime? Worried about Tax filing complexities?
Just connect with us and our tax expert will do it for you!
Talk to an ITR Expert
Online Income Tax Return Filing 2023-24
Confused b/w new & old Tax regime? Worried about Tax filing complexities?
Just connect with us and our tax expert will do it for you!
Talk to an Expert
How it works
Easy Process
Fast Delivery
Completely Online
CA Assistance
Salaried Employees upto ₹50 Lakhs
₹999/-
- For salaried individuals with salary less than ₹50 Lacs
- For salaried individuals with house property
- Tax due/refund status and filing confirmation
Salaried Employees above ₹50 Lakhs
₹1499/-
- For salaried individuals with salary more than ₹50 Lacs
- Dividend income of more than ₹10 Lacs
- Director in any Company
- House property
BuisnessBabu has a team of expert CAs who will provide complete guidance to you
Connect with US
Reach out to us via call or whatsapp
Resolve the Queries
Share required documents and get your queries resolved in no time
Get ITR filed
Our expert CA will craft your income tax return for filing
How it works
Share Documents
Complete the Payment
We process the Application
You get confirmation of Ad code registration on mail
Online Income Tax Return (ITR) filing in India - Overview
In India, income tax is a tax levied on the income earned by individuals, companies, and other entities. Every person or entity that falls under the purview of income tax has to file an Income Tax Return (ITR) every financial year (1st April to 31st March of the next year) to declare their income and taxes paid.
Any individual whose total income during the financial year exceeds the basic exemption limit (currently, Rs. 2.5 lakh for individuals below 60 years of age) is required to file an Income Tax Return. Other entities like companies, firms, LLPs, trusts, etc. are also required to file ITR.
You can file ITR online through the government official website but that requires expertise. There are different types of ITR forms available, depending on the type of income, the source of income, and the category of taxpayer. The most commonly used ITR forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
If you miss any detail the ITR will not be filed and you may face a penalty for late filing. That’s why you need expert assistance to file ITR returns online. We at Business Babu have a team of expert CAs who will craft and file your ITR return. Business Babu files income tax for both, individuals and businesses. Connect with us and file your ITR Return online.
Documents Required for ITR Return File
If you are an employee:
- PAN card
- Form 16 provided by your employer
- Salary slip (**Very essential for e filing of ITR)
If you are a business owner:
- Trading report
- Business account details
- Profit and loss statement if any
Apart from this, you can submit:
- Investment proofs
- Asset purchase/sale documents
- TDS certificates provided by banks
- Interest income statement
- Receipts regarding donations mutual funds and other forms of investments
Benefits of E-Filing of Income Tax Return
Legal Document
ITR serves as a legal document for Identity Proof and Income Proof.
Avoid Penalties
If an individual or entity fails to file the ITR by the due date, they may have to pay a penalty of up to Rs. 10,000, depending on the delay.
Loans
Providing IT returns for the last three years is mandatory for bank loans like education loans, vehicle loans, property loans, and personal loans.
Claim Deductions
If you want to claim TDS from the Income Tax Department, then it is mandatory to file an ITR.
Visa
When applying for a visa, embassies & consulates may require you to submit your income tax returns for the past couple of years.
Carry forward Losses
Last Date for Filing Income Tax Return
You must file your tax return for the income you earned in FY 2022-23, or for the income earned from 1 April 2022 to 31 March 2023, by 31 July 2023 to avoid a late filing penalty.
Who Should File an Income Tax Return?
The Income Tax Department mandates certain entities to file their Income Tax returns every year.
- Salaried individuals who earn gross income exceeding the exemption limit before deductions under Sections 80C to 80U.
- All types of firms irrespective of profit or loss.
- Individuals serving as Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm.
- Those earning dividends from mutual funds, bonds, equities, fixed deposits, interest, and other sources.
- Individuals receiving income through charity or religious trusts.
- Individuals and businesses seeking tax refunds.
- Non-Resident Indians, tech professionals on onsite deputation, and individuals possessing foreign income or assets are also required to file their Income Tax returns.
How to File Your Income Tax Return Online
In order to file your ITR online, it is crucial that you keep all the scanned copies of all the required documents, such as your bank statement and last year’s return. You should also fill out income tax Form 16.
- Step 1: Submit all the required documents to our experts
- Step 2: Our experts will file your income tax return online through the official portal.
- Step 3: Your ITR Filing Form will be selected based on your category, and experts will complete every field and claim all applicable exemptions on your behalf.
- Step 4: In the event that any tax is payable after all exemptions, our experts will inform you accordingly.
- Step 5: Subsequently your income tax return will be filed without any hassle.
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