Mastering ITR Filing with GTS Consultant

-
Income Tax Return, ITR filing is a crucial financial obligation for individuals and businesses in India. Beyond being a legal requirement, it serves as a significant step toward maintaining transparency and financial discipline. At GTS Consultant, we simplify the complexities of ITR filing with our expertise, ensuring timely compliance and maximizing tax benefits.

Why File Income Tax Returns?

Filing your ITR is more than just a mandatory procedure; it reflects your financial integrity. Here’s why ITR filing is essential:
  • Legal Compliance: Non-filing can lead to penalties and legal repercussions.
  • Loan Approvals: ITR receipts are critical documents for availing loans.
  • Claim Refunds: Excess tax paid can be refunded upon filing returns.
  • Visa Processing: Many countries require ITR documents for visa applications.
  • Carry Forward Losses: Filing enables you to carry forward losses for future adjustments.

Types of ITR Forms

The Income Tax Department offers several forms catering to different categories of taxpayers. Some commonly used forms include:
  • ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh.
  • ITR-2: For individuals and HUFs with no business income.
  • ITR-3: For individuals and HUFs having income from a proprietary business or profession.
  • ITR-4 (Sugam): Individuals and HUFs opting for presumptive taxation.
  • ITR-6: For companies other than those claiming exemption under Section 11.

Steps to File ITR

Filing ITR involves a systematic process. Here’s a step-by-step guide:

1. Gather Documents
  • Form 16 (for salaried individuals).
  • Bank account statements.
  • Investment proofs (for claiming deductions).
  • TDS certificates.
2. Choose the Correct ITR Form

Select the form that aligns with your income sources and category.

3. Calculate Taxable Income
  • Add all income sources.
  • Deduct eligible exemptions under sections like 80C, 80D, etc.
4. Pay Taxes (if applicable)

If there’s any outstanding tax liability, pay it before filing.

5. File ITR Online
  • Log in to the e-filing portal.
  • Fill in details and upload necessary documents.
  • Verify using Aadhaar OTP, EVC, or by sending a signed ITR-V to CPC.
6. Acknowledge Receipt
  • Ensure you receive an acknowledgment from the Income Tax Department.

Common Mistakes to Avoid

  1. Incorrect Form Selection: Choosing the wrong ITR form can lead to rejection.
  2. Mismatch in Income Details: Ensure consistency with Form 16 and TDS certificates.
  3. Missing Deductions: Don’t overlook deductions under 80C, 80D, etc.
  4. Non-Verification: Unverified ITRs are considered incomplete.
  5. Late Filing: Filing after the due date attracts penalties.

How GTS Consultant Simplifies ITR Filing

1. Expert Assistance
Our team of Chartered Accountants (CAs) and tax experts ensures error-free filing.

2. Personalized Guidance
We analyze your financial situation and recommend the best tax-saving strategies.

3. Hassle-Free Experience
From document collection to final submission, we handle everything for you.

4. Timely Reminders
Avoid late fees with our proactive reminders and follow-ups.

FAQs About ITR Filing

1. Who needs to file an ITR?

Individuals whose annual income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years) must file an ITR.

2. What is the penalty for late filing?

A penalty of up to ₹10,000 may be levied for filing after the due date.

3. Can I file a revised return?

Yes, a revised return can be filed if errors are discovered in the original filing.

4. How long does it take for refunds to be processed?

Refunds are typically processed within 20-45 days of filing, subject to verification.

5. Do NRIs need to file ITR?

NRIs must file ITR if their income in India exceeds the basic exemption limit.

Contact GTS Consultant for Hassle-Free ITR Filing

Filing ITR doesn’t have to be stressful. At GTS Consultant, we ensure a seamless and efficient process, so you can focus on what matters most.
  • Phone: +91 7427-061557
  • Email: info@gtsconsultantindia.com
  • Address: TC-321-325, Capital Highstreet, Phoolbagh Chowk, Bhiwadi, 301019
Let us take the complexity out of ITR filing. Reach out to us today!

Comments

Post a Comment

Popular posts from this blog

Discover the gateway to industrial development: Industrial plots in Bhiwadi

-
Image
Discover the gateway to industrial development: Industrial plots in Bhiwadi  Introduction: In the field of business expansion and industrial growth, selecting the right location for your industrial setup plays an important role. Bhiwadi, an emerging industrial city in Rajasthan's Alwar district, has emerged as a hotspot for thriving businesses. At Shankar Estate, we take pride in guiding our clients through the maze of opportunities to plots that promise not only growth but also innovation and sustainability. In this blog, we highlight the unique aspects of Industrial Plots in Bhiwadi , providing both simple and detailed insights aimed at paving the way for the success of your venture. Why Bhiwadi? Bhiwadi, often referred to as the gateway to Rajasthan's industrial development, stands out for several reasons. Its strategic location near the National Capital Region (NCR) provides essential logistics advantages to businesses like manufacturing units, warehouses and export-oriente...
Read more

Find Your Dream Property with Shankar Estate: Your Ultimate Property Dealer In Bhiwadi

-
Image
Find Your Dream Property with Shankar Estate: Your Ultimate Property Dealer In Bhiwadi Introduction: Welcome to Bhiwadi, a rapidly growing industrial hub that is fast becoming a preferred destination for both investors and families looking for their dream homes. Amidst this bustling real estate market, finding the right property & Property Dealer In Bhiwadi that matches your dreams and needs can be a daunting task. This is where Shankar Estate comes into play, making your property search in Bhiwadi not only easier but also more reliable and fulfilling. Understanding the Real Estate landscape of Bhiwadi's Before getting into the details of how Shankar Estate can guide you during your property journey in Bhiwadi, let's take some time to understand why Bhiwadi is turning into a real estate hotspot Strategic Location: Located in the Alwar district of Rajasthan, Bhiwadi is part of the Delhi NCR region, offering the perfect blend of accessibility and serene living conditions. I...
Read more

Industrial land in Bhiwadi: A promising investment for future growth

-
Image
Industrial land in Bhiwadi: A promising investment for future growth Introduction: Bhiwadi, an emerging industrial hub located in the Alwar district of Rajasthan, is attracting the attention of investors, businesses and real estate developers. Its strategic location, coupled with supportive government policies, makes it an attractive destination for those looking to invest in industrial land. In this blog, we will explore the benefits of investing in Industrial land in Bhiwadi , the factors to consider before investing and why Shankar Estate is your ideal partner in this journey. Why Invest in Bhiwadi? Strategic Location Bhiwadi's proximity to the national capital, Delhi, and the industrial city of Gurgaon, places it in an advantageous position for businesses looking to expand their operations while benefiting from the connectivity and logistics infrastructure. This location advantage is important for industries that depend on rapid delivery and access. Fast Growing Industrial Sect...
Read more