#incometaxreturns

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Essential Documents for Obtaining a Net Worth Certificate in Delhi

To obtain a Net Worth Certificate in Delhi through Taxgoal, you will need essential documents like identity proof (Aadhar/Passport), address proof, income tax returns for the last 2-3 years, bank statements, property documents, and proof of assets and liabilities. Ensure all documents are accurate and up-to-date for a smooth process. Contact us (+91 9138531153) today for Net Worth Certificate Near Me.

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Avoid Penalties: Understanding the Consequences of Late Income Tax Filing

Discover the penalties for late filing of income tax and how to avoid them. Learn about potential fines, interest charges, and tips to file on time and stay compliant.

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What is ITR-3 form? Eligibility, documents, and how to file - Tax Craft Hub

The ITR-3 form is an income tax return form used by individuals and Hindu Undivided Families (HUFs) in India who have income from profits and gains of business or profession. It is applicable to those who are not eligible to file ITR-1 (SAHAJ), ITR-2, or ITR-4 (SUGAM) forms. The ITR-3 form covers income from business or profession along with other income sources such as salary, house property, capital gains, and other sources. Taxpayers must provide detailed information about their business or profession, including balance sheets and profit and loss statements, making it a comprehensive form for those engaged in business activities.

For More Information About What is ITR-3 Form

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Celebrating the divine teachings and universal wisdom of Guru Nanak Dev Ji on the auspicious occasion of Guru Nanak Jayanti. May the light of his teachings guide us towards compassion, equality, and harmony. Happy Guru Nanak Jayanti to all! 🙏✨

📞 Call +91-8860632015 📧 Email consult@accteez.com

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Techvigya offers expert guidance and assistance in income tax return filing. Simplify the process and ensure accuracy with our comprehensive services. Maximize your tax benefits and stay compliant with our reliable solutions. Trust Techvigya for seamless income tax return filing.

To read more Information Visit us: https://techvigya.com/service/income-tax

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How to File INCOME TAX 2023-24 online for free #techalert #howto #incometaxreturn Detailed Video : https://youtu.be/7_EfiRYR2Wg

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The Ultimate Checklist for Income Tax Filing in India

Introduction

Filing the income tax return in India has always been something of a formidable task, but with proper preparation, it should be smooth sailing. We therefore present to you the ultimate checklist for income tax filing in India to ensure you don't miss any important steps.

Step 1: Calculate Your Tax Liability

Before you file your ITR, you need to calculate your taxable income based on your earnings from different sources such as salary, business profits, investments, and other income streams. Check which income tax slab you fall under to understand your tax liability. If you are eligible for any rebates under Section 87A, factor that in while calculating your final tax liability.

Step 2: Collect All Necessary Documents

To file your ITR correctly, keep the following documents ready:

PAN Card

Aadhaar Card

Form 16 (For salaried individuals, issued by the employer)

Form 16A (For TDS deducted on income other than salary, such as interest)

Form 26AS (Tax Credit Statement)

Bank Statements and Passbooks

Investment Proofs (PPF, LIC, ELSS, NSC, FD, etc.)

Property-related Documents (If you have rental income or property transactions)

Capital Gains Statements (For stock market, mutual funds, or real estate transactions)

Home Loan Interest Certificate (If claiming deductions under Section 24(b))

Medical Insurance Premium Receipts (For deductions under Section 80D)

Education Loan Interest Certificate (For deductions under Section 80E)

Rent Receipts (For claiming HRA exemption if applicable)

Step 3: Check TDS and Advance Tax Payments

Check your Form 26AS to ensure that the TDS and advance tax payments made during the year match your records. This will help you avoid discrepancies in your return filing. If you find any mismatch, get it corrected before proceeding with your filing.

Step 4: Choose the Right ITR Form

The Income Tax Department offers ITR forms depending on the source and category of your income. Hence, it is quite important to select the correct form: 

ITR-1 (Sahaj) : For those drawing their income from salary up to Rs 50 lakh

ITR-2: For taxpayers with capital gains and multiple sources of income

ITR-3: For professionals and others having business

ITR-4 (Sugam) :For presumptive income tax return filers, a.k.a small businessmen and professionals

ITR-5, 6, and 7: For partnership firms, LLPs, companies, and trusts

Step 5: Calculate Final Taxable Income and Pay Any Arrears

After deducting all eligible deductions, calculate your final taxable income. If there is any additional tax payable, pay the same online through the Income Tax e-Filing portal using net banking, debit card, or UPI.

Step 6: File Your Income Tax Return Online

Log in to the Income Tax Department's e-Filing portal, upload your return, and verify it using Aadhaar OTP, Net Banking, or Digital Signature. All details entered must be double-checked before submission to avoid errors.

Step 7: Verify and Submit Your ITR

It means that after finalizing your return, you get 30 days to verify your return. It is only by verification that it will be made complete. Else, your returned ITR may be treated invalid. You are allowed to use Aadhaar OTP, net banking, or also by sending signed physical copy ITR-V directly to the office of CPC within the Income Tax Department.

Step 8: Track Your ITR Status and Await Processing

After successful filing and verification, you can trace your ITR status through the e-Filing portal, and if your return is eligible for a refund, please ensure that the bank details are correct, aligned with pre-validation to get the refund without any delay.

Common Mistakes While Filing ITR:

Entry of incorrect details of the bank account number

Wrong ITR form

Forgetting to claim eligible deductions

Not matching the Form 26AS with actual tax paid

Filing a return after due date and, hence paying the penalty

Failing to get the ITR verified in time

Conclusion

Filing your income tax return on time ensures compliance with tax laws and helps avoid penalties. If you need professional assistance, GTS Consultant India provides expert tax filing services, ensuring accuracy and maximum tax savings. With a team of experienced professionals, they simplify tax filing, helping individuals and businesses stay compliant and optimize their tax benefits. Let the experts handle your taxes while you focus on your financial growth.

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GST vs. Income Tax: 6 Key Differences Explained

Discover the key distinctions between GST returns and income tax returns with Taxgoal. Understand how GST impacts business transactions while income tax affects personal and business income. Explore critical differences like filing frequency, reporting requirements, and eligibility criteria. Learn how each return impacts your finances and compliance obligations. Contact us (+91-9138531153) today for Online Income Tax Return Filing Services Delhi.

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Verify ITR for FY 2022-23: Income Tax Return Verification - Tax Craft Hub

Income Tax Return Verification is a crucial process in ensuring the accuracy and authenticity of the information submitted by taxpayers. It involves cross-checking the data provided in the tax returns against various financial records, such as income statements, bank records, and other relevant documents. This process helps in identifying any discrepancies, potential errors, or fraudulent activities. By verifying income tax returns, tax authorities can ensure that taxpayers comply with tax laws and pay the correct amount of taxes, thereby maintaining the integrity of the tax system and promoting fair taxation. Verification also provides taxpayers with an opportunity to correct any mistakes and avoid potential penalties or legal issues. For More Information About Income Tax Return Verification

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ITR Filing Last date Extended 15 November 2024

Important Tax Update! The CBDT has officially extended the deadline for filing income tax returns for the Assessment Year 2024-25 to November 15, 2024! This gives you additional time to submit your returns, so don’t miss out!

To ensure your tax filings are accurate and timely, it’s essential to consult a tax professional. Get expert guidance to navigate the tax filing process smoothly. If you have questions or need assistance, feel free to DM us—we’re here to help!

Visit our website for more information: taxring.com

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ITR Filing: All You Need to Know to Avoid Late Fees

The last date for filing your ITR is near, and waiting until the last minute can lead to errors, penalties, and missed deductions. Filing your ITR on time ensures compliance, helps secure refunds, and provides an accurate financial record. To meet the deadline stress-free, organize your income, investment, and deduction records today. Early preparation will help you avoid common mistakes and guarantee you get the most out of eligible deductions and credit