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📘 What is Income Tax Return?

A Return on Income Tax, commonly known as an Income Tax Return (ITR), is a formal statement filed by a taxpayer with the Income Tax Department of India that declares:

• Your total income during the financial year
• Details of tax paid or tax deducted at source (TDS)
• Exemptions and deductions claimed (under sections like 80C, 80D, etc.)
• Your tax liability or refund, if any

✅ **Why Is Filing a Return Important?

Even If You Have Paid All Taxes?**

Because an ITR is the official proof that:

• You have legally disclosed your income
• You’ve paid the correct amount of tax
• You can claim refunds on excess TDS
• You are eligible for carrying forward losses
• You have legal proof of income for:
  • Loans, Visa, Credit Card, or Tenders

📄 Types of Income Declared in ITR:

1. Salary or Pension
2. House Property (Rent or Self-Occupied)
3. Capital Gains (Stocks, Property, Mutual Funds)
4. Business or Profession
5. Other Sources (Interest, Dividends, etc.)

🧾 What Happens After You File an ITR?

1. It is processed by the Income Tax Department
2. If eligible, refund is credited
3. If any error is found, a notice may be issued
4. If everything is in order, you receive Intimation under Section 143(1)

🛡️ Filing ITR is Your Legal Right & Responsibility

Even if your income is below taxable limit, you may still file ITR voluntarily to:

• Claim TDS refund
• Keep a clean financial record
• Support immigration or loan applications

📞 Need Help Filing Your Return?

Taxujala Consultancy Pvt Ltd. can help you with:

• Selecting correct ITR form
• Calculating accurate tax/refund
• Filing for salaried, business, or NRI clients

📲 Call/WhatsApp: +91-9717700262
📧 Email:taxujala@gmail.com

✅ Who Should File Income Tax Returns?

As per the Income Tax Act, 1961, filing ITR is mandatory or beneficial for the following persons:

👤 1. Individuals (Salaried / Pensioners / Freelancers)

You must file ITR if your gross total income before deductions exceeds:

🔸 Under the New Regime, if income exceeds ₹3 Lakhs, ITR filing is mandatory.

💼 2. Professionals / Freelancers / Consultants

• If your income exceeds ₹2.5 Lakhs, you must file ITR.
• Even if income is below limit, file ITR if:
  • TDS deducted by clients
  • Want to claim refund
  • Opting for Presumptive Taxation (Section 44ADA)

🧮 3. Business Owners (Small or Large)

You must file ITR:

• Regardless of income, if you are running a business or shop
• If opting for Presumptive Scheme (44AD/44AE)
• If audit is required (turnover > limits)

🌏 4. NRIs (Non-Resident Indians)

NRIs must file ITR if:

• They have taxable income from India
• TDS is deducted on rent, interest, or dividends
• Want to claim refund or avoid notices

🏘️ 5. Hindu Undivided Family (HUF)

• Must file ITR if the HUF earns income from property, interest, or any business.

🏢 6. Companies, LLPs, Trusts & Firms

Filing ITR is compulsory every year, even if:

• There is no income
• The company is in loss
• It is a dormant firm or trust

📌 Other Cases Where Filing ITR Is Mandatory

✳️ Optional but Beneficial to File ITR If You:

• Want to show income proof for loan/credit card
• Plan to apply for visa
• Have losses to carry forward
• Want to maintain a clean financial record

📞 Need Help Filing?

Taxujala Consultancy Pvt Ltd. offers:

• Individual, Freelancer & NRI ITR Filing
• Business & Presumptive Tax Return
• Expert CA review and fast processing

📲 Call/WhatsApp: +91-9717705640
📧 Email: taxujala@gmail.com

Income Tax Slab Rates FY 2024-25

New Tax Regime Slabs (Default from FY 2023-24 onward)

(No major deductions allowed like 80C, HRA, etc.)

✅ Rebate under Section 87A:
If your total income is up to ₹7,00,000, you get a full tax rebate, i.e., no tax payable.

🧾 Old Tax Regime Slabs

(Deductions allowed: 80C, 80D, HRA, LTA, etc.)

✅ Rebate under Section 87A:
If your income is up to ₹5,00,000, you get a rebate and pay no tax.

🧮 Surcharge (Both Regimes)

🧑‍💼 Which Regime Should You Choose?

• New Regime: Simpler, lower rates, but no deductions.

• Old Regime: Best if you claim 80C, HRA, home loan, etc.

Necessary Documents to Complete the ITR

Here’s a complete and easy-to-understand list of necessary documents required to file Income Tax Return (ITR) for FY 2024–25 (AY 2025–26), categorized by income type and situation.

✅ Basic Documents for All Taxpayers

🧾 For Salaried Individuals

📈 For Business / Freelancers / Professionals

🏠 For Property Owners (Rental Income)

📊 For Capital Gains (Shares, Mutual Funds, Property)

🌐 For NRIs / Foreign Income

💡 Other Supporting Documents (If Applicable)

• Medical bills (for 80DDB / 80U)

• Education Loan Interest Certificate

• Donation Receipts (80G)

• Agricultural Income Proof

• Form 10E (for arrears relief under Section 89)

📥 How We Help at Taxujala Consultancy Pvt Ltd.

• We provide a custom document checklist for your case

• Simple upload via WhatsApp / Email

• 100% CA-reviewed filing

• End-to-end support

Due Date And Punishment

📅 Income Tax Filing Due Date – FY 2024-25

⚖️ Penalty & Punishment for Not Filing ITR on Time

🛑 1. Late Filing Fee (Section 234F)

🚫 2. Interest on Tax Due (Section 234A)

• 1% per month on the unpaid tax amount, from due date till actual filing.

• Applies only if you have outstanding tax liability.

🔍 3. Notice from Income Tax Department

• If you fail to file your ITR and taxes are due, the department may issue a notice under Section 142(1) or Section 148.

• Non-compliance may lead to penal proceedings.

⚖️ 4. Prosecution (Rare, but Serious Cases)

• If tax evaded exceeds ₹10,000:

  • Imprisonment from 3 months to 2 years, plus fine.

  • If evaded tax exceeds ₹25 lakh, jail up to 7 years.

✅ Why File ITR on Time?

• Avoid penalties & legal issues

• Claim refunds on TDS or advance tax

• Use as income proof for loans/visa

• Carry forward capital losses

• Show financial compliance

📞 Need Help Filing ITR?

Taxujala Consultancy Pvt Ltd. offers expert filing services for:

• Salaried | Freelancers | Business Owners | NRIs

📲 Call/WhatsApp: +91-9717705640
📧 Email: taxujala@gmail.com