Income Tax Return Filing in Rohini
INCOME TAX FILING IN ROHINI
Filing your income tax return (ITR) is a crucial responsibility for every earning individual and business in India. If you're residing in Rohini, finding a reliable Chartered Accountant (CA) can simplify this process significantly. In this blog, we'll explore the benefits of income tax filing, charges associated with it, deadlines, and the penalties for late filing.
Benefits of Income Tax Filing
- Legal Compliance: Filing your ITR ensures that you are legally compliant with the tax laws of the country. It helps avoid any legal issues or scrutiny from the tax authorities.
- Financial Record: It serves as a financial record, which can be beneficial for various purposes like applying for loans, credit cards, or visas.
- Refunds: If you have paid excess tax during the financial year, filing an ITR is the only way to claim a refund from the Income Tax Department.
- Carry Forward Losses: Filing your returns allows you to carry forward any losses to subsequent years, which can be offset against future income.
- Proof of Income: An ITR serves as proof of your income and can be used in various financial and legal situations.
Charges for Income Tax Filing in Rohini
The charges for income tax filing can vary based on the complexity of your income sources and the services required. Here is a general breakdown:
- Individual Salaried Person: ₹1,000 to ₹2,500
- Self-Employed or Freelancers: ₹1,500 to ₹5,000
- Businesses and Firms: ₹5,000 to ₹15,000
- Companies: ₹10,000 to ₹50,000
These charges may vary depending on the CA firm you choose and the complexity of your financial situation.
Deadline for Income Tax Filing
The deadline for filing income tax returns for individuals and HUFs (Hindu Undivided Families) for the financial year 2023-24 is July 31, 2024. For businesses requiring audit, the deadline is typically September 30, 2024. It's important to file your returns before these dates to avoid penalties and interest on any due taxes.
Penalties for Late Filing
Filing your ITR after the deadline can attract penalties and interest. Here are the key points to note:
- Late Filing Fee: A fee of ₹1,000 to ₹5,000 is levied if the return is filed after the due date. if your taxable income is less than Rs.5lakh then penaltyof Rs.1,000 is applicablewhereas if income is more than Rs.5lakh then penaltyof Rs.5,000 will be applicable and last date to file belad return is December 31 of the assessment year.
- Interest on Tax Due: Interest under Section 234A, 234B, and 234C may be applicable if there are any outstanding taxes.
- Loss of Carry Forward of Losses: You cannot carry forward certain losses if the return is not filed within the due date.
- Reduced Refund: Any eligible refund will be delayed, and no interest will be paid on delayed refunds if the return is filed late.
Why Choose a CA in Rohini?
Selecting the right CA in Rohini can make the tax filing process seamless and stress-free. A professional CA ensures accurate calculations, timely filing, and adherence to all legal requirements. Moreover, they can offer valuable advice on tax-saving investments and financial planning.
Conclusion
Income tax filing is a vital task that should not be overlooked. By understanding the benefits, charges, deadlines, and penalties associated with it, you can ensure a smooth and hassle-free filing experience. If you're in Rohini, partnering with a reputable CA like Hemant Garg can help you navigate the complexities of tax filing with ease. Contact us today at +91 83688 37889 or email at cahemantgarg@gmail.com to learn more about our services and how we can assist you.
