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Fastest & Safest
Income Tax Return
Filing Platform
- File your ITR for AY 2024-25
- Avoid Penalties & Late Fee
- Faster Refunds
- Smooth Loan Approvals
- Acts as Proof of Income
- Stay compliant with tax laws
- Carry forward your losses
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What is ITR?
Income Tax Return
A tax return, also known as an ITR, is a document that is used to declare your gross taxable income for a certain financial year. This includes all sources of income and determines which tax bracket you fall into. In addition, the ITR assists in claiming deductions and, as a result, assesses your annual tax burden. The deadline for filing income tax returns is August 31 of every Financial year, and filing your tax returns is required if anyone earns an amount that is chargeable under the government’s income tax slabs.
If the individual’s income is below the threshold, one can still file the returns voluntarily as it helps in qualifying for loans and other such transactions.
Benefits of E-Filing Your ITR
File your income tax return with Fincawork in just 1 day & maximize your refund this tax season!
Claim TDS Refund
If the employee deducts tax at source for company or the company has a contractual agreement that requires TDS, then one can claim a deduction by filing their income tax return for the year by the deadline (July 31 or as declared of the succeeding year).
Avoid Late Filing Fee
If the income is less than Rs.5 lakh, one will be penalized with Rs.1,000. If a person earns more than Rs.5 lakh, he or she may face fines ranging from Rs.5,000 to Rs.10,000.
AID for Development
Any tax you pay contributes to the development of the country. It is one of the most important source of revenue for the government. The money might be used to improve infrastructure or for other development projects.
Recovery of Losses
If individuals have losses under the headings "Capital Gains" or "Profits and Gains from Business or Profession" and want to carry them forward to the next financial year, they must file an income tax return.
Obtaining Visa
If anyone is applying for a visa or a credit card for an international trip, the issuer will ask for proof of income. In most circumstances, one must provide the tax returns from the previous three years. It will assist the other party in determining whether or not they are eligible for a visa or credit card.
Easy Loan Approval
Let's say one would like to apply for a home loan or any other type of loan (other than mortgage). Before approving a loan, a lender would typically need proof of income. One will be required to submit the income tax returns for the previous two or three financial years as part of the procedure.
Benefits of E-Filing Your ITR
File your income tax return with Fincawork in just 1 day & maximize your refund this tax season!
1. Consultation
Get started with a free initial consultation where we understand your income sources, deductions, and financial goals.
2. Documentation
Provide us with the necessary documents. We guide you through the documentation process, ensuring nothing is missed.
3. Preparation
Our experts prepare your ITR, meticulously calculating your taxable income and applicable deductions.
4. Review
We review the prepared ITR with you, ensuring all details are accurate and to your satisfaction.
5. Filing
Once approved, we file your ITR with the Income Tax Department and provide you with the acknowledgment receipt.
Fincawork offers the lowest
Income Tax Return Fees
We don’t just get your tax return filed within a day but get you maximum refunds in shortest time.
Expertise and Experience
Our team comprises seasoned tax consultants with years of experience in handling diverse ITR filings.
Pan-India Service
No matter where you are in India, our services are accessible to you. We leverage technology to provide seamless online consultation and filing.
Personalized Solutions
We understand that every client has unique needs. Our tailored solutions ensure that your specific tax situation is addressed efficiently.
Compliance and Accuracy
We stay updated with the latest tax laws and regulations, ensuring your ITR is filed accurately and on time.
Testimonials
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"The consultancy services provided by Lala Man Power are reliable and efficient. Their team is supportive and responsive. They helped me understand the hiring process and land a great job. Thank you for your excellent service!"
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Lucknow
"I was struggling to find the right job opportunities in my area until I came across Lala Man Power. Their tender-based hiring consultancy services are truly impressive. The team is highly professional and helped me secure a job in no time. Highly recommended!"
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Lucknow
FAQ's on ITR Filing
Frequently Asked Questions by the Clients
- 1 What is an Income Tax Return (ITR)?
- An Income Tax Return (ITR) is a form used to declare your income and taxes paid during a financial year to the Income Tax Department. It is a mandatory compliance for individuals and entities whose income exceeds the basic exemption limit set by the government.
- 2 Who is required to file an ITR in India?
- Any individual, HUF (Hindu Undivided Family), company, or firm whose total income exceeds the prescribed limit during a financial year is required to file an ITR. Additionally, NRIs with income sourced in India and individuals claiming tax refunds or carrying forward losses are also required to file ITRs.
- 3 What documents are needed for ITR filing?
- The documents required for ITR filing include: PAN card Aadhaar card Bank statements Form 16/16A Investment proofs (for deductions) Details of other income (e.g., rent, interest) TDS certificates Last year’s tax return copy
- 4 What are the different types of ITR forms?
- There are several ITR forms, each catering to different types of taxpayers: ITR-1: For individuals with income from salary, one house property, and other sources (up to ₹50 lakh) ITR-2: For individuals and HUFs not having income from business or profession ITR-3: For individuals and HUFs having income from a proprietary business or profession ITR-4 (Sugam): For presumptive income from business & profession ITR-5: For firms, LLPs, AOPs, BOIs ITR-6: For companies other than those claiming exemption under Section 11 ITR-7: For persons including companies required to furnish return under Sections 139(4A) to 139(4D)
- 5 Can ITR be filed after the due date?
- Yes, belated returns can be filed after the due date but within the stipulated period, usually up to December 31st of the assessment year. However, a late filing fee and interest on the tax due may be applicable.
- 6 What are the benefits of filing ITR on time?
- Filing ITR on time has several benefits: Avoid penalties and interest Claim tax refunds Carry forward losses for future set-off Income proof for loan and visa applications Compliance with legal requirements
- 7 How long does it take for the ITR to be processed?
- Once the ITR is filed, it typically takes 1-3 months for the Income Tax Department to process the return and issue the acknowledgment. Refunds, if any, are usually processed within this time frame, though it can vary.
- 8 What should I do if I receive a tax notice?
- If you receive a tax notice, don’t panic. It could be for various reasons such as verification, demand for additional tax, or discrepancies in the filed return. Contact us immediately, and our experts will help you respond appropriately and resolve the issue.
- 9 How can I check the status of my ITR?
- You can check the status of your ITR on the Income Tax Department’s e-filing portal using your PAN and acknowledgment number. Our team can also assist you with tracking the status and any further steps required.
- 10 Can I revise my ITR after filing?
- Yes, if you discover any errors or omissions in the filed ITR, you can file a revised return within the prescribed period, usually before the end of the assessment year or before the completion of assessment, whichever is earlier.
- 11 Why should I choose Fincawork for ITR filing?
- Fincawork offers: Expert guidance from experienced tax consultants Hassle-free, accurate filing process Personalized solutions for varied tax situations Affordable and transparent pricing Nationwide service availability
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