Individual Income Tax Filing

Individuals submit their financial details, such as income, deductions, and taxes paid, to tax authorities for annual assessment, calculating tax liabilities or refunds.

    Overview About Service

    Individual Income Tax Filing is the process of providing the tax authorities with a thorough accounting of a person's earnings and deductions in line with the local tax regulations. A yearly income tax return must be filed by people in many nations in order to disclose their earnings, investments, deductions, credits, and other financial information for a given tax year.

    Gathering pertinent financial records, such as W-2 forms (for employees), 1099 forms (for independent contractors), and other income statements, is a standard step in the individual income tax filing process. Then, people utilise this data to complete the necessary tax forms that the taxing authorities offer. The tax forms are used to determine a person's tax obligation or any tax refund that may be due. After then, the tax return is delivered to the tax authorities by the deadline, which is typically established based on the tax year.

    Individual income tax filing enables the government evaluate and collect taxes to pay for public services and infrastructure while ensuring that people complete their tax commitments. For people to avoid fines or legal repercussions, they must accurately declare their income and deductions. The process of completing an individual income tax return is frequently made simpler and easier by the use of tax specialists, tax software, and internet platforms.

    Essential Documents

    Pan card

    Form 26AS

    Form 16A, 16B, 16C

    Salary Pay slips

    Bank statements

    Interest certificates

    TDS certificate

    Proof of tax saving investments

    What If deadline is missed?

    The effects of filing an income tax return late.

    Interest: In accordance with Section 234A, you will be required to pay interest at a rate of 1% each month or part month on the unpaid tax amount if your return is not submitted by the deadline.

    Late Fee: Section 234F charges a late fee of Rs. 5,000 for late filing, which is reduced to Rs. 1,000 if your total income is less than Rs. 5 lakh

    Loss Adjustment: If you have losses from investments like stocks, mutual funds, real estate, or any of your enterprises, you can carry them forward and deduct them from your income in the next year. Future tax obligations are significantly reduced by this clause. You won't be able to carry forward these losses, though, if you fail to submit your ITR before the deadline.

    Belated Return: You can still file a return after the deadline if you miss the ITR filing deadline. This is known as a belated return. You won't be able to carry any losses over for future adjustments, and you will have to pay the late fee and interest costs. The deadline for submitting a late return is December 31 of the assessment year (unless the government extends the deadline). As a result, the deadline to file a late return for this year is December 31, 2023.

    Individual Income Tax Filing Costs
    Individual Income Tax Filing

    ₹ 499/ Only

    Starting Price

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      Why Choose FilingMan

      For Individual Income Tax Filing?

      Choosing FilingMan for your Individual Income Tax Filing is a prudent decision rooted in expertise and accuracy. With a dedicated team well-versed in tax regulations, we guide you through the entire filing process, ensuring meticulous compilation of your financial information, accurate calculations, and timely submission.

      FilingMan's commitment extends beyond compliance – our personalized approach means you receive tailored guidance, uncover eligible deductions, and optimize your tax liabilities, all while navigating the complexities of tax laws with confidence. Trust FilingMan to be your reliable partner, simplifying your tax filing experience and empowering you to make informed financial decisions that maximize your tax savings and enhance your financial well-being.

      Individual Income Tax Filing Advantages

      Accurate Tax Assessment

      Filing your income tax return ensures accurate calculation of your tax liability, preventing underpayment or overpayment.

      Potential Refunds

      Eligible taxpayers may receive tax refunds if excess taxes were withheld from their income during the year.

      Legal Compliance

      Filing your tax return fulfills your legal obligation, avoiding penalties or legal consequences for non-compliance.

      Claiming Deductions

      Filing allows you to claim deductions and credits, reducing your taxable income and potentially lowering your tax liability.

      Financial Transparency

      A filed tax return serves as a transparent financial record that can be useful for various purposes, such as obtaining loans or demonstrating financial stability.

      Future Financial Planning

      Filing helps you assess your financial situation, aiding in effective financial planning for investments, savings, and other financial goals.

      Establishing Proof of Income

      A filed tax return serves as evidence of your income, often required for various official transactions.

      Compliance with Regulations

      Filing demonstrates your adherence to tax regulations, enhancing your reputation and credibility in financial matters.

      Access to Government Benefits

      Filing is often a requirement to qualify for certain government benefits or social programs.

      Reducing Tax Audit Risk

      Timely and accurate filing reduces the likelihood of being selected for a tax audit by tax authorities.

      Individual Income Tax Filing FAQ'S
      What is FilingMan's Individual Income Tax Filing service, and how does it work?
      FilingMan's Individual Income Tax Filing service assists individuals in preparing and submitting their annual income tax returns. Our expert team ensures accurate compilation of financial details, deductions, and credits, facilitating compliance with tax regulations and maximizing potential tax savings.
      Can FilingMan assist with complex income sources or deductions?
      Absolutely, FilingMan's experts handle a wide range of income sources and deductions, including self-employment income, investments, rental income, and more. We ensure accurate reporting and help you navigate complex scenarios to optimize your tax outcome.
      How does FilingMan ensure accuracy and compliance in Individual Income Tax Filing?
      FilingMan's professionals possess a deep understanding of tax laws. We meticulously review your financial data, validate calculations, and cross-check entries to ensure accurate reporting, minimizing errors and maximizing eligible deductions.
      What benefits can I expect from FilingMan's Individual Income Tax Filing service beyond compliance?
      Beyond compliance, FilingMan's service offers personalized tax optimization. Our experts identify potential deductions and credits that you may have missed, maximizing your tax savings and providing insights for informed financial decisions.
      How can FilingMan assist in avoiding tax audit triggers during Individual Income Tax Filing?
      FilingMan's accurate reporting and adherence to tax regulations help reduce the risk of tax audits. Our meticulous approach ensures that your tax return aligns with legal requirements, minimizing the likelihood of triggering an audit by tax authorities.