Laxmi Nagar is a city in New Delhi that is known for Government services, retail, IT services. The most popular areas near Laxmi Nagar are Connaught Place, South Extension. According to the data released by the government, the ITR of Laxmi Nagar state is 35 Lakhs in the year 2023. The ITR filing growth rate is at 4% in the state as compared to the previous year.
It is estimated that number of Income Tax Return filing in Laxmi Nagar in the 2023 is ~3706,000 which is approximately on the basis of proportion of population living in the Laxmi Nagar. For individuals in Laxmi Nagar whose income is subject to taxation under the Income Tax Act, filing an income tax return is required.
The income tax return should be filed within stipulated time in order to avoid late fees. The taxpayers can do proper tax planning along with their ITR filing expert by claiming exemptions and deductions, which can increase tax refund at time of income tax return filing.
Gmtax has a team of Chartered Accountants with more than 10 years of experience in filing ITR returns who will assist you to file ITR seamlessly.
What is ITR?
The process to file ITR (Income Tax Return) for Indian taxpayers is a formal process of collecting information, which is to be submitted to the Income Tax Department. This document summarizes key financial information regarding an individual or organization, including its income, taxes paid, benefits, deductible expenses, and refunds for a particular tax year.
Individuals and business organizations having taxable income must file ITR in Laxmi Nagar. It as per provisions of the Income Tax Act of 1961 comes with legal guidance.
How many types of returns?
Three primary forms of income tax returns are available for completion, and they are as follows:
- Original Return: An original return is a valid return filed in the prescribed format on or before the deadline.
- Revised Return: An assessee submits the second income tax return, which is a revised one, in case an individual files an income tax return and does not provide any relevant data, files incorrect details, or files an income tax return again for any reason.
- Belated Return: It is a type of return filed after the due date has passed and the taxpayer has failed to file their ITR within the prescribed time as mentioned under the provisions of the Income Tax Act, 1961. The deadline for belated ITR filing is 31 December of the assessment year.
Documents Required for ITR filing in Laxmi Nagar
The following are the documents required for ITR filing in Laxmi Nagar:
- PAN (Permanent Account Number) & Aadhar Card No
- Bank account details with IFSC Code
- Form 16/16A or TDS certificate
- Balance sheet and Profit & Loss Account (if applicable)
- Details of the Taxpayer – Email id and Mobile No
- Saving Certificate
- 26AS and AIS/TIS
- Details of various sources of Income – Interest certificate , Share trading statements
Process for ITR filing in Laxmi Nagar
The process for filing ITR returns is online and there is no requirement to visit the income tax department for ITR filing. The detailed process of filing ITR returns is as follows:
- Step 1: Submission of documentsCollect soft copies of all significant documents such as salary slips, bank statements, investment proofs, and last year’s tax return.
- Step 2: Getting ITR filing ReadyA relevant ITR form is selected based on income sources, amount & employment status. The selected ITR form is correctly filled with details of income, deductions and other details supplied in step 1.
- Step 3: Tax liability paymentOnce ITR form is ready with all the deductions and exemptions have been completed, tax liability will be determined. Taxpayers can review the tax liability before proceeding with payment of tax liability. This provides clarity and transparency in the ITR filing.
- Step 4: Final SubmissionOnce Taxpayer has paid the tax liability, the income tax return is submitted at the online portal of the income tax department. Taxpayers are supplied with the acknowledgement receipts for successfully filing the ITR for future reference.
Time Taken to process the ITR
Normally, it takes 2-5 working days to file the ITR. The time to process ITR varies with types of income, sources of income, employee status.
Benefits of filing ITR
There are multiple benefits of e-filing ITR returns which are as follows:
- Avail Loan: The banks ask for the last 3 years of income tax returns in order to process the loan which makes ITR filing important.
- Obtain Visa: The ITR is an important document which is required at the time processing a VISA application.
- Early Refund: In case ITR is filed early, the refund is also processed early by the income tax department.
- Carry Forward losses: The ITR needs to be filed within prescribed time in order to carry forward losses.
- Avoid late fees: The ITR should be filed within the stipulated time in order to avoid late fees.
gmtax: ITR filing consultancy in Laxmi Nagar
The gmtax team of experts provides personalized consultancy and helps you file the ITR on time at a reasonable cost. Our experts have 10+ years experience in filing the ITR returns and will assist in tax planning. Get in touch with the gmtax experts for ITR filing in Laxmi Nagar.