ITR FILING MADE EASY
Experience the ease of filing your Income Tax Return with ApexCA! Our streamlined and efficient process ensures that your taxes are filed quickly, accurately, and without hassle. Get started today with our reliable service and simplify your tax journey.
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Why File Income Tax Return (ITR)?
Filing your ITR is more than just a legal requirement; it’s a crucial step towards financial transparency and growth. By filing, you:
- Ensure Compliance with the Income Tax Act.
- Report Income Accurately to avoid penalties.
- Claim Tax Benefits and refunds.
Why Choose ApexCA for ITR Filing?
Personalized Assistance
Expert guidance throughout the filing process tailored to your needs.
Maximum Value
Enjoy the benefit of maximizing your refunds without any hidden costs.
Data Privacy
Your confidentiality is our priority. We follow strict data security protocols.
24x7 Support
Get real-time solutions from our customer support team, whenever you need them.
Select The Right Plan
SALARY INCOME PLAN
Package-
CONSTITUTION : INDIVIDUAL/HUF
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SOURCES OF INCOME TO BE INCLUDED : SALARY
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OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)
SALARY + RENTAL INCOME PLAN
Package-
CONSTITUTION : INDIVIDUAL/HUF
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SOURCES OF INCOME TO BE INCLUDED : SALARY
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HOUSE PROPERTY OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)
BUSINESS INCOME PLAN
Package-
CONSTITUTION : INDIVIDUAL/HUF
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SOURCES OF INCOME TO BE INCLUDED : SALARY
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OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND) HOUSE PROPERTY BUSINESS INCOME CAPITAL GAIN
COMPANY, FIRM & OTHER PLAN
Package-
CONSTITUTION : COMPANY/PARTNERSHIP FIRM/TRUS/AOP/BOI
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SOURCES OF INCOME TO BE INCLUDED : BUSINESS INCOME HOUSE PROPERTY CAPITAL GAIN
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OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND) HOUSE PROPERTY
Benefits of Filing ITR
- Fulfill Legal Obligations: Filing ITR ensures compliance with tax laws. While some categories are exempt, most individuals and entities must pay taxes on time.
- Simplify Financial Applications: Timely filing helps secure loans, visas, and serves as income proof. Avoid unnecessary delays caused by missing ITR records.
- Avoid Penalties: Late or non-filing of ITR may attract penalties starting from ₹5,000, along with interest charges under Section 234A.
- Carry Forward Losses: Filing ITR allows the transfer of capital losses to future years, optimizing tax benefits.
- Enhance Credibility: Demonstrate financial responsibility, improve your credit profile, and build a positive reputation.
- Claim Refunds Easily: Recover excess tax paid through TDS or advance tax by filing ITR within the stipulated timeline.
Who Needs to File ITR?
Salaried Individuals
- Anyone with gross income exceeding the exemption limit (before deductions under Sections 80C–80U).
Directors and Partners
- Individuals in directorial or partnership roles in companies or LLPs.
Charity or Contributions
- Income from charitable trusts or voluntary donations.
Others:
- Depositing ₹1 crore or more in current accounts annually.
- Spending over ₹12 lakh on foreign travel or paying electricity bills exceeding ₹1 lakh.
- Businesses with sales turnover above ₹60 lakh.
Non-Individuals
- Entities like private limited companies, LLPs, and partnerships must file, regardless of profit or loss.
Income from Other Sources
- Earnings through dividends, interest, or other financial instruments.
Foreign Income
- NRIs and individuals earning income abroad or holding foreign assets.
Consequences of Missing the ITR Deadline
Failure to file ITR on time may result in:
- Late Filing Fee: Up to ₹10,000 depending on the delay.
- Restricted Loss Offset: Inability to offset losses other than property-related losses.
- Accrued Interest: 1% monthly interest on outstanding tax under Section 234A until paid.
- Delayed Refunds: Refunds for excess tax paid are processed only after filing.
- Legal Repercussions: Intentional delays can lead to prosecution, fines up to 50% of unpaid taxes, or even imprisonment (up to seven years for significant tax dues).
Timely filing safeguards you from unnecessary financial and legal troubles.
What is Form 16?
Form 16 is a certificate issued annually by employers, summarizing an employee’s salary details and TDS deductions.
Key Components of Form 16
- Part A:
- Employer and Employee details (PAN, TAN, etc.)
- Summary of tax deducted and deposited.
- Part B:
- Breakdown of allowances, deductions, and other benefits as per the Income Tax Act.
This form is essential for employees with income exceeding the basic exemption limit to file their ITRs.
Frequently Asked Questions
Why am I unable to claim benefits under Section 80 TTA or 80 TTB in Chapter VI-A deductions?
These deductions are applicable based on the Date of Birth (DOB) or Residential Status provided in the Personal Information section of the ITR. The deduction is only allowed if the income is declared under “Interest from Savings Bank” or “Interest from Deposits (Bank/Post Office/Co-operative Society)” in Schedule OS of the return. For detailed limits, refer to the Income Tax Act’s instructions.
How can I claim benefits under Section 80 CCD (2)?
To claim benefits under Section 80 CCD (2), ensure you select the appropriate employment type under the ‘Personal Information’ tab in ITR1 & ITR4 or in the ‘Schedule Salary’ section of ITR2 & ITR3. This deduction is capped at 10% of the “Net Salary minus the Value of Perquisites as per Section 17(2).”
Why can’t I claim the entire donation amount under Section 80G?
The maximum deductible amount for donations in cash under Section 80G is ₹2,000. If your donation exceeds this limit, only the eligible portion can be claimed. Ensure all donation details are filled accurately in the Schedule 80G section of your return.
What should I do if my Aadhaar OTP is invalid while e-verifying my ITR?
Try generating a fresh Aadhaar OTP and proceed. If the issue persists, contact the UIDAI helpdesk at 1947. Alternatively, you can e-verify using:
- Login through Net Banking.
- EVC generated via a pre-validated Bank or Demat Account.
- EVC from Bank ATM.
For further guidance, visit the e-Filing website’s Help section under e-Verification Options.
Why are deductions under Chapter VI-A not being applied?
Deductions under Chapter VI-A require income to be declared in the return. Enter your income first and then proceed to claim eligible deductions.
How do I link Aadhaar with PAN if there’s a profile mismatch?
Mentioning a valid 12-digit Aadhaar number or 28-digit Enrollment ID (for those yet to receive Aadhaar) is mandatory while filing ITR. Ensure accurate details are entered in the return form to avoid mismatches.
Why does my Tax Paid Verification sheet still show pending taxes despite successful payment?
Manually enter the e-pay tax details (BSR Code, Challan Number, etc.) in the ‘Schedule IT’ section under Advance Tax and Self-assessment Tax Payments in your return.
What does the "Please enter the Date of Filing" error in the Java software mean?
This error occurs if the Carry Forward Losses (CFL) schedule is incomplete. Fill in the required date of filing in the CFL Schedule and regenerate the XML file.
Why is there a mismatch in the Taxpayer Identification Number between Schedule TR and Schedule FSI?
Download the latest version of the ITR utility and update the Taxpayer Identification Number correctly in both schedules before proceeding
Why can’t I claim HRA or Leave Encashment under Section 10(13A) or Section 10(10AA)?
House Rent Allowance (HRA) or Leave Encashment deductions under Section 10 can only be claimed if the respective income is reported under “Salary as per Section 17(1).” Ensure all salary exemptions claimed under Section 10 are accurately reflected in the Schedule Salary.
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