In India, all taxpayers are required to file an Income Tax Return (ITR) to comply with national tax laws. This involves submitting a detailed report of all income sources, deductions, and tax liabilities to the Income Tax Department. For the financial year 2023-24 (assessment year 2024-25), the deadline for filing ITR without incurring any late fees is July 31, 2024.

Filing early can help avoid errors and prevent last-minute technical issues, making the process easier. At GSTtaxwala, we streamline the e-filing process, allowing you to submit your ITR online effortlessly. Our service is optimized at every step to provide a fast, efficient, and secure income tax e-filing experience.

GSTtaxwala simplifies your tax obligations by offering a seamless ITR e-filing experience with expert guidance at every step.

Understanding Income Tax Return (ITR)

An Income Tax Return (ITR) is a form in which taxpayers report their income details and tax payments to the Income Tax Department. There are seven ITR forms available for e-filing, from ITR 1 to ITR 7, each appropriate based on the taxpayer’s income sources, total income, and type (such as individual, Hindu Undivided Family (HUF), or company). To comply with tax regulations, all taxpayers must complete and submit their ITR by the prescribed deadline.

Eligibility Criteria for Filing Income Tax Return

In India, filing an Income Tax Return (ITR) online is mandatory under specific conditions. The primary criterion is when a person’s gross income exceeds certain age-based exemption limits:

• Rs 2.5 lakh for individuals under 60 years
• Rs 3.0 lakh for those between 60 and 80 years
• Rs 5.0 lakh for those above 80 years

Additionally, even if your income is below these limits, you must file an ITR under the following circumstances:

High-Value Transactions:

• Deposited Rs 1 crore or more in one or more current accounts
• Deposited Rs 50 lakh or more in one or more savings accounts
• Spent over Rs 2 lakh on international travel
• Spent over Rs 1 lakh on electricity in a financial year
• Paid TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) of more than Rs 25,000 (or Rs 50,000 for senior citizens)

Income from Business or Profession:

• Business: Filing is required if total sales, turnover, or gross receipts exceed Rs 60 lakh in a financial year.
• Profession: Filing is mandatory if gross receipts exceed Rs 10 lakh in a financial year.