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ITR Filing

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Why file Income Tax Return (ITR) ?


Filing ITR helps in ensuring compliance with the Income Tax Act and entities one to report their income accurately, avail tax benefits, and fulfill their tax obligations. Failure to file ITR or filing incorrect information may result in penalties or legal repercussions.




WHY CHOOSE SUPERCA?

why

Personalized Attention with Tailored assistance throughout filing process.
why

Value for Money with maximized refunds and no hidden charges.
why

Client Confidentiality with Data privacy and adherence to legal guidelines.
why

Excellent Customer Support with 24x7 support and expert guidance.




WHY CHOOSE SUPERCA?

why
Personalized Attention with Tailored assistance throughout filing process.
why
Value for Money with maximized refunds and no hidden charges.
why
Client Confidentiality with Data privacy and adherence to legal guidelines.
why
Excellent Customer Support with 24x7 support and expert guidance.


Choose Your Plan



SALARY INCOME PLAN

₹500+GST


CONSTITUTION :

INDIVIDUAL/HUF

CHARGES :

₹ 500 PLUS TAXES(18%)

SOURCES OF INCOME TO BE INCLUDED :

SALARY

OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)



SALARY PLUS RENTAL INCOME PLAN

₹1000+GST


CONSTITUTION :

INDIVIDUAL/HUF

CHARGES :

₹ 1000 PLUS TAXES(18%)

SOURCES OF INCOME TO BE INCLUDED :

SALARY

HOUSE PROPERTY

OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)



BUSINESS INCOME PLAN

₹2000+GST


CONSTITUTION :

INDIVIDUAL/HUF

CHARGES :

₹ 2000 PLUS TAXES(18%)

SOURCES OF INCOME TO BE INCLUDED :

SALARY

OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)

HOUSE PROPERTY

BUSINESS INCOME

CAPITAL GAIN



COMPANY, FIRM AND OTHER CONSTITUTION PLAN

₹3500+GST


CONSTITUTION :

COMPANY/PARTNERSHIP FIRM/TRUS/AOP/BOI

CHARGES :

₹ 3500 PLUS TAXES (18%)

SOURCES OF INCOME TO BE INCLUDED :

BUSINESS INCOME

HOUSE PROPERTY

CAPITAL GAIN

OTHER SOURCES (LIKE BANK INT., FD INT. DIVIDEND)

HOUSE PROPERTY



ADVANTAGES OF ITR FILING

advantage
RESPONSIBILITY OF EVERY PERSON
Filing ITR is a responsibility for many; exemptions is applicable for some catagories but others must file and pay taxes on time.
advantage
SMOOTH PROCESSING OF APPLICATIONs
Timely ITR helps obtain loans/visas, serves as income proof; absence may cause difficulties in such applications.
advantage
NO PENALTIES
Non-filing of ITR attracts penalties i.e. minimum Rs. 5,000, plus interest under section 234A, resulting in unnecessary expenses.
advantage
CARRY FORWARD OF LOSSES
Filing ITR allows carrying forward capital losses for future adjustments against capital gains, thereby maximizing tax benefits.
advantage
CREDIBILITY
Timely ITR submission demonstrates responsible nature, strong financial record, establishes credibility, and positive reputation.
advantage
CLAIMING OF REFUND
Timely ITR filing is required to claim refund for excess taxes paid through TDS/advance tax, ensuring timely receipt of overpaid taxes


WHO SHOULD FILE ITR?

The Income Tax Department states the requirement of the following assessee to file yearly IT returns:

Salaried individual
If your gross income exceeds the exemption limit before deductions under Sections 80C to 80U, then you must file an ITR return.

What is Form 16 ?

Form 16 is a certificate that contains details of the salary earned by an employee and the TDS duducted by the employer.
If the salary income exceeds the basic excemption limit , The employer is required to deduct TDS on salary at the time of making the payment and deposit the same with the government within the due date.
The employee receives this form annually from their company to include with their tax return.

Form 16 has two parts :
Part A contains the names, addresses, PAN numbers, TAN numbers of both employer and employee, tax deducted and deposited.
Part B specifies the employee's allowances, perquisites, other benefits and deductions allowed under Income Tax Act.


Non individual
Every firm, whether it's a private limited, LLP, or partnership, is required to file IT returns, regardless of whether it made a profit or loss.

Director/Partner
Individuals who are Directors in a Private Limited Company or a Partner in a Limited Liability Partnership firm are also required to file IT returns.

Having Income from other sources
you earn dividends from mutual funds, bonds, equities, fixed deposits, interest, or other sources, then you must file an IT return.

Income from charity or voluntary contributions
you receive income through charity or religious trusts, as well as income from voluntary contributions, then you are required to file IT returns.

Foreign income
NRIs and tech professionals on onsite deputation, as well as anyone with foreign income or assets, are required to file IT returns.

Other situations where it is mandatory to file ITR
If you have deposited an amount exceeding Rs.1 crore in one or more current accounts during the financial year
If you are seeking tax refunds, whether you are an individual or a business, then you must file IT returns.
If you have paid an electricity bill exceeding Rs. 1 crore in a single bill or on an aggregate basis during the financial year.
If you have spent Rs. 12 lakh or more on foreign country travel.
If you hold any asset outside India or have signing authority in any foreign account.
If your total sales or turnover in a business is Rs 60 lakhs or more during the financial year.
It is always advisable to file ITR even if you are not required to do so, as it helps in building a good credit history and may be required as proof of income in various situations like availing loans, obtaining visas, etc.


Consequences of Not Filing ITR within the deadline

Failing to submit your tax return within the deadline can lead to a number of unfavorable circumstances:
If you fail to file your ITR within the due date, you may have to pay a late filing fee of up to Rs. 10,000 depending on the delay in filing.

You will not be able to offset any losses other than those arising from property loss against future gains. This can lead to an increase in your overall tax liability.

You will also be charged interest under Section 234A at a rate of 1% per month or part of a month on any outstanding tax due until payment is made. It's important to remember that you can't file your ITR unless you've paid your taxes in full, and the longer you delay, the more interest you'll accrue.

If you're entitled to receive a refund for excess taxes paid, filing your returns before the deadline will ensure that you receive your refund sooner. However, if you miss the income tax filing deadline, your refund may be delayed, causing further inconvenience. You will not receive your refund untill you file the ITR.


Legal consequences :
The income tax officer may start prosecution proceedings against you if you intentionally refuse to file a return, despite receiving reminders. If convicted, you could be imprisoned for up to two years, and fined up to 50% of your due tax. The period of prosecution could even extend to seven years if you owe a significant sum to the department.
Therefore, in a nutshell, timely filing of your ITR not only ensures that you meet your legal obligations, but it also safeguards you against unwanted legal and financial consequences.

ITR Forms and their Due Dates for AY 2023-24


Form
Applicability
Due Date
ITR-1 Salaried individuals July 31, 2023
ITR-2 Other than business income July 31, 2023
ITR-3 Income from a business or profession September 30, 2023
ITR-4 Presumptive taxation scheme. July 31, 2023
ITR-5 (LLPs) (AOPs), and partnership firms. September 30, 2023
ITR-6 Companies October 31, 2023
ITR-7 Exemption claiming trust or AOP’s. September 30, 2023.


FREQUENTLY ASKED QUESTIONS

Answer: The deduction u/s 80 TTA and 80 TTB will be applicable as per the DOB/Residential status entered in the Personal Information sheet. This deduction shall be allowed only if the income has been offered in "Interest from Savings Bank" or/and "Interest from Deposits (Bank/Post Office/Co-Operative Society) in Schedule OS in Return.
For more information refer to instructions for limits on Amount of Deductions as per'Income Tax Act'.
Answer: To claim the benefits u/s 80 CCD (2), kindly select the appropriate option in the utility under 'PART (A) General Information/Personal Info tab > Select 'Nature of employment' in ITR1 & ITR4 and in Schedule Salary in ITR2 & ITR3 to proceed further. The deduction under this section shall be limited to 10% of "Net salary - Value of perquisites as per Section 17(2)"
Answer: Deduction u/s 80G shall auto-populate from Schedule 80G provided in the utilities. To claim the same user needs to fill Schedule 80G. Moreover the limit for Donations in Cash is Rs. 2000/- (Two thousand Rupees only), so if, the amount in Donation in Cash exceeds Rs.2, 000 the same is not eligible for deduction. If you have paid donations in other modes kindly enter the details in appropriate cells for claiming eligible amount of donation in returns of income for A.Y2019-20.
Answer: You are requested to retry after sometime by generating the fresh Aadhar OTP and proceed further. Or Kindly contact the UIDAI Helpdesk at 1947 for Aadhar OTP related issues. Alternatively, you may e-Verify the income tax return through options given below: Login to e-Filing through Net Banking EVC through pre-validating Bank Account EVC through pre-validating Demat Account EVC through Bank ATM
For more information, kindly go through the HELP option provided in e-Filing website www.incometaxindiaefiling.gov.in. Help> Taxpayer > e-Verification > e-Verification options.
Answer :The mentioning the valid 12 digit Aadhar number/ 28 digit Enrolment ID [for those who are yet to get Aadhar but enrolled] in the ITR form is made mandatory for filing of returns.  If you have obtained AADHAAR then kindly enter the 12digit AADHAAR number in the ITR.  If you have not obtained AADHAAR then kindly enter the 28 digit Enrolment ID in the ITR.
Answer :You are requested to enter the e-Pay tax payment details (BSR Code, Challan Details etc) manually while filing the income tax return in 'Tax Details' sheet under 'Sch IT - Details of Advance tax and self-assessment tax payments' and proceed further.
Answer: Date of Filing need to be entered in CFL Schedule of ITR for successful generation of XML
Answer: Deduction for House Rent Allowance u/s 10(13A) at Point-3 can be claimed only if the same is offered as Salary Income in "Salary as per Section 17(1)"in "House Rent Allowance". Similarly any Salary exemption claimed u/s 10 should be offered in schedule salary (Salary as per 17(1), Salary as per 17(2) and salary as per 17(3), whichever applicable).
Answer: Deduction u/c VI-A is not allowing may be because there is no Income being offered in the Return. Please fill some Income and then proceed to fill deduction(s) u/c VI-A, the same shall be allowed up to the maximum eligible amount.