Our ITR Filing Services

Frequently Asked Questions

• What are the main stages in individual income-tax return preparation?
• "It's compulsory to electronically file the income tax return (ITR). ITR is a form submitted to the Income Tax Department detailing a person's income and taxes paid within the financial year. The department designates seven ITR forms based on income amount, source, and taxpayer category.
  The The Tax Heaven portal, authorized by the government, offers an easy and secure way to file ITR.
• How can you file an income tax return in India?
• E-file your income tax returns at either the income tax department's site or www.thetaxheaven.com With The Tax Heaven, e-filing is simple and quick, taking just 3 minutes. Keep track of the due date for e-filing, which is 31st July 2024 for the 2024-25 assessment year.
  
  Filing your income tax return has never been more straightforward. Now, with The Tax Heaven, you can e-file your return in a breeze. It's a simple process that takes no more than three minutes and doesn't require any complicated manual work. It's efficient, quick, and designed with your convenience in mind.
  
  Just a friendly reminder, the deadline for e-filing your income tax returns for the assessment year of 2024-25 is due on or before July 31st, 2024. Make sure to mark your calendar!
• My company deducts TDS. Do I still have to file my ITR?
• Deducting TDS and tax return filing are different legal requirements. Income tax is payable on your taxable income according to the Income Tax Act. Tax return filing demonstrates you have paid the necessary tax. It's also handy for loan or visa applications.
• Which income tax return should I select for e Filing?
• The forms include seven, ITR 1 2 3, 4, 5 6, and 7 that are notified by the government to different types of taxpayers. ITR-1 to ITR-4 is applicable to individuals as well as HUFs. They may choose the proper ITR form based on their amount of income they earn and the sources of the income. ITR-5 can be used for partnership firms, LLPs, AOP (Association of People), BoI (Body of individuals), Artificial Juridical Person (AJP) Estate of the deceased, Estate of insolvent, business trusts and investment funds.
  
  Every company must complete an ITR-6 for all their businesses. This is not applicable to companies that claim exemption from the taxation of income from property that is used for religious or charitable motives. These companies must file an ITR-7. If you're e-filing through The Tax Heaven we will automatically determine the appropriate Income tax form.
• How do I pay tax to the government?
• Tax payments can be made directly to the government on the Income Tax Department website using your bank account on the net or debit card by using the challan number 228. The payment options for tax payers who pay below taxes are:
  1. Advance Tax - (100) Advance Tax
  2. Self assessment tax - (300) Self Assessment Tax
  3. Regular assessment- (400) Tax on Regular Assessment Tax
• I am a salaried individual and don't have a Form 16. How can I file my tax return?
• You're still able to submit your tax return using The Tax Heaven, without having to fill out a Form 16. You'll just need your payslips. Follow these steps in the following article to file electronically without Form 16.
• What is ITR-V?
• The ITR-V is a single page document you will receive following filing your income tax return electronically and if e-verification is still pending. You are able to verify your tax return online or offline mode. There are many methods of online verification. To verify your tax return offline, you have to fill out, seal and mail the ITR-V back to the Income Tax Department within 120 days of e-filing taxes.
• Is it necessary to attach any documents along with the return of income?
• ITR returns are non-attachment forms, which means that taxpayers aren't obliged to attach any form of document (like documents proving TDS certificates, investments and so on.) in addition to the income tax return (whether it is filed manually or electronically). These documents must be kept by the taxpayer, and be presented to tax authorities if requested in cases of assessments, inquiries, etc.
• Can I file ITR-1 with exempt agricultural income?
• You are able to submit ITR 1 if your agricultural income is up to Rs 5 000. If your agricultural income is greater than 5 lakh, you need to submit ITR 2. To learn more about ITR 2 Click Here.
• If I have paid excess tax, how will it be refunded to me?
• You are entitled to a reimbursement of tax you paid in excess when you file your Income tax return. It will be reimbursed to you through crediting your bank account via ECS transfer. It is crucial to verify the details of your bank account prior to making your tax return.
• Is it necessary to file a return of income when I don’t have any positive income?
• It is mandatory to file your tax return by the due date if you've suffered an expense in the fiscal year and wish to carry it forward to the next year to be adjusted against the next year's earnings. The loss is carried forward only when you've completed the tax return that claims for this loss prior to the deadline.
  
  It is always recommended to file an ITR regardless of whether the person is not legally obliged to file ITR as per the Income Tax Act. This is due to the fact that the ITR return is used as an evidence of income statement for a variety of purposes, such as credit approval, VISA applications, credit card applications, claiming income tax refunds, carry forward and set off of losses, among others.
• Who can file a tax return on The Tax Heaven?
• In accordance with the section 139(1) in the Income Tax Act, 1961 in the country, those who's total earnings during the previous year was more than the amount which is exempt from being subject to tax, must prepare the income tax return (ITR).
  1. Individuals with Salary income
  2. People who have changed job (Multiple Formula 16)
  3. Individuals earning income From Capital Gains (mutual funds & stocks) as well as business/professions. House Property, other income such as interest, etc.
  4. Individuals having Foreign Income (Onsite deputation), Foreign Assets, NRI
• Is it mandatory for me to do the ITR e-filing or can someone else do it on my behalf?
• It is possible to seek the advice of chartered accountants and other agencies that specialize in ITR filing. It is better not to let anyone access your PAN or password to protect yourself from any type of fraud. You can also get help from CA to prepare IT tax returns.
  
  With The Tax Heaven, you can hire the assistance of an Expert in calculating tax and electronically file taxes. It's a completely secure and safe platform. Return filing plans are available. here.
• Why should I e-file my income tax return?

• Tax returns must be filed electronically. This is required if your income exceeds the exemption limit for basic income. ITR filing is a requirement regardless of whether your income falls lower than the exemption limit for basic income in the event that the following conditions are satisfied:

  1. 1. If you've deposited more than Rs1 million in your accounts in the past, you are now eligible for a second installment.
  2. 2. If you've had to pay on travel to foreign destinations in excess of Rs 2 lakh more
  3. 3. If you've incurred electric bills of Rs.1 lakh or more
  4. 4. If you are a beneficiary or sign-off authority in foreign countries
  5. 5. If your company's total revenue is greater than Rs 60 lakh
  6. 6. If your professional earnings exceed Rs 10 lakh
  7. 7. If the total amount of your deposits in the savings account of your bank are at least Rs 50 lakh
  8. 8. If the sum amount of TDS together with TCS is more than Rs 25,000, or more(Rs 50k or more in the cases of seniors)

  It is advisable to file an ITR regardless of whether the individual is not legally obliged to file ITR in accordance with the Income Tax Act. This is due to the fact that the ITR return is used as an income statement proof to be used for different purposes such as credit approval, VISA applications, credit card applications, claims for tax refunds for income taxes, carry forward and offset of losses, among others.

• How to Check Income Tax e-Filing status?
• To verify your ITR E-filing status, you must follow the steps below:
  
  Step 1: Connect to the new tax filing website through your tax ID, such as PAN number as user ID and then your password for login.
  
  Step 2: After you have logged into your account, click the 'e-File option on the top bar, and then select "Income Tax Returns" and then select the option 'View Filed Returns' from the drop-down menu.
  
  After you click "View Filed Returns" information about all return returns that you have filed in the past will be shown year-by-year. It is also possible to download your ITR-V acknowledgment by clicking on the option 'Download Receipts and also your 'ITR forms can be downloaded from there. Click the "View Details link to view what your status is for ITR including e-verification status, and refund issue status, if there is one.
• What is the penalty for late Income tax e-Filing (ITR)?
• Income Tax Act levies penalties for late filing of tax returns for income. According to Section 234F the maximum penalty for late filing of Rs.5000 is imposed for the filing of ITR late after the due dates.However the relief is offered for small taxpayers. If the income total does not exceed 5 lakh The maximum penalty assessed for late filing is Rs 1000.
  
  The interest penalty for outstanding tax liabilities According to Section 234A under the Income Tax Act, a taxpayer who has outstanding tax liabilities must make monthly installments of one percent of the tax due until the late ITR is completed.
• Can I file my ITR myself?
• It is true that ITR-1 as well as ITR 4 are tax returns that are simplified and are able to be filled out by anyone with a little knowledge. Additionally, if you're an employee who is salaried, you can simply upload the Form 16 and all the details will be auto-populated by The Tax Heaven e-filing utility. This makes the ITR filing process effortless and simplified.For more complicated ITRs such as ITR 2 or 3, it is best to acquire some understanding or seek professional assistance.
• What are the documents required for filing ITR?

• A. As you probably know, PAN and Aadhaar are the most essential and fundamental documents needed to complete an ITR.

  Let's take a look at the other documents you require to submit your ITR.

  1. 1. Form 16: Form 16 that your company issues is also referred to in the form of a Tax Deducted at Source (TDS) certificate. The employer will provide this form after providing the information regarding taxes that you are responsible for. In this form, it is possible to are able to view your pay allowances, deductions, and allowances.
  2. 2. Payslips: It important to have your salary slip on file for tax payers who are salaried. The salary slip contains the basic information such as your pay, House Rent Allowance (HRA) and Dearness Allowance (DA) as well as the Traveling Allowances (TA) as well as tax deducted and statutory deductions. These are the essential information needed for filing tax returns for income.
  3. 3. Form 26AS: The Form 26AS includes tax-related information like TDS Advance tax, self-assessment, and TCS that you pay through your PAN. Other than that the Form 26AS contains information from the Annual Information Return (AIR) which is submitted by various entities in the event that you have made investments or made expenditures that are primarily high-value transactions.
  4. 4. Annual Information Statement: The annual information statements includes all the information about your financials. It also includes details about transactions even when TDS/TCS are not relevant. You can view your savings account interest details, mutual funds transactions, rental income, etc.
  5. 5. Form 16A/16B/16C: Form 16A is comprised of the amount of TDS you pay on fixed deposits, rental income and insurance commissions or any other revenue which is eligible for tax deduction. Form 16B outlines the details of TDS for the event that you purchased property in the prior year. Form 16C is comprised of TDS added to the earnings from the lease of your plant or equipment
  6. 6. Interest certificates issued by post offices or banks: Interest income from savings bank accounts fixed deposit, fixed deposits and savings accounts at post offices are tax deductible. Even even if your bank doesn't tax any TDS since you are within the TDS limit, you must obtain the interest certificates so that you be aware of the total amount of interest earned. If you are unable to obtain interest certificates, be sure your passbook is up-to-date with information about interest income.
  7. 7. Property details for your house: If you live in a rental home then you must collect the rental receipts as well as the details about the owner of your house and HRA PAN in order to be eligible for HRA. If you live in the property, note down the property's details such as ownership percentage. If you've taken a loan for the purchase/construction of the property, don't forget to obtain the "loan repayment certificate" from your bank or NBFC. This document is vital for claiming interest owed under Section 24 as well as the principal payment in accordance with Section 80C.
  8. 8. Capital gains information: If you sell any property and gain the profit and you pay taxes on the income. It is essential to keep the sale deed in your possession in case you sold any property in the previous year. If you've made an investment in mutual funds, shares or other mutual funds. and then sold any in the past year you must get a capital gain report from the broking house. The statement contains the transaction-specific details of all capital gains and long-term gains.
  9. 9. Business PL and BS (with schedules): Your business revenue, which will be reported on your ITR must be calculated using profits and losses account as well as the balance sheet. If you're operating a business, you must keep the PL along with the BS in your possession to file your ITR.

     Other income information: If you earn any earnings, for example

     1. a. Dividend income
     2. b. Pension of the family
     3. c. The interest from loans
     4. d. Honorarium received
     5. e. Tuition fee
     6. f. Income of freelancers
     7. g. The lottery winnings games, game shows, puzzles and so on.
        
        

        It is important to keep these documents on hand so that you don't forget to submit these documents when filing your ITR.

  10. 10. Investment proofs: You have to keep all documents pertaining to the documents below to claim deductions under the chapter VI-A of the Income Tax Act. These documents include

      1. a. Contributions to Employees Provident Fund (EPF)
      2. b. Participation to Public Provident Fund (PPF)
      3. c. The investment in ELSS schemes
      4. d. Life insurance premiums
      5. e. Participation to National Pension System (NPS)
      6. f. Children education expenses
      7. g. Health insurance premium
      8. h. The interest paid on the education loan, etc. In addition to the deductions above If you're eligible to deduct any tax deductions under sections 80D through 80U be sure to keep the documents in order!

   

• Who is eligible to file an income tax return?

• A. Every person/HUF is responsible for filing an tax return on their income if the total income is greater than the basic exemption limit and without applying the specific deductions and exemptions.

   

  If an individual is a citizen and ordinarily resident of India the country, he or she must file his ITR regardless of whether his earnings do not exceed the limit of exemption in the event that he/she

  Are you the true owner of the asset (including any financial ownership interest in any company) located outside of India, Signing authority is available on any foreign account.

  Are you a beneficiary of an property (including any financial stake in any company) situated outside India.

  More than Rs 1 crore in a current accounts (one and/or more active accounts held with the bank or co-operative bank)

  If the cost of travel to another country exceeds two lakhs, it is either for him or anyone else.

  If your electricity bill is higher than Rs 1 lakh in the course of the year.

  For taxpayers such as partnerships, companies and local authorities there is no minimum exemption for filing ITR. Taxpayers with these types of status must be required to submit ITR every fiscal year.

• 20 What is the last date for ITR filing 2024?
• The last date for ITR filing 2024 is July 31, 2024. This is for individuals and non-audit cases. For audit cases, the last date to file ITR is September 30, 2024.
  
  It is important to file your ITR on time to avoid penalties. If you are unable to file your ITR by the due date, you can file a belated return up to December 31st of the relevant assessment year. However, you will have to pay a penalty for filing a late return.