Income Tax Return Delhi – Corporate Seva Kendra

Filing an Income Tax Return (ITR) in Delhi is important for individuals, businesses, and professionals. It is a document submitted to the Income Tax Department of India, showing yearly income, taxes paid, deductions, and any refunds due.

The Income Tax Department provides an online filing facility for taxpayers in Delhi, making it easy and convenient to file returns before the prescribed due dates. Timely filing of income tax returns make sure compliance with tax laws and offers benefits like tax refunds, loan approvals and avoidance of penalties.

Who Should File an Income Tax Return in Delhi?

Income Tax Returns must be filed by the following entities:

• Salaried individuals earning above the tax-exempt limit.
• Business owners and self-employed professionals with taxable income.
• Companies, LLPs, and partnership firms operating in Delhi.
• Freelancers and gig workers with taxable earnings.
• Individuals with foreign income or investments.
• NRIs with taxable income in India.
• Why File Your ITR on Time?

Filing your income tax return before the deadline is crucial for multiple reasons:

Avoid Late Penalty and Interest:

If you miss the ITR filing deadline, you may have to pay a penalty and interest under Sections 234A, 234B, and 234C of the Income Tax Act. The penalty can be up to ₹10,000, depending on how late you file. Also, you will be charged 1% interest per month on the unpaid tax amount until you file your return.

Faster Tax Refunds:

If excess tax has been deducted from your income, you are eligible for a refund. However, delays in ITR filing can result in a delay in processing refunds, causing financial inconvenience.

Avoid Legal Consequences:

• Non-filing or late filing of ITR can attract legal action from the Income Tax Department, including notices and scrutiny assessments.
• Required for Loan and Visa Approvals:
• Most financial institutions require ITR proof for loan approvals (home loans, car loans, etc.), and many foreign embassies ask for ITR documents for visa applications.
• Carry Forward Losses:
• Filing your ITR on time allows you to carry forward business or capital losses to the next financial year, helping in future tax savings.

How to File Your Income Tax Return in Delhi?

Filing ITR is now easier than ever with online portals like the Income Tax e-filing website and professional tax consultants. Here’s a step-by-step guide:

1. Gather Required Documents: PAN card, Aadhaar card, bank statements, Form 16 (for salaried employees), profit and loss statements (for businesses), and investment proofs.
2. Calculate Your Total Income: Include salary, business income, capital gains, rental income, and other sources.
3. Claim Deductions and Exemptions: Use Section 80C, 80D, and other exemptions to reduce taxable income.
4. File Online through the Income Tax e-filing Portal: Log in, select the correct ITR form, and submit your return.
5. E-Verify Your Return: Use Aadhaar OTP, net banking, or bank account details to verify the return.

Due Dates for ITR Filing in Delhi

• For salaried individuals and businesses not requiring an audit: July 31 of the assessment year.
• For companies and businesses requiring an audit: October 31 of the assessment year.
• For taxpayers under the Transfer Pricing category: November 30 of the assessment year.
• Penalties for Late Filing of ITR
• Interest under Section 234A: 1% per month on the outstanding tax amount.

Late filing fee under Section 234F:

• ₹5,000 if filed after the due date but before December 31.
• ₹10,000 if filed after December 31.
• ₹1,000 for taxpayers with income below ₹5 lakh.

File Your ITR Today to Stay Compliant

Avoid last-minute hassles and penalties by filing your Income Tax Return in Delhi before the due date. Whether you are a salaried employee, a business owner, or a freelancer, timely tax filing ensures smooth financial planning and tax benefits.

For help with online ITR filing, tax savings, and refunds, contact a tax expert in Delhi today.