Individual Tax Filing

It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.

Eligibility

Individuals whose total taxable income exceeds the maximum amount that is not chargeable to tax are eligible to file individual tax in India.

Document Required

  • PAN card 

  • Bank statements

  • Form 16

  • Investment proofs

  • Rent receipts

  • TDS certificates

Benefits

  • Eligibility for Loans

  • Claiming a refund by filing an income tax return

  • It can be used for financial planning and budgeting

  • proof of income for various purposes such as visa processing, loan applications, etc.

Why Choose

Xtraserve

Best CA Service in Bangalore

Unlock Business Potential Expert Financial Solutions for your financial growth with over 1000+ satisfied clients

Professional Team

One stop solution

Customer Support

At Xtraserve, we believe in transparency and effective communication, which is why we provide regular updates on the progress of our clients’ projects and keep them informed of any changes in the financial markets that may impact their investments.

Our team of financial professionals is highly trained, knowledgeable and dedicated to providing top-notch services to our clients. We are committed to maintaining the highest ethical standards and adhering to all industry regulations.

If you’re looking for a financial services company that is dedicated to helping you achieve your financial goals, look no further than Xtraserve. Contact us today to schedule a consultation and learn more about how we can help you. With our wide range of services and convenient office locations, we are confident in our ability to provide you with the best financial solutions for your needs.

FAQ

What is the due date for individual tax filing in India?

The due date for individual tax filing in India is usually July 31st of each financial year.

Who is eligible to file individual tax in India?

Individuals whose total taxable income exceeds the maximum amount that is not chargeable to tax are eligible to file individual tax in India.

What is the minimum age limit to file individual tax in India?

There is no minimum age limit to file individual tax in India.

What documents are required to file individual tax in India?

PAN card, Bank statements, Form 16, Investment proofs, Rent receipts, TDS certificates, etc. are required to file individual tax in India.

Can NRI’s file individual tax in India?

Yes, NRI’s are required to file individual tax in India if they have any taxable income in India.

What is the penalty for not filing individual tax in India?

The penalty for not filing individual tax in India is ₹ 5,000 or the amount of tax payable, whichever is lower.

What is the procedure for e-filing individual tax in India?

The procedure for e-filing individual tax in India involves creating an account on the Income Tax Department’s e-filing website, submitting the required documents and tax return forms, and paying any tax due.

How to revise individual tax returns in India?

To revise individual tax returns in India, you must file a revised return on the Income Tax Department’s e-filing website before the due date.

What is the time limit for revising individual tax returns in India?

The time limit for revising individual tax returns in India is usually one year from the end of the financial year in which the return was filed.

What happens if I forget to declare some income while filing individual tax in India?

If you forget to declare some income while filing individual tax in India, you may be subject to penalties and interest charges.

Is it mandatory to file individual tax returns in India even if there is no taxable income?

No, it is not mandatory to file individual tax returns in India if there is no taxable income.

What is the procedure for obtaining a refund for individual tax in India?

The procedure for obtaining a refund for individual tax in India involves filing a claim with the Income Tax Department, providing the necessary proofs and following up with the department.

What is the time limit for obtaining a refund for individual tax in India?

The time limit for obtaining a refund for individual tax in India is usually one year from the end of the financial year in which the tax return was filed.

Can I file individual tax returns for previous years in India?

Yes, you can file individual tax returns for previous years in India if the due date for filing the returns has not yet passed.

What happens if I miss the due date for individual tax filing in India?

If you miss the due date for individual tax filing in India, you may be subject to penalties and interest charges, and you may also face difficulties in obtaining a loan or applying for a visa in the future.

Find us here

Registered Office

Bhubaneswar Office