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Income Tax Return - ITR Filing Service
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Welcome to MyDigitalFiling.in, your trusted destination for seamless and hassle-free Income Tax Return – ITR filing services. Simplify your tax filing process with our expert assistance. Let us handle the complexities while you focus on what matters most. Get started today for a stress-free tax season!
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What is Income Tax Return - ITR Filing:
An Income tax return is a return form which is used to file information about your income and taxes to the Income Tax Department. The tax liability of a assessee is calculated based on his income. In case the return shows that excess tax has been paid in the form of Advance Tax or TDS during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.Â
As per section 139 of the Income Tax Act, 1961, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a Salary, Income from letting out of house property, business / professional income, or earned through dividends, capital gains, interests or other sources.
Income Tax return have to be filed by an individual before a specified due date. If a taxpayer fails to abide by the deadline, he has to pay the penalty. For example, the due date to file Income Tax Return for the individual for an Assessment year 2024-25 is 31st July, 2024 and the due date for filing the audited return is 31st October, 2024.
Who is required to file Income Tax Return:
Under the old tax regime, individuals below 60 years of age have to file an Income Tax Return – ITR Filing if their income exceeds Rs.2.50 lakhs, and individuals above 60 years of age have to file an Income Tax Return – ITR Filing if their income is more than Rs.3.00 lakhs.
However, under the new tax regime, the basic exemption limit for individuals below the age of 60 years is Rs.3.00 lakhs.
Note:Â If you are filing ITR for A.Y. 2024-25, the basic exemption limit under the new tax regime was Rs.3.00 lakhs. This limit was increased to Rs.3 lakhs in budget 2023, which is applicable for Income tax Return – ITR filing in A.Y. 2024-25.
Comparison of Old and New Income Tax Regime
The two tax regimes currently available in India have two key differences. Firstly, under the new system, there are more tax brackets with reduced rates for incomes under Rs. 15 lakhs. The new regime does not offer most of the exemptions and common deductions like Section 80C ,Section 80CCD , Section 80D, Section 80E , etc. that taxpayers took advantage of under the old regime of taxation.
New Tax Regime Vs. Old Tax Regime Slabs and Rates for A.Y. 2024-25
| Annual Taxable Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Up to Rs.2.5 lakh | Exempt | Exempt |
| Over Rs.2.5 lakh to Rs.3 lakh | Exempt | 5% |
| Over Rs.3 lakh to Rs. 5 lakh | 5% | 5% |
| Over Rs.5 lakh to Rs.6 lakh | 5% | 20% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% | 20% |
| Over Rs.9 lakh to Rs.10 lakh | 15% | 20% |
| Over Rs.10 lakh to Rs.12 lakh | 15% | 30% |
| Over Rs.12 lakh to Rs.15 lakh | 20% | 30% |
| Above Rs.15 lakh | 30% | 30% |
| Annual Taxable Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Up to Rs.3 lakh | Exempt | Exempt |
| Over Rs.3 lakh to Rs. 5 lakh | 5% | 5% |
| Over Rs.5 lakh to Rs.6 lakh | 5% | 20% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% | 20% |
| Over Rs.9 lakh to Rs.10 lakh | 15% | 20% |
| Over Rs.10 lakh to Rs.12 lakh | 15% | 30% |
| Over Rs.12 lakh to Rs.15 lakh | 20% | 30% |
| Above Rs.15 lakh | 30% | 30% |
| Annual Taxable Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Up to Rs.3 lakh | Exempt | Exempt |
| Over Rs.3 lakh to Rs. 5 lakh | 5% | Exempt |
| Over Rs.5 lakh to Rs.6 lakh | 5% | 20% |
| Over Rs.9 lakh to Rs.10 lakh | 15% | 20% |
| Over Rs.6 lakh to Rs.9 lakh | 10% | 20% |
| Over Rs.10 lakh to Rs.12 lakh | 15% | 30% |
| Over Rs.12 lakh to Rs.15 lakh | 20% | 30% |
| Above Rs.15 lakh | 30% | 30% |
Penalties for non-filing income tax return:
Under section 271F, the Assessing Officer may levy a penalty of Rs 5,000 when you have not filed your return. (applicable until F.Y. 2016-17).
From F.Y. 2017-18 onwards, penalties for non-filing an income tax return are as follows:
a. A penalty of Rs 5,000 is applicable if the return for F.Y. 2018-19 is filed after the due date (31 August 2019) but by 31 December 2019.
b. A penalty of Rs 10,000 is applicable if the return for F.Y. 2018-19 is filed after 31 December 2019 but by 31 March 2020.
Note: Penalty is limited to Rs 1,000 for those with income up to Rs 5 lakhs. These provisions are covered under a new Section 234F.
Our Process Income Tax Return - ITR Filing
Step - 1
Choose your package and fill the form online and pay the fees @ www.mydigitalfiling.in.
Step - 2
Consult from expert after payment of fees and provide the documents required by experts.
Step - 3
After receiving all the documents from your side, our expert will prepare your ITR.
Step - 4
After preparation of return, our expert will send you the computation for your approval.
Step - 5
After Finalization of Computation, Pay the required taxes online. Our expert will help you in the same.
Step - 6
After payment of required taxes, our expert will upload the return online.
Step - 7
After uploading of return, our expert will e-verify your return through online mode.
Step - 8
After e-verified your return, our expert will mailed you the copy of ITR and computation of Income.
Our Pricing
Simple Package
Income Tax Filing-
Income from Salary
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Income from House Property
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Income from Other Sources
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Free Consultancy
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Due Dates Reminder
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E-verify ITR
Advanced Package
Income Tax Filing-
All from Simple Package
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Income from Capital Gain
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Income from Presumptive Business
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Free Consultancy
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Due Dates Reminder
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E-verify ITR
Premium Package
Income Tax Filing-
All from Advanced Package
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Income from all Business
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Audit ITR
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Free Consultancy
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Due Dates Reminder
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E-verify ITR with your DSC
FAQs on Income Tax Return - ITR Filing
Yes you can consult before making any payment from our experts.
No, You have to select premium pack. Basic pack is basically designed for the purpose of salaried employees who want to file their return from Form-16. You can also contact from our expert for better understanding.
Once you file an income tax return, Refund will be issued by Income tax Department directly to the assessee bank account after processing of ITR.
Yes, Our expert will be able to prepare / file your return after you provide the login credentials to our expert. Your login credentials is safe with our expert and your data will never be shared with anyone.
Assessee having any income other than or in addition to salary than the assessee can choose premium package. In Premium package, all types of return have been filed including audited returns.
Yes, our expert will do the same for you. In this case, we need you DSC and therefore, Our expert will help you through remote system.
No, we shall never change the login credentials of the assessee. If for any reason, our expert need to change the same than our expert do the same with the prior approval of the assessee and also new login credentials will be shared to the assessee.
Our expert will tell you about your tax liability and after approval from your side, they will ask you about the payment of tax. We can also pay the tax online and you will reimburse us or we can also provide the self assessment tax challan for payment through bank.
