Demystifying ITR Filing in Delhi: Simple Steps for a Smooth Process (2024)

Insights by CA Adda - Income Tax Return Filing Tax Consultant in Delhi

Are you a resident of Delhi facing the annual puzzle of Income Tax Return (ITR) filing? Fear not! This guide by CA ADDA, Delhi's leading taxation experts (ITR Filing Tax Consulatnt in Delhi), unravels the complexities and empowers you to navigate the process with confidence.

Who Needs to File an ITR in Delhi?

Not everyone in Delhi needs to file an ITR. Here's a quick check to see if it applies to you:

• Salaried Individuals: If your total income surpasses the taxable limit (as per the latest budget), filing an ITR is mandatory.
• Business Owners/Freelancers: Business owners and freelancers with a net income exceeding the exemption limit must file an ITR.
• Individuals with Multiple Income Sources: If you have income from various sources like salary, rental income, capital gains etc., filing an ITR is recommended for claiming deductions and avoiding discrepancies.

Essential Documents for ITR Filing in Delhi:

Before diving in, ensure you have these documents at hand:

• Form 16 (provided by your employer)
• Form 26AS (contains your tax credit details)
• Bank account statements reflecting your income and tax deductions
• Investment proofs (if applicable)
• Property documents (if applicable)

The Simplified ITR Filing Process in Delhi:

The Income Tax Department offers a convenient online portal for filing. Here's a breakdown of the steps:

• Register/Login: Visit the Income Tax Department's e-filing portal (https://www.incometax.gov.in/iec/foportal/) and register if you're new. Existing users can log in with their credentials.
• Select the ITR Form: Choose the ITR form applicable to your income category. Most salaried individuals in Delhi will likely use ITR-2.
• Fill in the Information: Carefully enter your income details from various sources, deductions claimed, and tax payments made. Utilize pre-filled information from Form 26AS for accuracy.
• Review and Submit: Double-check all entered data for errors. Once satisfied, submit your ITR electronically.
• Verification: You'll receive an acknowledgment email with an ITR-V form. Verify your ITR by physically sending the ITR-V form signed across a stamp paper or electronically using a digital signature.

Key Dates to Remember:

Due Date for ITR Filing (Assessment Year 2024-25): July 31, 2024 (Avoid late filing penalties!)

Benefits of Filing Your ITR in Delhi:

Filing your ITR on time offers numerous advantages:

• Claim Tax Refunds: If you've paid excess taxes, filing an ITR allows you to claim a refund.
• Loan Applications: A filed ITR serves as income proof, smoothening the loan application process.
• Visa Applications: ITR records can be crucial for visa applications.
• Building Credit History: Regular ITR filing helps establish a positive credit history.

Seek Professional Help for a Stress-Free ITR Filing Experience:

While the ITR filing process can be managed independently, complex situations might benefit from consulting a qualified Chartered Accountant (CA). CA ADDA, a prominent Delhi-based CA firm (ITR Filing in Delhi - CA ADA), boasts a team of experienced professionals who can guide you through the intricacies of tax filing, ensuring an error-free and optimized return.

Filing your Income Tax Return in Delhi doesn't have to be a daunting task. By following this guide and seeking professional assistance if needed, you can ensure a smooth and compliant ITR filing experience. Remember, CA ADDA is here to support you every step of the way. Contact us today for expert guidance on your ITR filing needs!