Income Tax Return Filing in Delhi: A Complete Guide (2024)

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

Are you a resident of Delhi scrambling to file your Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25)? You're not alone! Filing ITRs can be a complex process, but fret not! This comprehensive guide by CA ADDA, Delhi's leading taxation experts - (ITR Filing Tax Consulatnt in Delhi), will equip you with all the essential information to navigate the process smoothly.

Who Needs to File an ITR in Delhi?

Not everyone in Delhi needs to file an ITR. Here's a quick rundown to see if you fall under the obligation:

• 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.

Key Documents Required for ITR Filing in Delhi:

Before diving into the filing process, ensure you have the following documents readily available:

• 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 ITR Filing Process in Delhi:

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

• Register/Login: Visit the Income Tax Department's e-filing portal (https://www.incometax.gov.in/iec/foportal/) and register if you're a new user. Existing users can log in with their credentials.
• Select the Appropriate ITR Form: Choose the ITR form applicable to your income category. Most salaried individuals in Delhi will likely use ITR-2.
• Fill in the Required 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 information 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.

Important Dates to Remember:

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

Seeking Professional Help for ITR Filing in Delhi:

While the ITR filing process can be managed independently, it's always recommended to consult a qualified Chartered Accountant (CA) for complex situations. CA ADDA, a prominent Delhi-based CA firm (ITR Filing in Delhi - CA ADDA, boasts a team of experienced professionals who can guide you through the intricacies of tax filing, ensuring an error-free and optimized return.

Benefits of Filing Your ITR in Delhi:

Timely ITR filing offers numerous advantages, including:

• Claiming 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.

Conclusion:

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!