E-Filing of income tax returns in India refers to the electronic filing of income tax returns through the official website of the Income Tax Department of India. It allows taxpayers to file their returns online, eliminating the need for physical paperwork and reducing the processing time. TaxGullak specializes in assisting individuals and businesses with e-Filing of income tax returns, ensuring accurate and timely submission. Our experienced tax professionals guide clients through the process, helping them to maximize deductions and credits while staying compliant with the latest tax laws and regulations.

We prioritize security and confidentiality, safeguarding our clients' sensitive financial information throughout the e-Filing process.

You are required to file an income tax return once your annual income exceeds Rs 2.5 lakh. A deduction of TDS does not replace the requirement to file ITR. While e-filing your ITR, you should furnish the details of your annual income, claim deductions and credit for TDS deducted by your employer.

You can claim an income tax refund by e-filing your income tax return. An e-filing enables you to claim credit for excess TDS paid and a tax refund.

At TaxGullak, we take the security and privacy of your data very seriously. We utilize the latest encryption and security protocols to ensure that your personal and financial information is protected at all times. Our team is trained to handle sensitive data with the utmost care, and we have strict internal policies and controls in place to safeguard against unauthorized access or data breaches. Additionally, we comply with all relevant privacy and data protection laws to further ensure the security of your information. When you choose TaxGullak for your tax preparation needs, you can trust that your data is in safe and capable hands.

Income Tax online filing is a simple process and can be done by sitting at home with TaxGullak. Select a plan and complete the checkout process. Now Sit back and relax. Our experienced tax professionals will guide you through the process, ensuring accurate and timely submissions. With our secure online platform, you can easily upload your documents, communicate with our team, and review your tax return before filing. We prioritize accuracy and maximize your deductions to ensure you receive the best possible outcome in quick time. Our goal is to streamline the tax filing process and provide peace of mind to our clients.

If a taxpayer fails to file their Income Tax Return (ITR) by the due date, they may be liable to pay penalties and interest. The penalties for non-filing or late-filing of ITR in India are as follows:

1. Late filing fee: If a taxpayer fails to file their ITR by the due date, they may be liable to pay a late filing fee of up to Rs. 10,000, depending on the delay in filing. The late filing fee for belated ITR, i.e., ITR filed after the due date but before December 31st of the relevant assessment year, is Rs. 5,000. For returns filed after December 31st, the late filing fee increases to Rs. 10,000.

2. Interest on tax liability: If a taxpayer has any outstanding tax liability, interest will be charged on the amount due from the due date of filing until the date of payment. The interest rate is currently 1% per month, calculated from the due date of filing until the date of payment.

3. Loss of certain benefits: If a taxpayer files a belated return, they may lose certain benefits, such as the right to carry forward losses, etc. And in case of failure to file ITR at all, they will not be able to claim TDS refunds, if any.

4. Prosecution: In case of a willful failure to file ITR, the taxpayer may be subject to prosecution under Section 276CC of the Income Tax Act, which can result in imprisonment and/or fine.

Once you are done with e-filing of income tax return, you must:-

• Check your inbox for the provided email id. You will receive an intimation for successfully filing your Income Tax Return and ITR-V (Acknowledgement) attached to the email.

• With a new notification, a revised ITR can only be filed if your original ITR is verified.

• Cross Check all figures thoroughly in your filled ITR form or ITR-V for errors, mistakes, etc.

• Verify the income tax return within 30 days of filing, as Income Tax Return is processed only when ITR is verified. If you fail to verify the return, it will not be considered filed or processed by the Department. You will lose out on income tax refund (if any), etc. Also, you will have to file a new return from the beginning. Read more here.

• If you have a refund in your tax return, you shall receive the same in your bank account within the next few days. It is better to keep tracking your refund status so that you get all the important updates from the department. You can keep checking the refund status from here.

Note: Verifying ITR is an important step. The Income Tax Department will not process your filed Income Tax return unless it is verified . The time limit for verification of Filed Income Tax returns is 30 days. Previously this time limit was 120 days. This new rule is applicable for returns filed on or after 1st August 2022. If you have not verified your tax return, it shall be considered “Invalid,” i.e., null and void. It means that no Income Tax Return has been filed at all.

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