Why Filing Ahead is a Wise Choice?

Uncover the Benefits of Early ITR Filing

Avoid Last Minute Stress

Faster Refunds

Error Free Submissions

Avoid Panelties

Quicker Loan Approvals

Early filing ensures a smooth, stress-free process.

Receive your tax refunds sooner by filing ahead of time.

Filing early reduces the risk of missing deadlines and incurring fines.

More time to review and correct any mistakes, minimizing errors.

Timely ITR receipts can help in faster processing of loans and financial services.

Frequently asked questions

Q2: What are the different ITR forms and how do I choose the right one?

ITR-1 to ITR-7 forms cater to different types of taxpayers. Choosing depends on income source, business activity, and entity type. Filing 4U helps identify the correct form.

Q3: What is the deadline for ITR filing?

Generally, July 31st for individuals and September 30th for businesses/auditable cases (subject to government extension).

Q4: What if I miss the ITR deadline?

You can file a belated return with a penalty. However, losses cannot be carried forward and refunds may be delayed.

Can I revise my ITR after filing?

Yes, a revised return can be filed before the end of the relevant assessment year or before the assessment is completed.

Q1: Who is required to file an Income Tax Return (ITR)?

Anyone whose income exceeds the basic exemption limit must file ITR. It’s also advisable for those with foreign income, assets, or claiming tax refunds.

Q6: What is TDS and who needs to deduct it?

TDS (Tax Deducted at Source) is deducted by individuals or entities making specific payments like salary, rent, contract payments, etc.

Q7: How often should TDS returns be filed?

Quarterly – Form 24Q (salaries), 26Q (non-salary), 27Q (non-resident payments), etc.

Q8: What are the due dates for TDS filing?

15th of the month following the end of each quarter. E.g., April–June quarter filing due on July 15th.

Q9: What are the consequences of late TDS return filing?

A fee of ₹200/day under Section 234E and penalty up to ₹1,00,000 under Section 271H.

Q10: Can Filing 4U help in TDS return correction?

Absolutely. We handle rectification of incorrect PANs, challan details, or deducted amounts.

Q11. Why is tax planning important?

It helps minimize your tax liability legally, ensures compliance, and enables better financial decisions.

Q12: What tax-saving investments are available under Section 80C?

Options include PPF, EPF, ELSS mutual funds, life insurance, NSC, 5-year FD, and home loan principal repayment.

Q13: Is tax planning relevant for salaried individuals only?

Not at all. Business owners, freelancers, professionals, and even senior citizens can benefit from tailored tax planning.

Q14: How does Filing 4U’s tax advisory work?

We analyze your income streams, expenses, and goals to create a personalized, compliant, and efficient tax-saving plan.

Q15: What are short-term and long-term capital gains?

STCG applies to assets held for less than a year (for shares) or two years (for real estate). LTCG applies beyond that with different tax rates.

Q16: Can capital gains be set off against capital losses?

Yes, short-term losses can be set off against both STCG and LTCG, while long-term losses can only be set off against LTCG.

Q17: What exemptions are available on capital gains?

Sections 54 (residential property), 54F (other assets), 54EC (bonds) offer various exemptions.

Q18: How does Filing 4U help in calculating capital gains tax?

We assist in accurate computation including indexation benefits, exemptions, and tax-saving options.

Let's Get Started

Get expert accounting & compliance support—reach out to us today!

Phone

+91 79809 84206

Email

info@filing4u.com