Why choose Karauli to file ITR?
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Ease of access:
Karauli is well-connected by road and rail networks, making it easy to reach for taxpayers from nearby towns and cities. This means that you can file your ITR in Karauli without having to travel long distances.
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2
Efficient tax administration:
The tax administration in Karauli is known for its efficiency and responsiveness. Taxpayers who file their ITR in Karauli can expect a smooth and hassle-free process.
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3
Low cost of living:
Compared to larger cities, the cost of living in Karauli is relatively low. This means that you can save money on travel, accommodation, and other expenses associated with filing your ITR.
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4
Personal attention:
In larger cities, tax officials may be overburdened with the sheer number of taxpayers they have to deal with. In contrast, tax officials in Karauli may be able to provide more personalized attention to each taxpayer, leading to a more satisfactory experience.
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5
Peaceful environment:
Karauli is a small town with a peaceful and relaxed atmosphere. Filing your ITR in Karauli can be a refreshing break from the hustle and bustle of city life, allowing you to focus on your tax affairs without distractions.
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6
Tourist attractions:
Karauli is also home to several tourist attractions, including the City Palace, Kaila Devi Temple, and Bhanwar Vilas Palace. Filing your ITR in Karauli can be an opportunity to explore these sites and enjoy some downtime.
Documents required for Income Tax Return Filing in Karauli
It is important to understand the documents and details required to file ITR to ensure that the process goes smoothly. The following documents are required for filing ITR in Karauli:
- PAN card
- AADHAR Card
- Complete account statement/bank passbook for the financial year
- Income tax credentials Login
- Form 16
- Real estate purchase and sale agreement
- Demat account statement for mutual fund returns
- Home loan statement
- Account books maintained by Sales Ledger, Purchase Ledger, Expense Voucher, Complete Bank Statements, Stock Ledger, Fixed Asset Ledger, Audit Report
- TDS return
- GST return
- Fixed deposit interest certificate
- Receipt of LIC Premium
- Receipt of Tuition fee
- Certificate of premium for health insurance
- Donation receipt
- PF/ESI passbook
Procedure for Income Tax Return Filing in Karauli
The procedure to follow for filing ITR is-
- Complete a simple questionnaire provided by our team.
- Provide us with all the necessary documents as mentioned above.
- We will analyze all the details and after verification from the client, we will file your tax return before the due date and protect you from any penalty.
- After completing the income tax return, we will inform you further and also provide you with the computation and return form.
Types of ITR Forms/Income Tax Return Forms
Filing taxes in India can be a daunting task, especially for those who are not familiar with the various ITR forms. We’ll discuss each form and how to choose the right one for your specific needs.
ITR-1 OR SAHAJ
This form is for residents of India with a salary up to Rs. 50 lakhs, income, property, and farming pay up to Rs. 5000, not for those with resources outside India, directors, unlisted securities, or other sources.
ITR-2
ITR 2 is for Individuals and HUFs who do not have business income
ITR-3
ITR 3 is meant for individuals and HUFs with business income.
ITR-4 or Sugam
ITR 4 applies to residents with up to Rs. 50 Lacs income, not maintaining books of account, and wanting to pay tax on the deemed basis under the Income Tax Act, 1961, excluding outsiders
ITR-4 or Sugam
ITR 4 applies to residents with up to Rs. 50 Lacs income, not maintaining books of account, and wanting to pay tax on the deemed basis under the Income Tax Act, 1961, excluding outsiders
ITR 5
This form is meant for persons other than individuals, HUF, companies, and persons filing returns in the ITR 7 form.
ITR-6
This form is for companies other than organizations exempted under Section 11 of the Income Tax Act, 1961.
What is the penalty for failure to pay income tax?
As per Section 234F of the Income Tax Act, late filing fees will be charged from FY 2023-24. If you file your IT return after the due date but before December 31 of the assessment year, you will have to pay a late penalty of ₹5,000. In case you pay after 31st December of this AY, the penalty will be ₹10,000. However, the late fee would not exceed ₹1000 if your income does not exceed ₹5000.
