Income Tax Return (ITR) is a form that individuals and businesses need to file with the Income Tax Department to report their income and pay taxes. Filing an ITR is a legal obligation for anyone who earns above the prescribed income threshold in a financial year. ITR filing helps you disclose your income, claim eligible deductions, and determine the amount of tax payable.

For the financial year 2024-25, it is important to file your ITR on time to avoid penalties and ensure compliance with tax laws. StyleMyCatalog offers a simplified process to file your ITR online with ease.

• Legal Compliance: Filing your ITR ensures you comply with Indian tax laws and avoid penalties for non-filing.
• Claim Deductions: You can claim tax deductions on investments, insurance premiums, education loans, and more, reducing your taxable income.
• Loan Applications: ITR filing is often required for processing loans (home loan, personal loan, etc.) and visas.
• Carry Forward Losses: If you incur losses in a financial year, filing ITR allows you to carry forward the losses to subsequent years.
• Tax Refund: If you have paid excess taxes, filing ITR ensures you get a refund from the Income Tax Department.

The process of filing ITR online for FY 2024-25 is simple and can be completed in a few steps:

• Step 1: Gather Your Documents: Collect documents such as your PAN card, Aadhaar card, Form 16 (if salaried), bank statements, details of other income, deductions, and tax payments.
• Step 2: Choose the Correct ITR Form: Based on your income sources and category (individual, business, etc.), select the appropriate ITR form (ITR-1, ITR-2, etc.).
• Step 3: Fill in the Form: Enter all the required details in the form, including income, deductions, and taxes paid. You can do this manually or use an online portal for assistance.
• Step 4: Verify Your Information: Double-check the entered details for accuracy to avoid discrepancies during processing.
• Step 5: Submit the ITR Form: Submit your completed form electronically. If applicable, use a Digital Signature Certificate (DSC) or EVC (Electronic Verification Code) to authenticate your return.
• Step 6: Tax Payment (if any): If there’s any tax due, make the payment online using the available methods.
• Step 7: Confirmation: After successful submission, you will receive an acknowledgment from the Income Tax Department. You can also track the status of your ITR submission on the official portal.

• ITR-1 (Sahaj): For individuals earning income from salary, pension, or one house property, and income from other sources.
• ITR-2: For individuals and Hindu Undivided Families (HUFs) having income from more than one house property, capital gains, or foreign assets.
• ITR-3: For individuals or HUFs having income from a business or profession.
• ITR-4 (Sugam): For individuals, HUFs, and firms opting for the presumptive taxation scheme.
• ITR-5: For firms, LLPs, associations of persons (AOP), and others.
• ITR-6: For companies other than companies claiming exemption under section 11 (charitable or religious trusts).
• ITR-7: For trusts, political parties, and similar organizations filing under specific sections of the Income Tax Act.

• Easy Process: We simplify the ITR filing process for you with step-by-step guidance and support.
• Expert Assistance: Our tax professionals ensure that your ITR is filed correctly, claiming all possible deductions and avoiding errors.
• Timely Filing: We ensure your ITR is filed before the deadline, avoiding penalties and interest charges.
• Secure & Confidential: We maintain the highest levels of security and confidentiality for your personal and financial information.
• Affordable Rates: Get expert ITR filing services at affordable prices, ensuring maximum tax benefits.