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Online ITR Filing for an Income of More Than 50 Lakhs

Online ITR Filing

Do you have an income of more than 50 Lakhs? It can be difficult for such taxpayers to file Income Tax Return. But we all know that online ITR Filing is a must for everyone, specifically the taxpayers with such a high income. So, you can make the process of ITR Filing hassle-free & straightforward by having the correct information & a step-by-step approach. However, you have to file your ITR precisely & timely so that you can avoid any legal issues. In this blog, we will explain how you can file your ITR if your annual income is more than 50 Lakhs. 

Understand the Basics of Online ITR Filing

Before moving ahead, you should have a clear understanding of filing ITR online. Let’s have a look-

Online ITR Filing

Income tax Returns are a self-declaration form that the public uses to declare income. On the other hand, ITR Filing is the process by which taxpayers can report their income, deductions, and credits to the government. Tax authorities use this information to calculate the amount of tax payable or the refund due.  

Importance of Online ITR Filing

  • Claim Tax Refunds
  • Avoid Scrutiny
  • Loan Approval & Financial Transactions 
  • Compliance with Law
  • Social & Financial Responsibility
  • Carry Forward Losses
  • Quick Visa Processing

Correct ITR Form for Online ITR Filing for an Income of More Than 50 Lakhs

If your annual income is more than 50 Lakhs and you are confused about which ITR form you should use, don’t worry! In this section of the blog, we will explain you about which ITR Form is best for you-

  • Individuals & HUFs, i.e. Hindu Undivided Families with an annual income of more than 50 Lakhs and do not have income from business or profession, must have to file ITR 2.
  • On the other hand, if individuals & HUFs, i.e. Hindu Undivided Family, have an income of more than 50 Lakhs from the business or profession, then they need to file ITR 3.

If you need clarification about the right ITR Form, you can seek guidance from ITR Filing Consultants.  

Online ITR Filing Last Date

The Income Tax Return Last Date to file ITR 2 & ITR 3 for FY 2023-24 will be 31st July 2024. However, for the taxpayers who have been required to conduct an income tax audit and have business income, ITR Filing last date will be 31st October 2024. This date will remain as it is until the government has extended it.

Process of Online ITR Filing for an Income of More Than 50 Lakhs 

It can be stressful for the taxpayers with an income of more than 50 Lakhs. Here, in this section, we provide you with a comprehensive guide to the step-by-step process of Income Tax Return Filing. The procedure for filing an ITR is as given below-

  • Step 1: Official website of e-filing

Firstly, you have to visit the official website of the e-filing Portal for income tax returns.

  • Step 2: Register/ login to the e-Filing Portal

After that, you have to register/login to the e-filing Portal. If you are a first-time user, you have to register yourself. And if you are a repeat user, you have to log in to the website-

  • You have to enter your PAN as your user ID and then click ‘Continue’.
  • You have to check the security message given in the tick box.
  • Then, you have to enter your password & click on the ‘Continue’ button.

 

  • Step 3: Select the option of ‘File Income Tax Returns’

After logging in, you will see the e-file menu on the menu bar. When you click on the e–file menu, you will get the option ‘Income Tax Returns.’ On clicking this, you will see the option of ‘File Income Tax Return, ‘ and you have to click on that option.

  • Step 4: Select the assessment year

Then, you will be redirected to the page of Income Tax return where you have to select the ‘assessment year’ and the ‘mode of filing’ for which you wish to file the income tax return and then you have to click on ‘Continue’.

  • Step 5: Select the status

Then, you need to select the status of filing ITR among Individual, HUF or other and click on ‘Continue’.

  • Step 6: Select the Appropriate ITR Form 

After that, you have to choose the correct ITR Form among ITR 2 & ITR 3 as per your financial situation to proceed and then fill the form with all the required details, including Personal Information, Gross Total Income, Total Deductions, Tax Paid, Total Tax Liability, etc.

  • Step 7: Reason for filing ITR

Then, you have to choose the reason for filing the ITR. You can select the correct option among the given options that have been applicable to your situation-

  • Taxable income is more than the basic exemption limit.
  • Meets specific criteria & compulsory requirement of filing the ITR
  • Others

  • Step 8: Submit bank account details & other information

After that, you have to add your bank details. If it has already been submitted, then you have to make sure that it has been pre-validated. You have to review the correctness of pre-filled information that has appeared on the new page.

  • Step 9: Tax Computation summary

Your screen will display the summary of the tax computation according to your given information, and you will get to know if you have to pay any tax or if you are eligible for a tax refund. Then, you have to enter the place of your residence to preview and submit your ITR.

  • Step 10: e-verification of ITR

E- Verification of ITR is the most crucial step. Your income tax return will be completed once you verify it. You have the option to e-verify the ITR via Aadhaar OTP and Net banking EVC, i.e., Electronic Verification Code, or by sending a physical copy of the ITR to CPC Bengaluru.

  • Step 11: Submission of ITR

At last, you have to click on the ‘Submit’ button to submit your ITR. After submission, you will get the acknowledgement from the Income Tax department via the email address you provided.

These are the steps involved in the process of online ITR Filing. To understand the process of ITR filing, you can seek the expert guidance of ITR Filing consultants or can search “CA Near Me for ITR Filing” to make the process of filing ITR more convenient for you.

Key Considerations of Online ITR Filing for High-Income Earners

Here are some important points that you should remember while filing ITR (if your annual income exceeds Rs. 50 Lakhs). You can also seek the expert guidance of ITR Filing Consultants like Legal Pillers. Here are the key considerations-

Additional Disclosure Requirements

For individuals & HUFs (Hindu Undivided Families) who have an income of more than Rs. 50 Lakhs, it will be mandatory to fulfil the additional disclosure requirements-

Schedule AL (Assets & Liabilities)

High-income earners must have to disclose their assets & liabilities at the end of the financial year. It includes the following-

  • Movable Property, including vehicles, jewellery & financial assets
  • Immovable Property, including land, buildings and more.
  • Liabilities including Loan

Advance Tax Payments 

Individuals with an income of more than 50 Lakhs must have to pay the advance tax in four instalments.

Nature of Compliance Total Tax to be Paid Due Dates (for FY 2024-25)
First Installment  15% of total Tax Liability  June 15th, 2024
Second Installment 45% of total Tax Liability September 15th, 2024
Third Installment 75% of total Tax Liability December 15th, 2024
Fourth Installment 100% of total Tax Liability March 15th, 2025
Presumptive Scheme 100% of total Tax Liability March 15th, 2025

Interest on Late Payment

You should make sure about the payment of advance tax on time in order to avoid the penalties & interest for the underpayment or late payment of taxes.

Tax Saving Strategies

It will be better to use the available tax-saving strategies, including deductions & exemptions, in order to minimize your tax liability. Some of the primary deductions are-

  • Section 80C: Investment in PPF, NSC, ELSS, etc.
  • Section 80D: Medical Insurance Premiums
  • Section 24(b): Interest on Housing Loan
  • Section 80G: Donations to Charitable Institutions

Remember, these are some of the significant deductions. There are also many more deductions & exemptions available in the box.

Why Legal Pillers for Online ITR Filing for an Income of more than 50 Lakhs?

Among the numerous options available in today’s dynamic market, Legal Pillers stands as the premier choice for taxpayers with an income of more than 50 Lakhs. Here, in this section of the blog, we will tell you the reasons why Legal Pillers is best for Income Tax Return Filing. You can utilize our expertise by searching “CA near me for ITR Filing”. Here are the reasons-

  • Maximize Tax Refunds

Legal Pillers will help you in maximizing your tax refunds. Our professional team of experts will tell you about all the possible ways to reduce your tax liability.

  • Minimize Stress

With Legal Pillers, you will have peace of mind. Our team is there to handle everything and reduce your stress; you stay relaxed.

  • Secure and Reliable

Sometimes, people think that online platforms are not secure. Legal Pillers has a completely secure & reliable online platform, as your privacy is our priority. You can stay calm, making sure that your sensitive information is in safe hands.

  • Save Time and Effort

Our dedicated team of professionals has exceptional expertise in filing ITR. Our top-notch services will save you time and effort so that you can focus on growing your business.

These are some of the reasons why you should choose Legal Pillers for filing ITR if you are a high earner. Legal Pillers has a dedicated team of experts who are always ready to help you at every step.

Conclusion

If you have an annual income of more than Rs. 50 Lakhs, then it requires careful attention to the details and also sticks to the specific requirements to file Income Tax Return. You can make sure of a smooth & precise filing process by following the above-mentioned step-by-step guide to highlight them. If you file your ITR correctly and on time, you will not just stay compliant with tax laws but can also take measures for proper financial planning & growth. 

You can also seek the goodness & expertise of the professionals of Legal Pillers. We have a dedicated team of experts who provide the best service for filing ITR through the process. You can get the best ITR Filing services at your fingertips. So, what are you waiting for? We will always be there to help you throughout the process of hassle-free ITR Filing. Connect with us right now. 

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