Are You Ready to File Your Income Tax Return?

Let the Tax ladder team simplify the process for you.

Please Identify Your Sources of Income

• Income from Salary
• Income from House Property
• Business/Profession
• Capital Gains
• Notice Response
• Cryptocurrency Earnings
• Futures & Options Trading
• NRI Tax Return

Important Dates

• Filing Deadline: 31-07-2025
• NRI Return: By 31-07-2025
• Belated Return: 31-12-2025
• Tax Audit Return: By 30-09-2025
• Companies Return: By 30-09-2025
• Revised Return: 31-03-2025
• Rectification Return: As specified in the assessment order
• Updated Return: Within 24 months from the end of the relevant assessment year

Important Information

• After the deadline, returns must be filed under the new regime.
• A ₹5,000 filing fee applies for belated returns submitted before the end of December 2024. This increases to ₹10,000 thereafter. However, if total income is below ₹5,00,000, the penalty is limited to ₹1,000.

Stay Vigilant Against Tax Refund Scams! Ensure you have sufficient documentation for any refund claims to avoid scrutiny under section 133(6) of the Income Tax Act.

Filing Income Tax Returns: Why It Matters

• Legal Compliance: Avoid penalties by meeting legal obligations.
• Claim Tax Refund: Essential for retrieving excess tax payments.
• Loan Approval: Facilitates faster processing of various loans.
• Visa Processing: Often required by embassies for assessing financial health.
• Carry Forward Losses: Enables setting off future income to reduce tax liability.
• High-Value Transactions: Necessary for large-scale financial activities.
• Government Tender: Proves financial reliability and compliance.
• For Self-Employed: Acts as a critical proof of income and tax compliance.
• Avoid Penalties: Prevents hefty fines associated with late filing.
• Credit Card Processing: Can influence credit card applications.

Consequences of Not Filing on Time

• Penalties: Fines up to ₹10,000 for late filing under Section 234F.
• Interest on Due Taxes: Charged at 1% per month on unpaid taxes.
• Unable to Carry Forward Losses: Loss of potential tax relief in future years.
• Delayed Refunds: Slows down the process of getting tax refunds.
• Loan and Credit Restrictions: Affects eligibility for financial services.
• Visa Complications: May impede travel or migration plans.
• Legal Risks: Potential for legal action from the Income Tax Department.
• Government Tender Issues: May affect eligibility and success in tenders.
• Credit Score Impact: Indirect effects on financial reputation.

File your tax returns by the due date to ensure peace of mind and maintain your financial health!