Any individual whose total income exceeds the basic exemption limit set by the government, which is currently Rs. 2.5 lakhs for individuals below 60 years of age (for FY 2023-24), needs to file a salary return in India. This applies to salaried individuals, regardless of whether tax has been deducted at source (TDS) by their employer or not.

 While MyTaxPlan.in allows users to file their salary returns throughout the year, it’s advisable to file before the deadline set by the Income Tax Department, which is typically July 31st of the assessment year. Filing before the deadline ensures timely processing and compliance with regulatory requirements

Filing income tax returns in India offers several advantages, including compliance with legal requirements, eligibility for loans and visas, proof of income, and claiming tax refunds. It also helps individuals build a financial history and facilitates financial planning.

 Failure to file income tax returns can result in penalties, fines, and legal consequences. It may also lead to difficulties in obtaining loans, visas, or government-related services. Additionally, non-filing may attract scrutiny from the Income Tax Department, potentially resulting in further penalties or assessments.

Common mistakes individuals make when filing income tax returns on their own include misreporting income, overlooking eligible deductions and exemptions, failing to disclose all relevant financial information, and miscalculating tax liabilities. These errors can attract penalties and scrutiny from tax authorities.

You will typically require documents such as Form-16 (issued by your employer), PAN card, Aadhaar card, bank statements, details of investments, and any other relevant documents showing your income and deductions for the financial year.

 Once you submit your form 16 to MyTaxPlan.in, our tax experts will process the information provided and generate the necessary forms and documents and submit your return form on income tax portal. You will receive an acknowledgment of your filed return, which you must verify using Aadhaar OTP, Net Banking, or Electronic Verification Code (EVC) within the specified timeframe.

 Yes, MyTaxPlan.in offers personalized guidance and advice to taxpayers on optimizing deductions and tax planning strategies. Our team of experienced tax advisors assesses individual financial profiles and recommends the most effective ways to minimize tax liability while maximizing savings.( Note – “Tax optimization service is available at an additional cost, requiring an upgrade to your existing plan.”)

Yes, MyTaxPlan.in provides assistance in handling income tax notices, assessments, and other inquiries from the Income Tax Department. Our experienced tax advisors offer guidance, representation, and support throughout the resolution process, ensuring compliance with tax laws and minimizing any potential liabilities.( Note – “Tax notice compliance and follow-up service is offered for an additional fees.”)

 Common deductions available to individuals include those under Section 80C (such as investments in PPF, EPF, life insurance premiums), Section 80D (health insurance premiums), Section 80E (education loan interest), Section 24(b) (home loan interest), and many others. These deductions help taxpayers save on their tax outflow while promoting financial planning and investment.

 Some lesser-known deductions include those for donations to charitable organizations (Section 80G), medical treatment expenses for certain diseases (Section 80DDB), and expenses incurred on the maintenance of a disabled dependent (Section 80DD). Taxpayers should explore these deductions to maximize tax savings.

 Taxpayers should ensure that they have proper documentation and evidence to support their claims for deductions. It’s crucial to maintain records of investments, expenses, and contributions made throughout the financial year to substantiate deductions in case of scrutiny by tax authorities.

Yes, taxpayers can claim deductions for expenses incurred on their child’s education under Section 80C and Section 80E of the Income Tax Act. Tuition fees for children’s education and interest paid on education loans are eligible for deductions, subject to specified conditions.

Taxpayers should ensure that they have proper documentation and evidence to support their claims for deductions. It’s crucial to maintain records of investments, expenses, and contributions made throughout the financial year to substantiate deductions in case of scrutiny by tax authorities.

Remember, while these FAQs offer comprehensive guidance, consulting with a qualified tax advisor or CA can provide personalized assistance tailored to your specific tax situation and requirements.

 At MyTaxPlan.in, we take data security and privacy seriously. Our platform employs robust encryption protocols and follows stringent security measures to safeguard your personal and financial information. Additionally, we adhere to strict confidentiality policies to protect your privacy.

For any further assistance or support regarding salary return e-filing or tax-related queries, you can reach out to MyTaxPlan.in’s customer support team through our website’s contact form, email, or phone helpline. Our experienced tax advisors are available to address your concerns and provide expert guidance tailored to your needs.