Income Tax Return (ITR)

Income Tax Return For TSCT

At ITR Mantra, we ease the tax burden for each person when it comes to tax filing. Our newest partnership allows us to provide exclusive Income Tax Return (ITR) services to all Teacher Self Care Team (TSCT) members, and we could not be more excited. This partnership is aimed at easing the tax burden for teachers and providing them the assistance that they deserve to focus on their passion: teaching.

Get Your Cibil Report


What is CIBIL Report Importance for TSCT Teachers?

1. Loan Approval Decision

Banks and NBFCs use your CIBIL report to evaluate your creditworthiness before approving loans or credit cards.

2. Interest Rate Determination

A high CIBIL score can help you get loans at lower interest rates, saving money in the long run.

3. Financial Reputation

Your CIBIL report reflects how responsibly you manage credit, which builds trust with lenders and financial institutions.

4. Faster Credit Processing

A good credit report can speed up the verification and approval process for loans, credit cards, and even rental agreements.



What are the Components of CIBIL Report?

1. Credit Score:

Numerical assessment of an individual’s ability to repay a loan, servicing it, or borrowing from financial institutions. It ranges from 300 to 900.

2. Credit History:

Comprehensive outline of each of your credit accounts whether it is a loan or a credit card and how well your repayments were executed.

3. Credit Utilization:

llustrates the portion of your total available credit that is being used, reflecting your fiscal responsibility.

4. Recent Credit Inquiries:

None of the above credit records are older than 6 months and can affect scores positively or negatively.



How to Get your CIBIL report?

1. Register now through ITR Mantra App and request your CIBIL report.
2. Click On Cibil Report Option .
3. They will provide your cibil report.
4. Also our Experts on call will assist with the report interpretations and offer advice on increasing the score.

ITR Mantra is ready to assist the TSCT teachers not only in the tax filing process but in securing a more financially stable future as well. With the help of our CIBIL Report Service, we guarantee that you will be able to make well-informed decisions concerning your finances.

Download App
Read in Hindi

ITR Mantra APP Reviews

Frequently Asked Questions

उत्तर: A CIBIL Report is a detailed credit report issued by TransUnion CIBIL that contains your credit history, loan accounts, repayment behavior, and credit score. It helps lenders assess your creditworthiness before approving loans or credit cards.

उत्तर: You can check your CIBIL Report by visiting the itr mantra and completing a free annual check or by purchasing a subscription for regular updates.

उत्तर: A CIBIL score ranges from 300 to 900. A score above 750 is generally considered good and increases your chances of loan approval with better interest rates.

उत्तर: No, checking your own credit report is called a “soft inquiry” and does not affect your credit score in any way.

उत्तर: Your score may be affected by factors like high credit utilization, multiple loan inquiries, old unpaid accounts, or errors in your report. It's important to review your report regularly to spot and correct inaccuracies.

उत्तर: Pay EMIs and credit card bills on time, maintain a low credit utilization ratio, avoid multiple loan applications at once, and regularly monitor your credit report for accuracy.
Team Expert

Meet Our Advisory Team

Experienced professionals ensuring accuracy, compliance, and seamless tax solutions

kartikya Tiwari
Director
Indrani Sharma
CEO
Gaurav Pandey
Manager
Bhaswati Dutta
Team Leader
Ankit
Relationship Manager
Dilip Kumar
Relationship Manager
Harish
Relationship Manager
Harsh
Relationship Manager
Vinay Mishra
Relationship Manager
Atul
Relationship Manager
What is the ITR filing?
An income Tax Return (ITR) is a formal document submitted to the Income Tax Department of India detailing an individual's income and taxes payable for a given financial year. This process involves reporting income earned from various sources, such as salary, house property, and other financial assets, for the period spanning from April 1 to March 31 of the following year. Filing an ITR ensures compliance with tax regulations and helps assess the correct tax liability.
Who is eligible for ITR?
Eligibility for filing ITR varies based on the form used. For example, ITR-1 is designed for Resident Individuals with income from salary, a single house property, family pension, agricultural income (up to ?5,000), and other sources, including interest from savings accounts, deposits, and income tax refunds. Individuals falling into these categories are eligible to file ITR-1, provided they meet the criteria specified for this form.
Is it compulsory to file an ITR?
Yes, filing an ITR is mandatory under certain conditions. As per Section 139(1) of the Income-tax Act, it is compulsory for resident individuals who own assets like shares or bonds in foreign companies, have a house abroad, or receive income from foreign sources such as dividends, interest, or rent. Non-compliance can result in penalties or legal issues, making it crucial to adhere to these requirements.
What is the last date for ITR filing in 2024?
The deadline to file your Income Tax Return (ITR) for 2024 is July 31, 2024. It is essential to complete your filing before this date to avoid any late fees or penalties. Gather all necessary documents and submit your return on time to ensure a smooth tax filing process.
How to file an income tax return in India?
You can file your income tax returns online through the official Income Tax Department website or IndiaFilings.com. Remember, the deadline to e-file your income tax returns for the assessment year 2023-2024 is July 31, 2024. Ensure you file before this date to avoid penalties. Simplify your ITR filing process with IndiaFilings experts.
Which type of income tax return form should I choose for e-filing?
When e-filing your income tax return, selecting the correct form based on your taxpayer category is crucial. The Income Tax Department provides seven forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Individuals and Hindu Undivided Families (HUFs) should choose from ITR-1 to ITR-4 based on income sources. For partnership firms, LLPs, AOPs, BOIs, and other specific entities, ITR-5 is applicable. Companies should file ITR-6, except those claiming exemption from income related to charitable or religious purposes, who must use ITR-7.
Can I e-file my ITR after the deadline?
Yes, you can e-file your Income Tax Return (ITR) after the deadline, but it will be categorised as a belated return. Filing after the due date will incur a late filing fee and interest charges. Filing your ITR on time is best to avoid these additional costs and potential issues.
What should I know about ITR filing charges?
Understanding ITR filing charges is essential for every taxpayer. At IndiaFilings, we provide transparency and affordability in our ITR filing charges to suit the diverse financial situations of our clients. Whether you are an individual taxpayer or a corporate entity, our customized ITR filing charges are designed to help you comply with tax regulations efficiently and without any hidden costs.
What are the ITR filing fees at IndiaFilings?
IndiaFilings offers a transparent and competitive fee structure for ITR filing. Our ITR filing fees are designed to cater to both individuals and corporations, providing access to high-quality tax filing services without hidden costs. The fees cover a range of services, including expert consultations and the use of our user-friendly online platform, ensuring an efficient and stress-free tax filing process. By choosing IndiaFilings, you can manage your tax obligations effectively and affordably.
What documents are required for tax e-filing?
To e-file your ITR, you'll need some of the essential documents: PAN Card, Aadhaar Card, Form 16/16A (Tax Deducted at Source), Bank Statements, Income Proof (e.g., salary slips, rental income), Investment Proofs (e.g., tax-saving investments, insurance premiums).
What if I make a mistake while ITR e-filing?
If you discover a mistake in your e-filed return, you can request a rectification on the e-filing portal. This is applicable for returns already processed by the CPC and for errors apparent from the record, an Intimation issued under section 143(1), or an order under section 154.
What are the common mistakes to avoid while filing ITR?
Common mistakes to avoid include incorrect personal details, incorrect income reporting, incorrect deduction calculation, and failing to verify your return. Double-checking all entries and using the latest ITR forms can help prevent these errors and ensure accurate filing.
How long does it take to process an e-filed ITR?
E-filed ITRs are generally processed faster than paper returns within 1-3 months. Processing times may vary based on the complexity of the return and the volume of returns filed.
Can I claim deductions for medical expenses?
Yes, you can claim deductions for medical expenses under Section 80D of the Income Tax Act. This includes deductions for health insurance premiums paid for yourself, your spouse, children, and parents. Additionally, you can claim deductions for payments made towards preventive health check-ups. If you incur medical expenses for senior citizens without medical insurance, these expenses are also eligible for deductions under this section.
Should I disclose my foreign assets during ITR filing?
Yes, failing to disclose foreign assets during Income Tax Return (ITR) filing can result in severe penalties. You may face a penalty of INR 10 lakhs for each year of non-disclosure. Non-reporting foreign assets is considered willful tax evasion and can lead to imprisonment of up to 7 years.
Do I need to pay tax on winnings from the lottery or gambling?
Yes, you must pay tax on winnings from lotteries, gambling, and online games. Such income is categorised under 'Other Sources of Income' and is taxable at a special rate of 30%. This income does not qualify for basic exemptions or deductions such as those under Sections 80C or 80D.
How do I claim deductions for donations made to charity?
To claim deductions for charitable donations, refer to Section 80G of the Income Tax Act. You can claim a deduction for donations made to eligible institutions or funds. The deduction can be up to 50% or 100% of the donated amount, depending on the specific institution or fund. Ensure that the institution or fund qualifies under Section 80G to receive the deduction.