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Income Tax Filling

Tax Saving is better than Tax Evasion. We offer our clients optimal tax-saving solutions, maximizing their potential for saving on taxes.

Starting @ ₹999/-

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What is an Income Tax Return?

An Income Tax Return (ITR) is a statement of your income and tax details submitted to the Income Tax Department every year. Filing an ITR helps you report your income, calculate your tax liability, claim eligible refunds, and maintain proper tax records.

Benefits of ITR Filing?

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It makes taxpayers eligible for loan processing.
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It helps in claiming a TDS refund or any other tax paid in excess.
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Also, it allows carry forward of losses.
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It makes an individual a responsible citizen.
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Helps in avoiding penalty provisions.

Checklist for ITR Filing?

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PAN Card, Aadhar Card
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Bank Statement from 1st April to 31st March for the respective year
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Investment details if any (Mutual Fund, Stock, FD, Gold, PMS, Saving Scheme, NPS, etc.)
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Insurance details if any (Health Insurance, Life Insurance etc.)
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Agriculture Bill if any
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Child Tuition Fees details if any
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Loan details if any (Secured and Unsecured Loan)

FAQs

Income tax filing is the process of submitting your income and tax details to the Income Tax Department by filing an Income Tax Return (ITR). It helps determine the tax liability, claim refunds, and comply with the law.

Filing ITR is mandatory if:

  • Your total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60).
  • You want to claim a tax refund.
  • You have foreign income/assets, or are an NRI.
  • You are a company or firm, irrespective of income.
  • You meet high-value financial criteria (e.g., deposited ₹1 crore, spent ₹2 lakh on travel, etc.).

Common forms include:

  • ITR-1 (Sahaj): Salaried individuals, pensioners
  • ITR-2: Capital gains or foreign income
  • ITR-3: Business or professional income
  • ITR-4 (Sugam): Presumptive income (Section 44AD/44ADA)
  • ITR-5, 6, 7: Firms, companies, trusts, etc.
  • Individuals & salaried taxpayers: 31st July
  • Businesses requiring audit: 31st October
  • Transfer pricing cases: 30th November

Yes, you can file a belated return by 31st December of the assessment year. However, a late filing fee of up to ₹5,000 is applicable.

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