Income Tax Return (ITR) Filing
ITR is a form used to report income and taxes to the Income Tax Department. Various ITR forms (ITR 1 to ITR 7) apply based on income type, amount, and taxpayer category (individual, HUF, company, etc.).
Filing is mandatory under the Income Tax Act, 1961, and must be done annually before the due date to avoid penalties and ensure compliance.
Who Needs to File an Income Tax Return (ITR)?
If your total income exceeds the basic exemption limit (e.g., ₹2.5 lakh for individuals below 60 years), you are required to file an ITR.
Every company, LLP, or partnership firm must file a return, regardless of profit or loss.
If you have paid excess tax (through TDS, advance tax, etc.) and want to claim a refund, you must file a return.
Mandatory for residents who own foreign assets, hold foreign bank accounts, or earn foreign income.
Filing a return is required to carry forward business or capital losses to future years.
If you’ve spent over ₹2 lakh on foreign travel or ₹1 crore on electricity, you are obligated to file an ITR.
Self-employed professionals and business owners must file returns if income exceeds the threshold.
Even if income is below the exemption limit, if taxes were deducted or paid in advance, filing helps reconcile your tax records.
If you have income from salary, house property, capital gains, or other sources — filing is recommended for accurate reporting.
What are the Documents Require for ITR
- PAN Card- Mandatory identification for filing tax returns.
- Aadhaar Card- Required for verification and linking with PAN.
- Form 16- Issued by employer; details salary income and TDS.
- Form 26AS- Annual tax statement showing TDS, advance tax, and refunds.
- Salary Slips (if applicable)- For breakup of allowances, deductions, and bonuses.
- Bank Account Details- Account number and IFSC for tax refund processing.
- Interest Certificates-From banks or post office for savings and fixed deposits.
- Investment Proofs (for claiming deductions)- LIC, PPF, NSC, ELSS, tuition fees, home loan repayment, etc.
- Capital Gains Details (if applicable)- For sale of property, shares, or mutual funds.
- Rental Income Details (if any)-including tenant details and rental receipts.
- Business or Profession Income Details (for self-employed)- Books of accounts, balance sheet, and profit & loss statement.
- Foreign Income or Assets (if applicable)- For residents holding foreign bank accounts, property, or stocks.
- Other Income Proofs-Dividends, winnings, freelance work, or pension.
Benefits of Timely & Accurate GST Return Filing
- Avoids Penalties & Interest
Filing before the due date saves you from late fees and additional interest charges. - Ensures Smooth Refund Processing
Early filing leads to faster refund approvals and quicker credit to your bank account. - Enables Carry Forward of Losses
Business, capital, or house property losses can be carried forward only if ITR is filed on time. - Proof of Financial Stability
Helps in loan approvals, credit card applications, and financial verification processes. - Mandatory for Visa Applications
Many countries require ITR copies during visa processing, improving your credibility. - Helps Maintain a Clean Tax Record
Timely compliance reduces the chances of scrutiny, notices, and future complications. - Claim Deductions & Tax Benefits
Ensures you get full advantage of exemptions, deductions, and tax-saving provisions. - Builds Trust with Banks & Institutions
Regular filing increases your financial reliability for future investments and transactions. - Supports Income Proof Requirements
Useful for buying property, applying for tenders, or completing KYC processes.
Consequences of Non-Compliance
- Penalty for Late Filing
Delay in ITR filing attracts late fees under Section 234F. - Interest on Tax Due
Interest is charged under Sections 234A, 234B, and 234C for unpaid or delayed taxes. - Loss of Refunds
You may lose the opportunity to claim tax refunds for the financial year. - Inability to Carry Forward Losses
Business or capital losses cannot be carried forward without filing ITR on time. - Higher Income Tax Scrutiny
Non-compliance increases the chances of receiving notices from the Income Tax Department. - Penalties for Non-Disclosure
Concealing income, assets, or foreign income can attract heavy penalties. - Legal Consequences
Repeated non-compliance may lead to prosecution in severe cases. - Difficulty in Financial Processes
ITR is required for visa applications, loans, credit approvals, and financial credibility.
Our ITR Filing Process
Step 1: Initial Consultation
Understand your income sources, financial details, and filing requirements.Step 2: Document Collection
Securely collect PAN, Aadhaar, Form 16, bank statements, investment proofs & other relevant documents.Step 3: Data Verification & Analysis
Our CA reviews all documents to ensure accuracy, compliance, and proper computation of income.Step 4: Draft ITR Preparation
Prepare the accurate ITR draft with applicable deductions and exemptions.Step 5: Review & Confirmation
Share the draft with you for verification; we make any required corrections before filing.Step 6: Final Filing
File the ITR with the Income Tax Department and ensure successful submission.Step 7: Acknowledgment Delivery
Provide the ITR-V acknowledgment and complete filing summary.Step 8: Post-Filing Support
Assistance with verification, refund tracking, corrections, and notices if required.