Income Tax Return Filing
Income Tax Return (ITR) filing is the method through which people and entities document their income earned for the duration of a economic 12 months to the Income Tax Department of India. Here’s a complete evaluation of profits tax go back submitting in India
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INTRODUCTION
What is Income Tax Return Filing?
Every individual and business earning income in India must pay income tax on their earnings. Income tax is levied and collected by the Central Government on an individual’s or entity’s income. The tax is payable in the same financial year in which the income is earned, but it is calculated and reported to the government in the Assessment Year through a document known as the Income Tax Return (ITR).
Depending on the type of taxpayer, source of income, and other factors, there are different ITR forms and deadlines to comply with. To make the filing process more transparent, the government has updated and simplified ITR forms, but they also require detailed disclosures and supporting documents for claims of deductions, exemptions, and expenses. That’s why filing your income tax return online accurately often requires help from qualified professionals to avoid errors and penalties.
Advantage
✅ Advantages of Income Tax Return Filing
Carry Forward of Losses
Most businesses face losses in their initial years. By filing an ITR, you can carry forward business or capital losses for up to eight years and set them off against future income, reducing your tax liability. If you don’t file your ITR, you lose this benefit.
Builds Financial Credibility
Your filed ITRs reflect your financial standing and income history. They help establish your capital base and demonstrate your financial capacity to investors, lenders, and financial institutions. A strong ITR record enhances your credibility and financial worth.
Faster Loan Processing & Insurance
When applying for loans or high-risk insurance policies, your ITR acts as proof of income and financial health. A clear ITR history makes it easier to secure home loans, vehicle loans, or business loans, and to get higher insurance coverage.
Claim Refund of TDS
If you are a salaried employee, tax deducted at source (TDS) is often higher than your actual tax liability after considering deductions and exemptions. Filing an ITR allows you to claim a refund of the excess TDS paid, ensuring you get back what you’re eligible for.
A LIST OF DOCUMENTS
✅ Documents Required for ITR Filing
Keep these documents ready to ensure smooth and accurate Income Tax Return filing:
PAN Card — PAN of the taxpayer is mandatory.
Aadhar Card — Required for individuals and for all directors/partners in case of companies or firms.
Cancelled Cheque — For verifying bank account details.
Entity’s PAN Card — PAN details of the company or firm and its directors/partners.
Bank Account Statement — Bank statement of the relevant financial year to assess other income sources.
Financial Statements — Balance Sheet, Profit & Loss Account, etc. (not required for proprietorships).
Investment/Expense Proofs (Section 80) — Proof of investments or expenses eligible for deductions under Section 80C, 80D, etc.
Form 16 — For salaried individuals, to show TDS details.
📄 Types of ITR Forms
ITR 1 (Sahaj)
For individuals earning income from salary and interest only.
ITR 2
For individuals and HUFs with all incomes other than business income.
ITR 4
For individuals/HUFs/firms with business or professional income under the presumptive taxation scheme.
ITR 4S (Sugam)
For presumptive income, where 8% of turnover is deemed as income.
ITR 5
For partnership firms, LLPs, AOPs, BOIs — covers all income.
ITR 6
For companies, to file returns for all sources of income.
✅ File ITR in 3 Easy Steps
1️⃣ Answer Quick Questions
✔️ Pick a package that best suits your needs
✔️ Spend less than 5 minutes filling our simple questionnaire
✔️ Share basic details & required documents
✔️ Make payment through our secure payment gateway
2️⃣ Experts Are Here to Help
✔️ Dedicated Relationship Manager assigned
✔️ CA-assisted ITR filing
✔️ Accurate computation of your income tax payable
✔️ Online filing of your Income Tax Return
✔️ Get your ITR Acknowledgement for records
3️⃣ Your ITR is Filed!
All it takes is 2–3 working days*
*Subject to Government processing time
🔄 ITR Filing Process Timeline
📅 Day 1 – Collection
✅ Initial discussion and collection of basic information
✅ Expert advice on choosing the right ITR form
✅ Collection of required documents
📅 Day 2 – Execution
✅ Computation of total income tax payable
📅 Day 3 – Submission & Acknowledgement
✅ Online filing of your Income Tax Return
✅ Receive your ITR Acknowledgement for future reference
Frequently Asked Questions
Have questions before reaching out? Here are quick answers to some of the most common queries we receive about contacting us, consultations, and service inquiries.
Yes. All businesses (Company, LLP, Firm) must file ITR even if income or tax payable is zero. For individuals, if income exceeds the basic exemption limit, filing ITR helps avoid scrutiny and serves as proof of income whenever required. If you filed ITR previously, it’s good practice to continue filing it, even for NIL returns.
For example, for F.Y. 2024–25 & A.Y. 2025–26:
31st July – For Individuals, HUFs, BOI, AOP (not under audit)
30th September – For Companies and other entities requiring audit
Yes. Filing ITR when you have losses allows you to carry forward losses to future years and adjust them against future profits — helping you save tax in the long run.
Income tax is generally paid during the year (advance tax/TDS). If any balance tax remains when filing, it must be paid along with interest (if applicable).
Yes, you can file a belated return before the end of the relevant Assessment Year but with a late filing fee and reduced benefits.
E.g., for F.Y. 2024–25, you can file belated return till 31st March 2026.
Filed after due date but before 31st Dec – ₹ 5,000 late fee
Filed after 31st Dec – ₹ 10,000 late fee
✅ For taxpayers with income up to ₹ 5 Lakh, the maximum late fee is limited to ₹ 1,000.