Income Tax Return (ITR) Filing
Filing an Income Tax Return (ITR) is not just a legal obligation but also a financial responsibility for every eligible individual and business in India. Timely filing ensures compliance, avoids penalties, and helps in claiming refunds and carrying forward losses.
Why ITR Filing is Important
- Legal Compliance – Mandatory under the Income Tax Act.
- Refund Claims – Get refunds for excess tax paid.
- Loan & Visa Approvals – ITR serves as proof of income.
- Carry Forward Losses – Set off future gains against declared losses.
- Avoid Penalties – Timely filing prevents fines and prosecution.
Who Should File ITR?
| Category | Requirement |
|---|---|
| Individuals | If annual income exceeds the basic exemption limit (₹2.5 lakh / ₹3 lakh / ₹5 lakh depending on age). |
| HUFs | Income above exemption limit or taxable under specific heads. |
| Companies/LLPs | Mandatory, regardless of income/profit. |
| Businesses/Firms | Income exceeding exemption or claiming tax refunds. |
| NRIs | Income earned or accrued in India. |
Documents Required for ITR Filing
- PAN Card
- Aadhaar Card
- Form 16 / Salary Slips
- Bank Account Details & Statements
- TDS Certificates (Form 26AS)
- Investment Proofs (80C, 80D, etc.)
- Rental Income & Property Details
- Business/Professional Income Details
⚙ Process of ITR Filing
- Collect Financial Data – Gather all income and investment proofs.
- Choose Correct ITR Form – Based on income type (ITR-1, ITR-2, ITR-3, etc.).
- Compute Tax Liability – Adjust income with deductions and exemptions.
- File Online with Digital Signature/OTP – Submit via Income Tax e-filing portal.
- E-Verification – Complete verification via Aadhaar OTP, Net Banking, or DSC.
- Acknowledgement (ITR-V) – Receive confirmation from the IT Department.
Due Dates for ITR Filing
| Taxpayer Category | Due Date (AY 2024-25)* |
|---|---|
| Individuals / HUF | 31st July 2024 |
| Companies requiring Audit | 30th September 2024 |
| Taxpayers under Transfer Pricing | 30th November 2024 |
* Dates may change as per Income Tax notifications.
Why Choose Us for ITR Filing?
- Expert Tax Advisors – Accurate tax computation and filing.
- On-Time Filing – Ensure you never miss deadlines.
- Maximize Refunds – Optimize deductions and exemptions.
- Secure & Confidential – 100% data privacy assured.
- Support for Individuals & Businesses – From salaried employees to corporates.
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