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Income Tax Return (ITR)

Efficiently file your taxes with expert guidance for maximum returns.

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form in which taxpayers declare their taxable income, deductions, and tax payments. It is a means through which individuals, businesses, and other entities report their income to the Income Tax Department of India. Filing an ITR is essential to ensure compliance with the tax laws and to claim refunds if excess tax has been paid or deducted at source.

Types of ITR Forms

There are several ITR forms, each designed for different types of taxpayers and their specific income sources:

  • ITR-1 (Sahaj): For individuals with income from salary, one house property, other sources (interest, etc.), and having total income up to ?50 lakh.
  • ITR-2: For individuals and HUFs not having income from business or profession.
  • ITR-3: For individuals and HUFs having income from business or profession.
  • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) having a presumptive income scheme under sections 44AD, 44ADA, and 44AE.
  • ITR-5: For firms, LLPs, AOPs, BOIs, and others.
  • ITR-6: For companies other than those claiming exemption under section 11.
  • ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
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FAQ

What is Income Tax Return (ITR) filing, and who needs to file it?

Income Tax Return (ITR) filing is the process by which a taxpayer declares their income, deductions, and tax payments to the Income Tax Department. All individuals and entities earning income above the basic exemption limit are required to file an ITR. Additionally, certain categories of taxpayers, such as those with foreign income or assets, are also required to file an ITR.

The documents required for ITR filing include:

  • - PAN Card
  • - Aadhaar Card
  • - Bank Statements
  • - Form 16 (for salaried individuals)
  • - Form 16A/16B/16C (for TDS)
  • - Investment proofs (for claiming deductions)
  • - Proof of deductions under Section 80C, 80D, etc.
  • - Capital Gains statements (if applicable)
  • - Rental income details (if applicable)

What documents are required for ITR filing?

What are the different types of ITR returns, and when are they filed?

The documents required for ITR filing include:

  • The different types of ITR forms are designed for different taxpayers. The form you should file depends on your source of income and type of taxpayer you are (individual, HUF, firm, company, etc.). Refer to the section "Types of ITR Forms" for detailed information.

Our ITR filing service includes:

  • - Preparation and filing of the appropriate ITR form
  • - Tax computation and submission
  • - Guidance on deductions and exemptions
  • - Regular tax saving tips
  • - Comprehensive income and expense analysis (for premium packages)
  • - Quarterly tax planning and estimations (for annual and comprehensive packages)
  • - Detailed tax audit and compliance support (for comprehensive packages)

What is included in the ITR filing service?

What happens if I fail to file my ITR on time?

Failing to file your ITR on time can result in:

  • - Late filing fees under Section 234F
  • - Interest on late payment of taxes under Section 234A
  • - Penalty for underreporting or misreporting of income
  • - Loss of eligibility to carry forward losses
  • - Legal consequences and prosecution in severe cases

For any further query contact +91 83060 68800
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