INCOME TAX RETURN(ITR)

What is Income Tax Return (ITR)?

Income Tax Return (ITR) is a form that taxpayers file with the Income Tax Department to report their income, deductions, and taxes paid during a financial year. Filing ITR is mandatory for individuals and businesses whose income exceeds the specified threshold as per the Income Tax Act.

Benefits of Filing ITR

• Legal Compliance: Fulfill your legal obligation as a taxpayer.
• Claim Refunds: Get refunds on excess taxes paid.
• Proof of Income: Useful for financial transactions like loans or visas.
• Carry Forward Losses: Offset and carry forward losses for future years.

Types of Persons and Required Documents for ITR Filing

• • Documents Required:
    • Form 16 (from the employer)
    • Salary slips
    • Proof of investments (under Section 80C, 80D, etc.)
    • Bank account details for refunds
    • Rent receipts (if claiming HRA)

     

2. Self-Employed Professionals/Business Owners

• Documents Required
• • • Profit and Loss Statement
    • Balance Sheet
    • Bank statements
    • Details of business expenses
    • Tax Deducted at Source (TDS) certificates, if applicable

3. Freelancers

• Documents Required:
  • Bank statements
  • Proof of income (e.g., invoices)
  • Proof of expenses (e.g., software subscriptions, rent for office space)

4. Senior Citizens

• Documents Required:
  • Pension statements
  • Form 16A (for TDS on interest income)
  • Medical bills (if claiming deductions under Section 80D)

• Documents Required:
  • Passport details (to confirm the number of days spent in India)
  • Bank account details in India
  • Income earned in India
  • Details of investments in India

Key Points to Remember While Filing ITR

• Choose the correct ITR form based on your income source(s).
• File your ITR before the due date to avoid penalties.
• Link your PAN with Aadhaar before filing.
• Verify the filed ITR using Aadhaar OTP, net banking, or by sending a signed physical copy.

How We Can Help

• Consultation: Understand which ITR form applies to you.
• Documentation Assistance: Ensure all required documents are in place.
• Accurate Filing: Our professionals handle your filing with precision.
• Post-Filing Support: Help with ITR verification and queries from the Income Tax Department.