Income Tax Filing

Income Tax Filing

Income Tax Return (ITR) Filing is mandatory for individuals, HUFs, companies, firms, LLPs, and trusts earning income above the basic exemption limit. Timely and accurate ITR filing avoids penalties, allows carry-forward of losses for future tax set-offs, and enables individuals and businesses to obtain income certificates, visas, and bank loans.

About Income Tax Filing

The Income Tax Act, 1961 classifies income under five heads — Salary, House Property, Business and Profession, Capital Gains, and Other Sources. The applicable ITR form, deductions, and tax rates differ based on the taxpayer category and income composition. Expert filing ensures the correct form is used, all eligible deductions are claimed, and the tax liability is minimized within the law.

ITR Forms at a Glance

• ITR-1 (Sahaj) — For salaried individuals with income up to ₹50 lakhs from salary, one house property, and other sources.
• ITR-2 — For individuals and HUFs with capital gains, foreign income, more than one property, or income above ₹50 lakhs.
• ITR-3 — For individuals and HUFs having income from a proprietary business or profession.
• ITR-4 (Sugam) — For individuals, HUFs, and firms under presumptive taxation schemes (Section 44AD, 44ADA, 44AE).
• ITR-5 — For firms, LLPs, cooperative societies, BOIs, AOPs, and other entities (not individuals or companies).
• ITR-6 — For companies other than those claiming exemption under Section 11.
• ITR-7 — For trusts, political parties, research associations, and other entities claiming exemption under Sections 11 and 12.

Our Services Include

• Computation of total income from all sources under the correct income heads.
• Optimization of tax liability through legitimate deductions — 80C, 80D, HRA, LTA, NPS, home loan interest, and more.
• Selection of the correct ITR form based on income composition and taxpayer category.
• Capital gains computation — equity shares, mutual funds, property, unlisted shares, and bonds.
• Advance tax calculation to avoid interest under Sections 234B and 234C.
• ITR preparation and e-filing with digital signature.
• Form 26AS and AIS verification and reconciliation.
• Tax audit report (Form 3CB/3CD) preparation for eligible businesses.
• Response to income tax notices — intimation under 143(1), scrutiny assessments, and demand notices.
• NRI income tax return filing with DTAA benefit computation.
• Transfer Pricing compliance for businesses with international transactions.

Important Due Dates

• Individuals (Non-Audit Cases): 31st July every year.
• Businesses under Tax Audit: 31st October every year.
• Transfer Pricing cases: 30th November every year.
• Revised Return: Up to 31st December of the assessment year.

Benefits

• Maximum tax savings through complete deduction optimization.
• Carry-forward of losses (capital loss, business loss) for future years.
• Income certificate for visa, loan, and financial product applications.
• TDS refund claims processed faster with accurate ITR filing.
• Zero penalties and interest through timely and accurate filing.