What is ITR Filing?
Income Tax Return (ITR) filing is the process of submitting information about your income and taxes paid to the Income Tax Department. It is mandatory for individuals and businesses whose income exceeds the basic exemption limit or who fall under specific categories prescribed by the Income Tax Act.
Why File ITR?
- Legal compliance and avoid penalties
- Claim tax refunds on excess TDS deducted
- Required for visa processing and loan applications
- Carry forward losses for future tax benefits
- Proof of income for various purposes
Who Should File ITR?
Key Benefits of Filing ITR
Legal Compliance
Stay compliant with income tax laws and avoid penalties.
Get Tax Refunds
Claim refunds on excess TDS or advance tax paid.
Visa Processing
ITR is required for visa applications to many countries.
Loan Approval
Banks require ITR for home loans, car loans, and business loans.
Carry Forward Losses
Set off business or capital losses against future profits.
Income Proof
Serves as official proof of income for various purposes.
Types of ITR Forms
ITR-1 (Sahaj)
For individuals with income from salary, one house property, and other sources (interest, etc.) up to ₹50 lakhs.
ITR-2
For individuals and HUFs not having income from business/profession.
ITR-3
For individuals and HUFs having income from business or profession.
ITR-4 (Sugam)
For individuals, HUFs, and firms with presumptive business income.
Documents Required for ITR Filing
Basic Documents:
- PAN Card
- Aadhaar Card
- Bank Account Details
- Form 16 (for salaried)
- Form 26AS (Tax Credit Statement)
Income Proofs:
- Salary slips or Form 16
- Interest certificates from banks
- Capital gains statements
- Rental income proof
- Business income statements (if applicable)
Investment Proofs:
- 80C investments (LIC, PPF, ELSS, etc.)
- Home loan interest certificate
- Medical insurance premium receipts
- Donation receipts (80G)
- Education loan interest certificate
Property Documents:
- Home loan interest certificate
- Property tax receipts
- Rental agreement (if any)
ITR Filing Process
Share Documents
Provide all required documents and income details to our CA team.
Expert Review
Our Chartered Accountants review your documents and identify tax-saving opportunities.
ITR Preparation
We prepare your ITR using the correct form with accurate calculations.
E-Filing
ITR is filed electronically on the Income Tax portal with digital signature.
E-Verification
We help you complete e-verification through Aadhaar OTP or Net Banking.
Acknowledgement
Receive ITR acknowledgement and refund (if applicable) in your bank account.
Important Deadline
ITR filing deadline for Assessment Year 2025-26: 31st July 2025
Late filing attracts penalty of up to ₹150
Our Pricing
ITR-1 / ITR-4
For salaried individuals
- Income from Salary
- One House Property
- Interest Income
- Expert CA Assistance
- E-Filing & Verification
- ITR Acknowledgement
ITR-2
For capital gains & multiple properties
- All sources of income
- Capital Gains (Short/Long term)
- Multiple House Properties
- Foreign Income/Assets
- Expert CA Review
- Tax Planning Advice
- E-Filing & Support
ITR-3
For business & professional income
- Business/Professional Income
- Detailed P&L and Balance Sheet
- Presumptive Taxation
- Capital Gains
- Senior CA Consultation
- Complete Tax Planning
- Post-filing Support
Frequently Asked Questions
What is the last date for filing ITR?
The last date for filing ITR for individuals (non-audit cases) is 31st July of the assessment year. For businesses requiring audit, it's 31st October. Late filing is allowed till 31st December with a penalty.
Is it mandatory to file ITR if my income is below ₹2.5 lakhs?
No, if your total income is below the basic exemption limit (₹2.5 lakhs for individuals below 60 years), filing ITR is not mandatory. However, it's advisable to file if you want to claim a refund or need ITR for other purposes.
Can I file ITR on my own?
Yes, you can file ITR on your own through the Income Tax portal. However, professional assistance from a CA ensures accuracy, maximizes tax savings, and helps avoid errors that could lead to notices.
How long does it take to get a tax refund?
After successful ITR filing and e-verification, refunds are typically processed within 20-45 days, depending on the complexity of your return and Income Tax Department's processing time.
What happens if I miss the ITR filing deadline?
You can file a belated return by 31st December, but you'll need to pay a late filing fee of ₹150 (₹1,000 if income is below ₹5 lakhs). You also cannot carry forward certain losses.
Do I need to file ITR if TDS is already deducted?
Yes, TDS deduction doesn't exempt you from filing ITR. In fact, filing ITR is essential to claim refund if excess TDS has been deducted from your income.