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Income Tax Filing

Income Tax Filing

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Filing income tax is a fundamental responsibility of every citizen. The Income Tax (IT) Department reviews the income declarations made by individuals and ensures compliance. If any excess amount has been paid, the department processes a refund directly to the taxpayer's bank account. To avoid penalties, it is essential for all entities to file their taxes within the stipulated timeframe.

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The document that summarizes an individual’s income and the taxes paid is known as an Income Tax Return (ITR). The Income Tax Department of India provides various ITR forms to cater to different types of taxpayers, including ITR-1, ITR-2, ITR-3, ITR-4S, ITR-5, ITR-6, and ITR-7.

 

As experienced tax consultants and income tax advisors in Jodhpur, we offer professional guidance to help you file your taxes accurately and ensure your business operates securely and efficiently.

Sample INCOME TAX RETURN form image
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Who Should File an Income Tax Return (ITR)?

Individuals with Taxable Income

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Any individual whose gross total income exceeds the basic exemption limit:

  • ₹2.5 lakh for individuals below 60 years

  • ₹3 lakh for individuals between 60-80 years (senior citizens)

  • ₹5 lakh for individuals above 80 years (super senior citizens)

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Companies and Firms

All companies and firms, irrespective of whether they made a profit or incurred a loss during the financial year.


Individuals with Income Below Exemption Limit but Required to File

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If the individual wants to:

  • Claim a refund of excess TDS (Tax Deducted at Source).

  • Carry forward losses (such as capital losses).

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Foreign Income or Assets: Individuals who have earned income from foreign assets or hold assets outside India.

Income from Capital Gains: Individuals earning income from the sale of stocks, property, or any other capital asset.

Business or Professional Income: Individuals, HUFs, or firms earning income from a business or profession, even if income is below the exemption limit.

Presumptive Taxation Scheme Beneficiaries: Individuals or entities opting for presumptive taxation (Sections 44AD, 44ADA, or 44AE).

 

High-Value Transactions: Mandatory filing if an individual has engaged in high-value transactions such as:

  • ​Depositing ₹1 crore or more in a current account.

  • Spending ₹2 lakh or more on foreign travel.

  • Paying ₹1 lakh or more in electricity bills.

  • NRI and Residents with Specific Income

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Non-Resident Indians (NRIs) earning income in India above the exemption limit.

Tax Deducted at Source (TDS) or Tax Collected at Source (TCS)

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Individuals or entities where TDS or TCS has been deducted and want to reconcile or claim a refund.
Political Parties, Charitable Trusts, and Institutions
Entities like political parties, NGOs, and trusts claiming exemptions under Section 11.
Specified Sections for Mandatory Filing
Individuals required to file returns under Section 139(1) based on specific circumstances like owning foreign assets, bank accounts, or deposits in excess of thresholds.

Our Process for Income Tax Filing

Fill the form & get started

Fill the basic form to get started

Discussion with the experts

The expert will call you to understand the necessary requirement.

Draft & Docs Preparation:

all necessary docs like KYC, DSC (provided by client) and others

Department formalities

with all necessary doc’s expert will apply for the certificate DGFT portal.

Our Plans

ITR Registration

  • Personal Information

  • Income Proof

  • Investment and Income Sources

  • Tax Deduction Proofs (to claim exemptions and deductions)

  • Tax-Related Documents

  • Other Supporting Documents

*Taxes extra

Documents Required for Filing Income Tax Return (ITR)

Documents Required for Filing Income Tax Return (ITR)

  • Personal Information

    • PAN Card​

    • Aadhaar Card

    • Bank Account Details:

      • Bank account number, IFSC code, and branch details​

      • Bank passbook or statements (if needed for income verification)

  • Income Proof

    • Form 16 (For salaried employees):​

      • Provided by the employer, it contains details of salary income and TDS.​

    • Form 16A:

      • Issued by banks or others for TDS on interest income.​

    • Form 16B:

      • For TDS on property sale (if applicable).​

    • Form 16C:

      • For TDS on rent received (for landlords).​

    • Income from business or profession:

      • Profit and loss statement​

      • Balance sheet and audit reports (if applicable)

  • Investment and Income Sources

    • Bank Interest Certificates:​

      • Savings account interest​

      • Fixed deposit interest

      • Proof of dividend income (if applicable)

    • Capital Gains Statements:

      • Statements from mutual funds, stock trading, or property sales​

    • Rental Income Proof:

      • Rent agreements and details of rental income received​

    • Any foreign income/asset documents

  • Tax Deduction Proofs (to claim exemptions and deductions)

    • Section 80C (Investments and Savings):​

      • Life Insurance Premium​

      • PPF Account Passbook

      • NSC, ELSS, or Sukanya Samriddhi Scheme documents

      • Tuition fees paid for children

      • Home loan principal repayment certificate

    • Section 80D (Medical Insurance):

      • Health insurance premium payment receipts​

    • Section 80E (Education Loan Interest):

      • Loan repayment certificate from the bank​

    • Section 24 (Home Loan Interest):

      • Loan repayment certificate for claiming deductions on interest paid​

    • Donations under Section 80G:

      • Receipts for charitable contributions​

  • Tax-Related Documents

    • Form 26AS:​

      • A consolidated statement of tax deducted, tax collected, and advance tax paid (available on the Income Tax website).​

    • AIS/TIS Reports:

      • Annual Information Statement or Taxpayer Information Summary for complete income details.​

    • Proof of Advance Tax Paid or Self-Assessment Tax Paid (if applicable).

    • TDS Certificates (issued by deductors).

  • Other Supporting Documents

    • Aadhaar-linked mobile number (for OTP verification)​

    • Documents for exempt income, like agricultural income or dividends (if applicable).

    • If applicable:

      • Proof of disability (Section 80U or 80DD)​

      • ​Documents for inheritance, gifts, or one-time income

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Benefits of Filing Income Tax Returns (ITR)

Filing your Income Tax Return (ITR) is not just a legal obligation but also offers numerous advantages.

  1. Compliance with the Law: Filing ITR ensures you comply with tax laws, helping you avoid penalties and legal complications.

  2. Claim Refunds: If excess tax has been deducted (TDS), you can claim a refund by filing your ITR. Examples include refunds for:

    1. Interest earned on bank deposits​

    2. Excess advance tax payments

  3. Carry Forward Losses: Filing ITR allows you to carry forward losses (e.g., capital losses) to offset future gains, thereby reducing your future tax liabilities.

  4. Proof of Income: ITR serves as proof of your income for various purposes, such as:

    1. Applying for loans (home, vehicle, education, etc.)​

    2. Visa applications for certain countries

    3. Government tenders or contracts

  5. Easy Loan Approvals: Filing ITR increases your credibility with banks and financial institutions, making it easier to obtain loans or credit cards.

  6. Avoid Penalties: Filing ITR on time helps you avoid penalties under Section 234F, which can range from ₹1,000 to ₹5,000 for late filing.

  7. Establishing Financial Credibility: Regularly filing ITR showcases financial discipline and improves your creditworthiness, beneficial for individuals and businesses.

  8. Enables Income Verification: ITR documents are often required for:

    1. Renting property​

    2. Buying insurance with higher cover amounts

    3. Claiming subsidies or grants from the government

  9. Mandatory for Specific Categories: Filing ITR is mandatory if:

    1. You have foreign income or assets.​

    2. You engage in high-value transactions (e.g., large deposits, foreign travel, etc.).

  10. Contribution to Nation-Building: Paying taxes through ITR filing contributes to the country’s development by funding infrastructure, healthcare, and other public services.

  11. For Non-Residents (NRIs): NRIs can use ITR as proof of income in India for financial or legal purposes, such as maintaining their NRI status.

  12. Builds a Financial Record: Filing ITR creates a detailed record of your income and taxes, which is helpful for future financial planning, audits, or tax assessments.

FAQ's

1. What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form that taxpayers use to declare their income, deductions, and tax payments to the Income Tax Department. Based on the details provided, the department assesses whether additional tax is payable or a refund is due.

2. Who is required to file an ITR?

The following individuals and entities are required to file ITR:

  • Individuals whose income exceeds the basic exemption limit.

  • Businesses and firms (mandatory).

  • NRIs earning income in India.

  • Individuals or entities engaging in high-value transactions (e.g., deposits over ₹1 crore).

  • Individuals claiming a tax refund or carrying forward losses.

3. What is the basic exemption limit for filing ITR?

  • ₹2.5 lakh for individuals below 60 years.

  • ₹3 lakh for senior citizens (60-80 years).

  • ​₹5 lakh for super senior citizens (above 80 years).

4. What are the benefits of filing an ITR?

Filing an ITR offers several advantages, such as:

  • Claiming refunds for excess TDS.

  • Establishing income proof for loans and visa applications.

  • Carrying forward losses for future tax benefits.

  • Avoiding penalties and legal issues.

5. What is the penalty for not filing ITR on time?

Under Section 234F, a late filing penalty is imposed as follows:

  • ₹5,000 if filed after the due date but before December 31.

  • ₹1,000 if taxable income is below ₹5 lakh.

  • Additional interest may be charged for unpaid taxes.

6. What is the due date for filing ITR?

  • Individuals: July 31 of the assessment year.

  • Businesses requiring audits: October 31 of the assessment year.

(Note: The dates may be extended by the government.)

7. Can I file ITR after the due date?

Yes, you can file a belated return before December 31 of the same assessment year. However, late filing penalties and interest may apply.

8. What documents are required for filing ITR?

Key documents include:

  • PAN and Aadhaar

  • Form 16 and Form 26AS

  • Income proof (salary, rent, capital gains, etc.)

  • Investment and deduction proofs (e.g., 80C, 80D, etc.)

9. Can I revise my ITR if I made a mistake?

Yes, you can revise your ITR before the completion of the assessment year or within the time allowed by law.

10. What happens if I don’t file an ITR?

Failure to file ITR can result in:

  • Late filing penalties under Section 234F.

  • Legal notices from the Income Tax Department.

  • Difficulty in obtaining loans or refunds.

11. Is it mandatory to file ITR if my income is below the exemption limit?

Filing is not mandatory if your income is below the exemption limit. However, you should file an ITR if:

  • You want to claim a refund.

  • You have foreign assets.

  • ​You wish to establish an income record.

12. How long should I keep my ITR documents?

You should retain ITR documents and supporting proofs for at least 6 years, as the department can scrutinize returns during this period.

13. What is the difference between AY and FY?

  • Financial Year (FY): The year in which income is earned (e.g., FY 2023-24).

  • ​Assessment Year (AY): The year in which income is assessed and tax is filed (e.g., AY 2024-25).

14. Can NRIs file ITR in India?

Yes, NRIs must file ITR if they earn income in India exceeding the basic exemption limit or wish to claim a refund.

15. Can I file ITR jointly with my spouse?

No, ITR filing is an individual obligation. You and your spouse must file separate returns.

16. How can I claim a refund?

Refunds are automatically processed if you file your ITR and your Form 26AS shows excess TDS or tax paid. The refund is credited directly to your bank account.

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