What is an Income Tax Return?
An Income Tax Return (ITR) is a form that individuals, businesses, or entities file with the Income Tax Department, declaring their income, expenses, deductions, and tax liabilities. Filing an ITR is essential to:
- Report your income
- Claim deductions and refunds
- Declare any investments or capital gains
- Ensure compliance with tax laws
Who Should File an Income Tax Return?
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Salaried Individuals:
If your income exceeds the basic exemption limit (currently ₹2.5 lakh for individuals below 60 years). -
Business Owners & Professionals:
Individuals, firms, or companies earning income through business or profession. -
Individuals with Capital Gains:
If you have sold any assets like stocks, mutual funds, or property and earned capital gains. -
NRIs:
Non-Resident Indians earning income in India are also required to file ITR. -
Taxpayers Claiming Refunds:
If you have paid excess tax through TDS or advance tax, filing an ITR is necessary to claim refunds.
Benefits of Filing Income Tax Returns
-
Legal Compliance:
Filing ITR ensures that you comply with the Income Tax Act and avoid penalties. -
Easy Loan Approval:
Banks often require ITR for home loans, personal loans, and credit cards. -
Claim Refunds:
If you have paid more tax than required, you can claim a refund by filing ITR. -
Loss Carry Forward:
Filing ITR allows you to carry forward business or capital losses to offset future profits. -
Visa Processing:
Many foreign embassies require proof of tax compliance for visa approval.
Types of ITR Forms
Depending on the type of taxpayer and nature of income, different ITR forms are applicable:
- ITR 1 (Sahaj): For individuals earning from salary, one house property, and other sources.
- ITR 2: For individuals and HUFs with income from capital gains or multiple properties.
- ITR 3: For individuals or HUFs with income from business or profession.
- ITR 4 (Sugam): For those opting for the presumptive income scheme under Sections 44AD, 44ADA, or 44AE.
- ITR 5: For partnership firms, LLPs, and AOPs.
- ITR 6: For companies other than those claiming exemptions under Section 11.
- ITR 7: For persons including companies required to furnish returns under Section 139(4A) to 139(4D).
Documents Required for ITR Filing
- PAN Card
- Aadhaar Card
- Form 16 (for salaried individuals)
- Bank Account Details
- Investment Proofs (for claiming deductions under Section 80C, 80D, etc.)
- Details of Capital Gains (if any)
- TDS Certificates (Form 16A/16B/16C)
- Business Income Records (if applicable)
- Tax Payment Challans (Advance Tax/Self-Assessment Tax)
Our ITR Filing Services
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Comprehensive Tax Analysis:
We evaluate your total income, eligible deductions, and tax-saving opportunities. -
Error-Free Filing:
Our experts ensure accurate preparation and filing of your ITR to avoid any issues or delays. -
Assistance in Tax Savings:
We guide you on various tax-saving investments and exemptions. -
Refund Assistance:
We help you claim refunds and ensure quick processing by the Income Tax Department. -
Post-Filing Support:
Our team provides continuous support for any notices or queries from the tax authorities.
Why Choose Nirmal G & Associate for ITR Filing?
- Experienced Professionals: Our team consists of qualified CAs and tax consultants with years of experience.
- Customized Solutions: We provide tailored services based on your income and tax structure.
- Timely Filing: We ensure that your returns are filed on time to avoid penalties.
- Affordable Pricing: Transparent and competitive pricing with no hidden charges.
- Secure Data Handling: Your financial information is safe with us, with strict confidentiality maintained.