ITR Filing Online
File your Income Tax Return (ITR) in a precise and punctual manner with expert help. Seek help in income calculation, deduction calculation, tax saving ways, documentation, and ITR filing within due compliance of income tax laws.
Expert Assistance in ITR Filing for Individuals, Professionals & Corporates
Accurate Calculation of Income and Tax Liability
Refund Assistance & Help in Tax Matters
Get Free Consultation
What is ITR Filing?
Filing TR implies furnishing particulars of your income and tax to the Income Tax Department in respect of the relevant financial year.
Typically, an ITR includes details like:
Income from salary/profession
Income from business
Income from house property
Capital gain
Income from investments
Income from interest and others
Tax savings/deductions
Income tax paid
Income tax payable/refundable
Who Should File an Income Tax Return?
ITR Filing may be required for:
Salaried persons
Professionals who are self-employed
Freelancers
Businesspersons
Companies
LLP
Partnership firms
Persons deriving income from investments
Persons having capital gains
Persons having income from various sources
Taxpayers seeking tax refunds as per the Income-tax Act
Taxpayers who have to file under income tax provisions
Whether the filing of the ITR is required or not is based on income of the taxpayer, source of income, and other factors mentioned under Income-tax Act.
Types of ITR Forms
There are several different ITR formats provided by the Income Tax Department depending on the category of taxpayer as well as the source of income. The selection of the correct ITR format is very crucial for compliance.
ITR-1
Generally selected by eligible resident individual taxpayers with income from:
Salary or pension
One house property
Any other sources like interest
Income from agriculture up to the specified limit
ITR-2
Generally selected by individuals and HUFs without any income from business or profession, like taxpayers with income from:
Capital gains
More than one house property
Foreign income or foreign assets
Any other specified sources
ITR-3
Used by individuals/HUFs whose income includes:
Business
Profession
Salary or pension
Income from house property
Capital gains
And others.
ITR-4 (Sugam)
Used by individuals/HUFs and businesses that wish to use the presumptive taxation method in relation to their income from eligible business/professional income.
ITR-5
Generally used by:
Partnership firms
Limited liability partnerships
Association of persons
Body of individuals
Others
ITR-6
Normally used by businesses, except when such businesses are required to file a return based on the provisions of the ITR-7.
ITR-7
Generally used by individuals who include any of the following entities:
Trusts
Charitable and religious entities
Political parties
Entities required to file returns under specific provisions of the Income-tax Act.
Important: The appropriate form to use is decided depending on various factors including residential status and source of income.
Documents Required for ITR Filing
These documents will vary depending upon the source of income and the ITR that one is filing.
Some common documents include:
PAN Card
Aadhar Card
Form 16
Form 16A, wherever applicable
Bank details
Bank statement
Interest certificates
Capital Gain statement
Income Details
Investment certificates, wherever applicable
Home Loan Interest Certificate, wherever applicable
Other Income Details
Acknowledgment of ITR for last year
Details of TDS/TCS
Details of deductions and investments
Benefits of ITR Filing
It is not just important to complete your Income Tax Return (ITR) filing for filing the income tax return and meeting your tax obligations, but you can have your financial records in order and enjoy other financial services because of ITR filing.
Helps in Meeting the Compliances Related to Income Tax Return Filing
The timely completion of your ITR Filing process can help you file your income tax return in time and meet the compliances regarding income tax rules and regulations. The timely filing of Income Tax Return can help avoid any compliance problem at all.
Helps in Claiming the Income Tax Refunds Eligible for You
In case the tax deduction/paid by you is more than the actual tax payable by you, you can be eligible for an income tax refund. In this way, timely and accurate ITR Filing can help you claim your income tax refund.
Acts as Proof of Your Income
Your ITR can act as proof of your income and you can use it for many personal and commercial purposes. It can show your income for that financial year.
Helpful in Processing Loan & Credit Applications
Financial institutions like banks and others might seek ITR forms when considering your loan or any other financial application. ITR Filing on a timely basis may assist you in maintaining a record of your earnings and financial transactions.
Useful in Visa or Immigration Applications
There may be some embassies, consulates or immigration authorities who will seek Income Tax Returns and other financial forms in order to determine the financial standing of the applicants. Proper ITR Filing may be helpful at that time.
Assists You in Carrying Over Certain Losses
Appropriate ITR Filing may assist you in carrying over certain losses to next assessment years. This can prove helpful for you in your future tax planning.
Helps Maintain Proper Financial Records
Filing of Regular Income Tax Return will result in the creation of yearly records regarding your income, taxes paid, deductions, and other financial information. You could use these financial records in future financial planning purposes.
Makes Some Financial Transactions Easier
Having a consistent track record regarding ITR Filing could make your financial documents more effective while communicating with banks and other financial institutions. Your ITR records could be asked for during various financial transactions.
Enhances Financial Transparency
ITR Filing with accuracy will ensure that all your income and other related tax information gets submitted to tax authorities.
Prevents Late Filing Penalties
Filing of Income Tax Return on time could help you stay safe from the penalties involved in late filing. The late fee and interest could be charged in case of late submission. Filing of ITR Services on time can make this process easier for you.
ITR Filing Process
An Income Tax Return filing includes the provision of income, deductions, tax paid and other related details to the Income Tax Department. A thorough filing process ensures that the Income Tax Return filing is done in an accurate manner.
Gather the Required Documentation
Collect all the necessary documentation for filing the return, including:
Calculate Your Total Income
Determine your total income from all the sources such as:
Choose the Appropriate ITR Form
Select the appropriate ITR form based on:
Calculate Tax Payable
Determine the payable tax after taking into account the tax deductions, tax exemption, TDS, advance tax and tax credit.
Check the Return
Before submitting the Return, check the following:
Submit the ITR Online
The Income tax Return will have to be filed online via the prescribed Income Tax Department procedure.
Verify your ITR
After you submit your return, do the mandatory e-verification of the Return within the stipulated time period. This can be done using the prescribed method.
ITR Filing for Salaried Employees
The form number 16 is typically issued by the employer to salaried employees. Form 16 does not have all the information that is needed for tax returns.
Salaried taxpayers must check before filing their returns:
Form 16
Salary Income
Tax deducted at source
Interest on bank deposits
Income from other sources
Income from house property
Capital gains income
Deductions
AIS and Form 26AS
ITR Filing by Freelancers/Professionals
The freelancers and professionals may have income from more than one source/client/venue.
The ITR filing may be based on:
Income from professional activities
Business/professional expenses
Transactions in the bank accounts
TDS paid by clients
Presumptive taxation, if applicable
Other income sources
Applicable deductions
Record keeping of income and expenses properly will help in filing process.
ITR Filing by Business Owners
Business owners may be required to give details related to their income and expenses.
Based on the nature and extent of the business, the relevant records may include:
Sales/revenue of the business
Expenses
Bank transactions
TDS/TCS
GST details
Assets and liabilities
Depreciation
Loans for business
Other income
The relevant ITR form will depend on the individual and type of income.
Common Mistakes in ITR Filing
Income Tax Return involves detailed knowledge about income, deductions, tax information, and personal data. The slightest mistake could cause notices from the government and even wrong calculation of taxes or delay of refunds. Some of the mistakes made by taxpayers are:
Using an Incorrect ITR Form
Choosing an inappropriate ITR form because of the wrong source of income or taxpayer status may cause problems in the process of filing.
Not Mentioning All Income Sources
Some taxpayers often neglect their income from:
Bank interest
rents
capital gains
freelance work
other income sources
Not Comparing With Form 26AS and AIS
Not comparing Form 26AS and AIS with the income tax return may cause discrepancies between the information submitted and that available at the Income Tax Department.
Inaccurate TDS Information
An error in TDS amount or failure to claim eligible TDS credits can make your total tax calculation wrong.
Claiming Unqualified Deductions
Taxpayers need to claim deductions/exemptions which they qualify and have proof for the same.
Entering Wrong Bank Information
If you enter wrong bank details while filing tax return then you might face problem with your tax refund if it is eligible.
Neglecting Capital Gain Information
The gains or loss incurred from the sale of stocks/ mutual fund/ any other capital asset need to be declared in tax form.
Not Disclosing Foreign Income and Property
Taxpayers need to declare their foreign income and property information. This information needs to be entered in your tax form.
Failure to File the ITR before Due Date
If filing the ITR is delayed beyond the applicable due date, there could be penalties of late filing fee and interest.
Failure to Verify the ITR
Filing is not necessarily the last thing to do when dealing with tax returns. ITR needs to be verified within the prescribed period.
Why Choose Professional ITR Filing Services?
Professional assistance can help taxpayers:
Identify the appropriate ITR form
Organise income and tax documents
Review tax information
Reconcile TDS details
Identify eligible deductions
Calculate tax liability
Prepare the return
Complete the filing process
Reduce common filing errors
Maintain proper tax records
What Happens After ITR Filing?
Filing your Income Tax Return is not necessarily the end of the matter. After filing your ITR, the ITR undergoes verification and processing. Following are the steps involved after ITR filing
ITR Verification
Once the ITR is filed, it needs to be duly verified as per the rules. E-verification is done through various online options available.
ITR Processing
After the successful verification of the ITR, the ITR gets processed by the Income Tax Department. The details of the ITR get matched with various tax records.
Refund Processing
If your tax calculations indicate any amount due for refund to you, then your refund gets processed after your ITR gets processed.
Income Tax Notice
Sometimes, a notice or message from the Income Tax Department may be received asking for more information or clarifications related to the return that was filed.
Check ITR Status
The status of the filed tax return can be checked using online services offered by the Income Tax Department.
ITR filing is one of the key elements in income tax compliance. Being either an employed person or a freelancer, professional, investor, or businessman, it is necessary to report your income and expenses accurately.
With the right documentation and filing, the taxpayers will be able to keep their tax records and even file for their refunds.
Frequently Asked Questions
It is the process of filing your income tax details for an assessment year with the Income Tax Department.
No. The need for filing an ITR is determined on the basis of income, source of income, and other criteria stipulated under the Income Tax Act.
Typical documents are PAN, Aadhaar, Form 16, bank statements, TDS information, investment statements and capital gain statements, among others, based on individual needs.
Yes. They can do so as per the rules of filing an ITR depending on income.
Yes. Freelance people can file their ITR and are liable to report the professional income.
Form 16 is the form that is issued by an employer which carries the information about the salary and tax deducted.
Form 26AS is the tax document carrying certain specified information regarding a taxpayer's PAN.
AIS stands for Annual Information Statement. It is a document carrying a wider range of information.
A taxpayer may qualify for a tax refund if he/she has paid more taxes than his/her final tax liability.
The return may either be corrected via a revised return or in any other process deemed fit according to the circumstances.
Yes, verification may be needed as per the required timelines.
Yes, if ITR is filed using the appropriate ITR form.
ITR acknowledgments may be used in loan applications by the financial institution/banks depending on their requirements.
Income Tax is the actual tax that is imposed on the taxable income while ITR is the instrument for filing the details.