Professional Service

Income Tax / ITR Filing

Accurate ITR filing for individuals and businesses with tax planning support.

⏱️ Timeline: ITR filing deadline is July 31 for individuals without audit requirement. Business/professionals with audit must file by October 31. Belated returns can be filed until December 31 of the assessment year with late fees.

Service Scope

Our income tax engagement covers return preparation, filing, and planning support aligned with applicable provisions. We focus on correctness, documentation readiness, and timely submissions.

What You Receive

  • Individual and business ITR filing
  • Tax computation and review
  • Advance tax planning guidance
  • Documentation checklist and validation
  • Notice assistance and clarifications

Our ITR Filing Process

1

Document Collection & Review

We provide a customized checklist based on your income sources. You share Form 16, bank statements, investment proofs, capital gains statements, rental income details, and business financials.

2

Income Computation & Tax Calculation

All income heads are computed (salary, business, capital gains, house property, other sources). Deductions under 80C, 80D, and other sections are verified and optimized.

3

Return Preparation & Your Review

Draft ITR (ITR-1, ITR-2, ITR-3, or ITR-4 as applicable) is prepared and shared with you for verification. We explain major figures and tax liability.

4

E-filing on Income Tax Portal

Return is filed online using your PAN and credentials. You receive acknowledgment (ITR-V) for e-verification through Aadhaar OTP, net banking, or physical signature.

5

E-verification & Confirmation

ITR is e-verified within 30 days of filing. We monitor processing status and inform you when refund (if any) is initiated or tax demand is raised.

6

Notice Response & Assessment Support

If you receive intimation under 143(1) or notice under 139(9), 142(1), or 148, we review, draft response, and represent you before the tax department.

Documents & Requirements

  • PAN card
  • Aadhaar card (for e-verification)
  • Form 16/16A (TDS certificates from employer/other deductors)
  • Form 26AS and AIS/TIS (Annual Information Statement)
  • Salary slips and bank statements
  • Capital gains statements from brokers/mutual funds
  • House property documents (loan certificate, municipal tax receipt)
  • Business books and profit & loss account (for business income)
  • Investment proofs (LIC, PPF, ELSS, NPS, medical insurance)
  • Previous year ITR and assessment orders (if any)

Key Benefits

Avoid penalty of up to ₹5,000 for late filing (₹1,000 if income below ₹5 lakh)

Claim tax refund if TDS or advance tax paid exceeds actual liability

Carry forward losses (business, capital) to offset against future profits

Maintain clean tax record for loan applications, visa processing, government tenders

Get advance tax planning to minimize next year's tax liability legally

Peace of mind with professional review and documentation support

Ideal For

  • Salaried professionals and business owners
  • Entities seeking structured tax planning
  • Clients requiring compliant and timely returns

Need a Custom Engagement?

Discuss your current requirements with our team to structure an execution plan aligned with your timelines, reporting needs, and compliance priorities.

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Frequently Asked Questions

Which ITR form should I file?

ITR-1 is for salary income up to ₹50 lakh with one house property. ITR-2 is for multiple properties or capital gains. ITR-3 is for business/professional income. ITR-4 is for presumptive income (44AD/44ADA). We determine the correct form based on your income sources.

What is the deadline for ITR filing?

For individuals and non-audit cases: July 31. For businesses requiring audit: October 31. Belated returns can be filed until December 31 of the assessment year with late fees of ₹1,000 (income below ₹5 lakh) or ₹5,000.

Can I revise my ITR after filing?

Yes, revised returns can be filed to correct errors within the same deadline (July 31 or October 31) or by December 31, whichever is later. After that, you can file an updated return within 2 years with additional tax and interest.

What happens if I don't file ITR?

Late filing attracts penalty up to ₹5,000. You lose carry-forward of losses. Interest under 234A applies if tax is payable. Non-filing can lead to notices, prosecution (in extreme cases), and difficulty in financial transactions requiring ITR as proof.

Do I need to file ITR if my income is below the exemption limit?

Not mandatory, but advisable if you want refund of TDS, need ITR for loan/visa, or want to carry forward losses. Filing also creates a compliant track record with the Income Tax Department.

Common Challenges & Solutions

Challenge

Mismatch between Form 26AS/AIS and actual income

Our Solution

We reconcile all third-party data, explain differences, and ensure accurate reporting. Unmatched entries are clarified or corrected in the return with proper explanations.

Challenge

Confusion about capital gains calculation from stocks/mutual funds

Our Solution

We obtain your transaction statements, calculate short-term and long-term gains with indexation (where applicable), and optimize using exemptions like 54/54F/54EC.

Challenge

Missing deduction claims leading to higher tax

Our Solution

We maintain an annual deduction checklist, remind you of eligible claims (80C, 80D, 80G, HRA, home loan interest), and ensure nothing is missed.