Income Tax Filling
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Who Should File an Income Tax Return?
- Individuals (Indian residents & NRI) – Necessary for those whose income is exceeding the prescribed limit.
- Sole Proprietors
- Companies
- It makes an individual a responsible citizen.
- Helps in avoiding penalty provisions.
- Considered as financial evidence for availing loan or visa.
- Helps the government in keeping track of the income of taxpayers.
What are the Benefits of ITR Filing?
- It makes taxpayers eligible for loan processing.
- It helps in claiming a TDS refund or any other tax paid in excess.
- Also, it allows carry forward of losses.
- It makes an individual a responsible citizen.
- Helps in avoiding penalty provisions.
- Considered as financial evidence for availing loan or visa.
- Helps the government in keeping track of the income of taxpayers.
Checklist for Income Tax Filling
- PAN Card, Aadhar Card
- Bank Statement from 1st April to 31st March for the respective year
- Salary form 16 (Salaried Person)
- Investment details if any (Mutual Fund, Stock, FD, Gold, PMS, Saving Scheme, NPS, etc.)
- Insurance details if any (Health Insurance, Life Insurance etc.)
- Agriculture Bill if any
- Child Tuition Fees details if any
- Loan details if any (Secured and Unsecured Loan)
- Fixed Assets Purchase details
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Income Tax Filing – FAQs
What is Income Tax Filing?
Income tax filing is the process of submitting your income and tax details to the Income Tax Department by filing an Income Tax Return (ITR). It helps determine the tax liability, claim refunds, and comply with the law.
Who is required to file an Income Tax Return (ITR)?
Filing ITR is mandatory if:
- Your total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60).
- You want to claim a tax refund.
- You have foreign income/assets, or are an NRI.
- You are a company or firm, irrespective of income.
- You meet high-value financial criteria (e.g., deposited ₹1 crore, spent ₹2 lakh on travel, etc.).
What are the different ITR forms?
Common forms include:
- ITR-1 (Sahaj): Salaried individuals, pensioners
- ITR-2: Capital gains or foreign income
- ITR-3: Business or professional income
- ITR-4 (Sugam): Presumptive income (Section 44AD/44ADA)
- ITR-5, 6, 7: Firms, companies, trusts, etc.
What is the due date for filing Income Tax Return?
- Individuals & salaried taxpayers: 31st July
- Businesses requiring audit: 31st October
- Transfer pricing cases: 30th November
Can I file ITR after the due date?
Yes, you can file a belated return by 31st December of the assessment year. However, a late filing fee of up to ₹5,000 is applicable.
What documents are required to file ITR?
- PAN card
- Aadhaar card
- Form 16 (for salaried)
- Bank statements
- Investment proofs (80C, 80D etc.)
- TDS certificates
- Form 26AS and AIS
- Details of capital gains, rent, interest, etc.
What is the penalty for not filing ITR?
- ₹1,000 for income up to ₹5 lakh
- ₹5,000 for income above ₹5 lakh
Also, interest under Sections 234A, 234B, and 234C may be charged.
What is Form 26AS?
Form 26AS is a tax credit statement that shows TDS deducted, tax paid, refunds issued, and other financial transactions. It helps verify tax deducted and avoid mismatches.
What is AIS (Annual Information Statement)?
AIS provides a comprehensive record of your financial activities, including savings interest, mutual fund investments, property transactions, share purchases, and more.
What is e-verification of ITR?
After filing your return, you must verify it electronically using Aadhaar OTP, Net Banking, or Bank EVC. Alternatively, send the signed ITR-V to CPC Bengaluru within 30 days.
What happens after filing ITR?
- You receive an ITR-V acknowledgement.
- After verification, CPC processes the return.
- If eligible, refund is issued to your bank account.
- You may receive a notice if there are discrepancies.
Is filing ITR necessary for a refund?
Yes. If TDS has been deducted and you are eligible for a refund, you must file ITR to claim it.
What is the difference between filing and e-filing?
- Filing refers to the general process of submitting ITR.
- E-filing is the online method of submitting ITR through www.incometax.gov.in, which is now the standard practice.
Can I revise a filed return?
Yes. If you discover any mistake in your original return, you can file a revised return before 31st December of the assessment year.
What is pre-filled ITR?
The government portal auto-fills certain data like salary, TDS, interest income, and capital gains using PAN-linked databases, making ITR filing easier and error-free.
What is the meaning of Assessment Year (AY)?
Assessment Year is the year following the financial year in which income is assessed and taxed. For income earned in FY 2024–25, the AY is 2025–26.
Is PAN mandatory for filing ITR?
Yes. PAN (Permanent Account Number) is mandatory for filing returns, tracking TDS, refunds, and tax credit statements.
Is Aadhaar linking mandatory for filing ITR?
Yes, Aadhaar must be linked with your PAN to file ITR. If not linked, your PAN may become inoperative
Can a salaried person file ITR without Form 16?
Yes. You can file ITR using your salary slips, bank statements, Form 26AS, and AIS if Form 16 is not available.
Can I file ITR for past years?
Generally, you can file ITR for only the current and immediate past assessment year. To file for older years, you need CBDT approval via condonation of delay.