ITR Filing Consultant - Income Tax Return Filing

As per the Income Tax Act, every Indian is required to file an income tax return. This return contains details of taxable earnings and taxes for the year. After calculating the tax, the person must pay the tax amount to the Government of India. It is a direct tax payable by individuals and corporates. The rules for filing an income tax return are governed by the Income Tax Act and the Finance Act of the respective financial year.

Compliance: Timely income tax return filing and tax payment help avoid future penalties and interest.

Easy Loan Approval: Banks require income tax returns when processing loans. ITRs are especially needed for home loans, mortgage loans, personal loans, and vehicle loans. Filing returns can assist in the approval process for all types of loans.

Visa Applications: Foreign embassies often check the tax compliance of applicants in their current country. No country will grant a visa to someone who does not follow tax laws. Filing ITRs helps in obtaining student visas, permanent residence visas, tourist visas, and more.

Tax Refunds: By filing your income tax return, you can claim a refund of TDS in cases of excess deduction or overpayment of tax.

Income and Address Proof: Many government schemes are income-based. To avail benefits such as the PM Awas Yojana, interest-free loans, free housing, or subsidies, you need to provide income proof. In India, an income tax return is considered valid proof of income and address.

• Any assessee with income exceeding ₹2,50,000. (“Assessee” means a person as defined under the Income Tax Act.)

• For corporate assessees, ITR filing is compulsory.

• Partnership firms, LLPs, companies, and trusts are required to maintain books of account, and ITR filing is compulsory even in the case of a loss.

• Individuals whose gross taxable income is less than ₹2,50,000.

• Individuals earning only exempt income, such as agricultural income. (For example, a person engaged solely in farming activities on their own land is not required to file a tax return.)

a) Primary Documents

1. PAN Card – Permanent Account Number in India

2. Aadhaar Card – In case of a resident

3. Bank Account Details – Account number and IFSC code

4. Mobile Number and/or Email ID

b) Documents as Applicable

1. Income from Salary

1. For individuals having only income from a job: Form 16, salary slip, or salary details

2. Income from house property

3. If having a home loan: loan repayment certificate

4. House rent income: rent income details

5. Municipal tax payment details

2. Income from Capital Gains

1. For individuals with income from mutual funds or share transactions: transaction report (capital gain report)

2. Asset sale and purchase (e.g., house, office, gold) during the year: value of sale and purchase with dates

3. Long-term and short-term capital gain details

3. Income from Other Sources

1. For individuals with only interest income: bank passbook

2. Other income details, such as dividend, bank FD interest, or others if applicable

3. Gift income

4. Income from Business and Profession

(1) Business and profession where books of account are not maintained and audit is not applicable (Sections 44AD / 44ADA):

• Presumptive Income from Business: gross receipt details from business and profit from business (minimum 8% profit; minimum 6% profit if digital transactions)

• Presumptive Income from Profession: gross receipt details from profession and profit details from profession (minimum 50% profit)

(2) Business income where books of account are maintained and audit is applicable (Section 44AB):

• Complete books of account data

• Profit and loss account

• Balance sheet

• Capital account

• Audit report (if any)

5. Exempt Income Details

1. Agricultural income details

2. Section 10 exempt incomes

3. PPF interest

4. Gift income

5. Life insurance maturity benefits

6. Deduction Details

1. Life insurance premium

2. Housing loan repayment

3. Tax saver mutual funds and tax saver fixed deposits

4. PPF contribution

5. Donations

We will ask for the documents applicable to you from the above list. After receiving these documents, we will calculate your income as per the Income Tax Act. Based on our calculation of taxable income, we will generate the Computation of Income (COI) for the financial year. From the Computation of Income, you can check the total income and the total tax amount payable for the financial year. After your approval, we will file the online income tax return.

We will provide you with the following documents once we complete your return filing process:

1. Acknowledgement of ITR-V

2. Form 26AS – TDS Details Statement

3. Complete ITR Form

4. Computation of Income (COI)

5. Income Tax Paid Challan

6. Other documents, if any (All documents will be CA-certified)