About Income Tax Return Filing
Filing an Income Tax Return (ITR) is a crucial financial responsibility mandating taxpayers in India to report their income, deductions, and tax payments for a financial year to the Income Tax Department.
Beyond legal compliance, ITR filing helps you validate your financial status, claim refunds for excess tax payments, and maintain eligibility for government schemes or financial approvals.
Types of ITR Forms
Different ITR forms cater to varying taxpayer profiles and income sources:
Form |
Applicable To |
Description |
ITR-1 |
Salaried Individuals |
Salary income, one house property, other sources with income up to ₹ 50 lakh |
ITR-2 |
Individuals & HUFs |
Income from salary, capital gains, house property, foreign assets |
ITR-3 |
Business/Profession Individuals |
Income from business or profession |
ITR-4 (Sugam) |
Presumptive Tax Payers |
Small businesses and freelancers with turnover up to ₹ 2 crore |
ITR-5 |
Partnership Firms, LLPs |
Firms other than companies |
ITR-6 |
Companies |
Companies not exempt under Section 11 |
ITR-7 |
Trusts and NGOs |
Entities required to file returns under specific sections |
Eligibility & Requirements
You must file an ITR in India in any of the following cases:
- Annual income exceeding exemption limits (₹ 2.5 lakh for individuals, higher for senior citizens).
- Businesses with GST registration or turnover above basic exemption limits.
- Non-resident individuals with Indian income sources.
- Persons with foreign assets or foreign income.
- Taxpayers claiming refunds or carrying forward losses.
- All registered companies, LLPs, partnerships, and trusts.
Filing Procedure
Agarwal Avinash & Co streamlined ITR filing process ensures accuracy and compliance at every step:
- Consultation & Eligibility Check
Our tax experts guide you to select the correct ITR form based on your profile and income type.
- Document Collection
Secure collection of relevant documents such as Form 16, bank statements, investment proofs, and business financials.
- Income & Tax Computation
Chartered Accountants calculate your taxable income, considering all eligible deductions and tax credits.
- Return Preparation & Filing
We prepare your Income Tax Return and file it electronically with the Income Tax Department securely.
- Acknowledgement & Confirmation
Receive your ITR-V as official confirmation. Assistance provided for e-verification or physical verification if needed.
Why Choose Agarwal Avinash & Co
- India-wide Service: Catering to salaried individuals, self-employed professionals, and corporations.
- Expert CA Assistance: Tax computation and filing by qualified Chartered Accountants.
- Zero-error Guarantee: Returns reviewed thoroughly to prevent notices or penalties.
- Quick Turnaround: Filing usually completed within 24-48 hours post document submission.
- Fully Secure: Complete data confidentiality and encrypted handling.
- Affordable Pricing: Transparent fees tailored to your specific filing needs.
Frequently Asked Questions (FAQs)
1. Is ITR filing mandatory if I have no taxable income?
No. However, filing an ITR is recommended for claiming refunds and maintaining a financial record.
2. Can I file a belated or revised return?
Yes. Belated returns can be filed up to 31st December of the assessment year, subject to late fee. Revised returns can be filed to rectify earlier return mistakes.
3. What happens if I don’t verify my ITR?
Unverified ITRs are considered invalid and must be verified within 30 days.
4. What documents are needed for ITR filing?
PAN card, Aadhaar card, Form 16/TDS certificates, bank statements, investment proofs, and, for businesses, financial statements.
5. How do I claim a refund?
Refunds are processed automatically after verification of your return’s tax payments balance.
Simplify Your Income Tax Return Filing with Agarwal Avinash & Co
Agarwal Avinash & Co makes your tax filing seamless, accurate, and stress-free. Whether salaried, self-employed, or corporate, rely on us to keep your compliance gap-free.
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Agarwal Avinash & Co - Reliable, Efficient, and Expert Income Tax Services across India