Income Tax Return Filing

Income Tax Return (ITR) Filing in India

File Your ITR Online with Agarwal Avinash & Co - Quick, Accurate & Hassle-Free

Filing your Income Tax Return (ITR) goes beyond legal obligation-it is a declaration of your income, proof of financial transparency, and a vital step in building your financial credibility. Whether you are a salaried employee, business owner, freelancer, or company director, timely ITR filing ensures compliance with the Income Tax Act, 1961, and unlocks a range of financial benefits.
Agarwal Avinash & Co simplifies ITR filing by offering expert assistance, comprehensive documentation support, and guaranteed accuracy-helping you stay compliant, stress-free, and financially empowered.

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form submitted to the Income Tax Department declaring your income, deductions, and taxes paid during a financial year. Filing your ITR helps determine whether you owe additional tax or are due for a refund.
Multiple ITR forms exist (ITR 1 to ITR 7) based on your income sources, taxpayer category, and annual turnover.

Who Should File ITR in India?

Mandatory filing applies to:

• Individuals:
• With total income above ₹ 2.5 lakh (₹ 3 lakh for senior citizens, ₹ 5 lakh for super senior citizens)
• Seeking refunds for excess TDS
• Having foreign assets or income
• Having deposited over ₹ 1 crore in current accounts
• With annual electricity bills exceeding ₹ 1 lakh or foreign travel expenses above ₹ 2 lakh
• Businesses & Professionals:
• All registered companies and LLPs, even with zero income
• Freelancers and professionals earning above ₹ 2.5 lakh annually
• Partnership firms irrespective of income
• Entities with GST registration or turnover beyond exemption limits
• Others:
• Non-residents with Indian income
• Individuals claiming TDS/TCS refunds
• Persons carrying forward losses for future tax relief

Types of ITR Forms

Documents Required for ITR Filing

For Salaried Individuals:

• PAN and Aadhaar cards
• Form 16 issued by employer
• Salary slips and bank statements
• Details of other income (fixed deposits, rent, etc.)
• Proofs of investment for deductions (Section 80C, 80D, etc.)

For Businesses/Professionals:

• PAN and Aadhaar of proprietor/partners
• Business registration certificates
• Bank statements
• Profit & Loss Account and Balance Sheet
• GST details, TDS certificates, previous ITR copies

For Companies / LLPs:

• PAN of company/LLP
• Certificate of Incorporation, LLP agreement or MOA/AOA
• Financial statements and audit reports
• Details of directors/partners

Key Benefits of Filing ITR

1. Legal Compliance: Avoid penalties, notices, and prosecution under the Income Tax Act.
2. Loan Approvals: Banks require ITR for home loans, business loans, and credit cards.
3. Visa & Immigration: ITR acts as official proof of income for visa applications.
4. Claim Refunds: Recover excess tax deducted through TDS during the year.
5. Loss Carry Forward: Business and capital losses can be carried forward for tax adjustments.
6. Tender Eligibility: Government tenders require ITRs for the last three years as proof of financial health.

ITR Filing Process with Agarwal Avinash & Co

1. Consultation & Eligibility Check: We identify the correct ITR form for you.
2. Document Collection: Securely gather financial and income documents.
3. Computation & Tax Liability Assessment: CA team calculates your taxable income, deductions, and final tax dues or refunds.
4. Review & E-filing: Prepare and file your returns electronically with official acknowledgment.
5. Acknowledgment Receipt: Receive your ITR-V as proof of successful filing.

Important Due Dates for ITR Filing (AY 2025-26)

Penalties for Late or Non-Filing

• Late Filing Fee (Section 234F):
• ₹ 1,000 if income < ₹ 5 lakh
• ₹ 5,000 if income > ₹ 5 lakh
• Interest on Late Payment (Section 234A/B/C): Interest charged on unpaid tax amount.
• Prosecution: Serious evasion cases attract imprisonment from 3 months to 7 years.

Why Choose Agarwal Avinash & Co for ITR Filing?

• Nationwide coverage, servicing freelancers and large corporations 100% online
• Expert Chartered Accountants managing complex individual and business filings
• Error-free reports and quick filings to avoid notices and penalties
• Secure handling of confidential financial data
• Transparent pricing, affordable for all taxpayers

Frequently Asked Questions (FAQs)

Q1. Is it mandatory to file ITR if I have no income?
Not mandatory below exemption limits, yet recommended for refunds and proof of compliance.

Q2. Can I file ITR after the due date?
Yes, as a belated return with applicable late fees up to 31st December of the assessment year.

What if I forget to verify my filed ITR?
Unverified ITR is invalid; you must verify within 30 days post-filing.

Q3. Can I revise my ITR after submission?
Yes, revised returns can be filed multiple times before the due date.

Q4. How do I get my tax refund?
Refunds are processed by the Income Tax Department and credited directly to your bank account.

Simplify Your Tax Filing Today!

Let Agarwal Avinash & Co take care of your ITR filing with accuracy and confidence.
From salaried employees to corporate organizations, we cover all your tax compliance needs.

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Agarwal Avinash & Co - Your Trusted Partner for Hassle-Free Income Tax Returns