Income Tax Return Filing Services

What is Income Tax Return (ITR) Filing?

An Income Tax Return (ITR) is a form filed with the Income Tax Department of India declaring your income, deductions, and taxes paid during a financial year. Filing your ITR is mandatory if your income exceeds the basic exemption limit, and it is recommended even if your income is below the threshold — especially to carry forward losses or obtain refunds.

Who Should File an ITR?

• Salaried individuals with income above the basic exemption limit (₹2.5 lakh under old regime; ₹3 lakh under new regime for FY 2024–25)
• Self-employed professionals and freelancers
• Business owners and partnership firms
• Companies and LLPs (mandatory regardless of income)
• Individuals with capital gains from shares, mutual funds, or property
• Those with foreign income or foreign assets
• Anyone seeking a tax refund on TDS deducted

ITR Forms — Which One Applies to You?

• ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh
• ITR-2: Individuals and HUFs with capital gains or foreign income
• ITR-3: Individuals and HUFs with income from business or profession
• ITR-4 (Sugam): Presumptive income under Sections 44AD, 44ADA, 44AE
• ITR-5: Firms, LLPs, AOPs, BOIs
• ITR-6: Companies (other than claiming Section 11 exemption)

Documents Required

• PAN card and Aadhaar card
• Form 16 (from employer, for salaried persons)
• Form 26AS / Annual Information Statement (AIS)
• Bank statements for the financial year
• Investment proofs for deductions (80C, 80D, etc.)
• Capital gains statements (from broker or mutual fund)
• Home loan interest certificate (if applicable)

Key Deadlines for FY 2024–25 (AY 2025–26)

• Individuals (non-audit): 31st July 2025
• Businesses requiring tax audit: 31st October 2025
• Belated return: Up to 31st December 2025 (with late fee)

Always verify current deadlines at incometax.gov.in.

Frequently Asked Questions

What is the penalty for not filing ITR?

A late filing fee of up to ₹5,000 (₹1,000 if total income is below ₹5 lakh) under Section 234F applies. Interest under Section 234A also applies on unpaid tax.

Can I switch between old and new tax regime?

Salaried individuals can switch regimes each year while filing their ITR. Business owners and professionals have more restricted switching options. Our advisors can help you compare and choose the more beneficial regime for your situation.

What if I missed the ITR deadline?

You can file a belated return until 31st December of the assessment year, with a late fee. After that, only updated returns (ITR-U) can be filed within two years from the end of the relevant assessment year.