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Income Tax Filing, Planning & Compliance Services

Filing Income Tax Returns (ITR) in India is a crucial annual task for individuals, businesses, and other entities with taxable income. Here’s a step-by-step guide to help you file your ITR for the current financial year (FY 2024-25, Assessment Year 2025-26):

Income Tax Filing Service
Call: 7738638500

🔹 Who Should File ITR?

You must file ITR in India if:

  • Your total income exceeds the basic exemption limit:
    • ₹2.5 lakh for individuals below 60
    • ₹3 lakh for senior citizens (60–80)
    • ₹5 lakh for super senior citizens (80+)
  • You want to claim a tax refund
  • You have foreign assets or income
  • You are a company or firm (regardless of income)
  • You’ve deposited > ₹1 crore in a bank account
  • You’ve spent > ₹2 lakh on foreign travel
  • You’ve paid > ₹1 lakh as electricity bill

🔹 Types of ITR Forms (For Individuals)

ITR Form

Who Should Use

ITR-1 (Sahaj)

Salaried individuals with total income ≤ ₹50 lakh, one house property, and no business income

ITR-2

Individuals with income > ₹50 lakh, capital gains, more than one house property, or foreign income

ITR-3

Professionals or business owners (proprietorship)

ITR-4 (Sugam)

Presumptive income scheme (for small businesses and professionals)

🔹 Documents Required

  • PAN & Aadhaar
  • Form 16 (for salaried employees)
  • Form 26AS and AIS (Annual Information Statement)
  • Bank account details
  • Investment proofs (80C, 80D, etc.)
  • Home loan interest certificate (if applicable)
  • Capital gains details (if any)
  • Rent receipts (if claiming HRA)

🔹 How to File ITR (Online Method)

  1. Go to the Income Tax e-Filing portal
  2. Log in using PAN/Aadhaar and password
  3. Click “File Income Tax Return”
  4. Choose Assessment Year 2025–26
  5. Select appropriate ITR form (prefilled or manual)
  6. Fill in income details, deductions, taxes paid
  7. Validate, review and submit
  8. E-verify using Aadhaar OTP, net banking, or other options

🔹 Due Dates

  • July 31, 2025 – For individuals not requiring audit
  • October 31, 2025 – For companies and audits
  • December 31, 2025 – For belated or revised returns

🔹 Penalties for Late Filing

  • ₹1,000 (if income ≤ ₹5 lakh)
  • ₹5,000 (if income > ₹5 lakh)
  • Plus, interest under Sections 234A, 234B, 234C

✅ Tips

  • Use prefilled data to avoid manual errors
  • Check Form 26AS & AIS before filing
  • File even if no tax payable (to carry forward losses or claim refunds)

If you need help choosing the right ITR form with your data , just let us know.

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