Income Tax Return Filing India | File ITR Online with Expert

Income Tax Return Filing

Source of income

Salary

Business/Profession

House Property

Capital Gains

Other Sources

Income Tax Return (ITR) Filing - Overview

An income tax return, or ITR, as it is commonly called, is a document filed by a taxpayer with the Income Tax Department of India. ITR reflects your contribution directly to public services and infrastructure. This contains all the information you need about your income sources, deductions & exemptions, tax liabilities, and filing information. e-filing of income tax returns is mandatory for registered companies, individuals, HUFs, or other professionals. Based on the type of taxpayer, there are multiple income tax return forms filed. Every taxpayer should complete their ITR filing within the deadline to avoid penalties.

Advantages of Income Tax Returns
(ITR ) Filing

Filing income tax returns offers multiple advantages for a citizen. Here are the top 5 advantages of filing an income tax return in India.

Easy to Claim Tax Refunds

If a taxpayer earns less than ₹5 lakh in a year, they can claim tax refunds that are deducted from their income. It is crucial to file IT returns online by 31 July of every year.

Avoid Legal Consequences

Not filing your income tax returns online in India may result in penalties and legal consequences. The income tax authority may send a notice that carries hefty fines and penalties. It is essential to prevent it by submitting ITR returns on schedule.

Effective for Easy Loan Processing

While applying for a loan or a visa, you should provide your last three years of ITR filing. Submitting the tax returns increases credibility and can help lenders assess your financial status.

ITR Returns Can Act as a Verified Income Statement

Freelancers or other self-employed individuals who don't have an official income statement can use their ITR returns to verify their income.

Process of Income Tax Return Filing

Filing your income tax returns online is a complex process. Errors during income tax return filing may result in multiple issues. Ruchita Dang & Associates provides a one-stop solution for filing out your income tax returns online. We have a team of tax experts who can complete your ITR filing in India in just three easy steps:

Step 1

Consult our tax Experts

1. Consult our tax Experts

Get in touch with our tax experts to resolve all your queries. Our in-house CA will provide you with tailor-made advice to save on taxes

Step 2

Provide all the Required Documentation

2. Provide all the Required Documentation

As per the requirement to submit all the income statements and documentation of investment proves to our team.

Step 3

Get your ITR Filed

3. Get your ITR Filed

Based on the scenario, our team will choose the apt ITR forms and file them on your behalf on time.

Documents Required to File
Income Tax Return File

Along with other forms, the following documents should be provided to file your income tax returns online:

Eligibility Criteria for Income Tax Returns (ITR ) Filing

Individuals or companies that fall under the following criteria should file IT returns in India:

Salaried individuals whose gross income exceeds the threshold level before considering deductions under Section 80c and Section 80u should file ITR returns
Entities like private limited companies and limited liability partnerships, irrespective of profit or loss, should file ITR returns
Individual directors or partners holding positions in private limited companies or limited liability partnerships should file income tax returns online
Individuals earning dividends from multiple sources like mutual funds, equity, fixed deposits, interests, and bonds should file their ITR online
Individuals sourcing income from charity, religious trust, or other forms of voluntary contributions should file IT returns
Businesses and individuals who are eligible for tax refunds should definitely file their income tax returns online
Non-resident Indians should file an income tax return based on their incomes.

Checklist for Income Tax Returns (ITR ) Filing

Here is a detailed checklist for filing ITR returns

Personal Information

Ensure you have your name, address, contact details, and PAN ready.

Identify the Correct ITR Form

Determine the appropriate Income Tax Return (ITR) form based on your income sources and category.

Income Details

Gather all income-related documents, including salary slips, interest income, rental income, and other sources.

Deductions & Exemptions

Keep proofs of deductions under Sections 80C, 80D, 80G, etc., and any applicable exemptions.

TDS, Capital Gains & Foreign Assets

Collect details of TDS certificates (Form 16/16A), capital gains statements, and any foreign income or assets.

For Firms/Companies

Keep financial statements, audit reports, TDS compliance documents, and related party transaction records.

Annual Compliances

Ensure availability of documents related to annual filings, ROC returns, and other statutory compliances.

Why Should You File ITR?

As per the income tax laws, every citizen who is earning income should file an income tax return if their total income exceeds the basic threshold. Online ITR return filing helps you carry forward the losses in the present year to the next financial year.

Filing ITR returns online creates a valid proof of income. It is mandatory for applying for any loans in the future; filing ITR returns is required for applying for credit cards in the future. It is valid proof when it comes to visa applications.

Mandatory E-filing for Individuals

Filing income tax return in India is mandatory for individuals under the following circumstances:

Other Conditions Requiring Mandatory ITR Filing:

Cash deposits over ₹1 crore in a current bank account
Deposits over ₹50 lakh in a savings bank account
Foreign travel expenses exceeding ₹2 lakh
Electricity expenses over ₹1 lakh in a year
TCS or TDS of ₹25,000 or more (₹50,000 for senior citizens)
Business turnover above ₹60 lakh
Professional income exceeding ₹10 lakh

FAQs on Filing ITR online

Get answers to the most common questions about Partnership Firm Registration in India

1. What is ITR and who should file it?

ITR (Income Tax Return) is a form used to declare your income and taxes paid to the government. If your income exceeds the basic exemption limit or you meet specific financial criteria, filing ITR is mandatory.

2. Why should I file ITR online through Ruchita Dang & Associates?

We offer expert-guided, hassle-free filing with complete accuracy, ensuring compliance with the latest tax regulations and helping you maximize deductions.

3. What documents are needed for ITR filing?

You’ll need:

PAN & Aadhaar card
Form 16 / Income proofs
Investment proofs for deductions
TDS certificates (Form 16A/26AS)
Bank account details
Financials if you’re a business or professional

4. Can I file ITR even if my income is below the taxable limit?

Yes. Filing ITR helps build a financial record, is useful for visa applications, loan approvals, and to claim refunds.

5. What is the deadline for filing ITR?

For individuals, the deadline is usually July 31st of the assessment year, unless extended by the government.

6. Will I get a refund if excess tax is paid?

Yes. If your tax paid (via TDS, advance tax, etc.) exceeds your tax liability, you can claim a refund while filing ITR.

7. Can Ruchita Dang & Associates help with tax-saving advice?

Absolutely. We assist with tax planning and recommend the best deductions and exemptions applicable under Sections 80C, 80D, 24(b), and more.

8. How secure is my data with Ruchita Dang & Associates?

We ensure your personal and financial data is protected with the highest level of confidentiality and data security practices.