Services
Income Tax Return Filing
Income tax returns (ITR) are filed by individuals, firms, companies and other persons as required under the Income-tax Act, 1961. This service covers computation of income, selection of the applicable ITR form and filing on the income tax portal. It also covers advance tax computation and preparation of replies to notices and intimations.
What the service covers
- Computation of income from salary, house property, business or profession, capital gains and other sources
- Selection of the applicable ITR form
- Filing and e-verification of the return
- Reconciliation with Form 26AS and the Annual Information Statement (AIS)
- Advance tax computation
- Revised and belated returns, where applicable
- Review of notices and intimations and preparation of replies
Documents typically needed
- PAN and Aadhaar
- Form 16 or salary slips
- Bank statements and interest certificates
- Form 26AS and the Annual Information Statement (AIS)
- Details of investments and payments for which deductions are claimed
- Capital gains statements from brokers or mutual fund houses
- Books of accounts, profit and loss account and balance sheet, for business or professional income
Questions
- Who must file an income tax return?
- Individuals whose total income exceeds the basic exemption limit must file, and certain persons must file in specified cases regardless of income. Companies and firms file every year. The conditions are set by the Income-tax Act and may change from year to year.
- Can a return be filed after the due date?
- A belated return can generally be filed within the time allowed under the Act, usually with a late fee and with some benefits unavailable. The applicable conditions should be checked for the relevant year.
- Does a return need to be verified?
- Yes. A return is treated as valid only after it is verified within the prescribed time, for example by Aadhaar OTP, net banking or a digital signature.