Income Tax Return

  • Income Tax Return is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources.We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year.
    • Tax services offered include but are not limited to:
      Tax planning & return preparation
       Individuals
       Corporations
       Partnerships
       LLCs/LLPs
       Estates, trusts & gift
       Not-for-profit organizations

    • ITR is a form used by taxpayers to file their annual income and tax details with the Income Tax Department of India.

    • Individuals, Hindu Undivided Families (HUFs), companies, and other entities earning income in India are required to file an ITR.

    There are several ITR forms, and the choice depends on the type of income and the taxpayer's profile. Common forms include ITR-1, ITR-2, ITR-3, and ITR-4. The Income Tax Department issues guidelines each year to help taxpayers
    choose the appropriate form.

    The due date for filing ITR is generally July 31st of the assessment year. However, this date may be extended by the government.

    Yes, you can file a belated return up to the end of the relevant assessment year. However, there are consequences such as a penalty or late filing fee.

    Common documents include PAN card, Aadhaar card, Form 16 (for salaried individuals), bank statements, investment details, and any other relevant financial documents.

    Yes, linking Aadhaar with PAN is mandatory for filing ITR.

    ITR can be filed online on the official Income Tax e-filing website or through authorized intermediaries. Offline filing is also possible using physical forms.

    Yes, you can rectify errors by filing a revised return within a specified time frame.

    Form 26AS is a consolidated tax statement that reflects details of tax credit available to a taxpayer. It is crucial for verifying TDS and self-assessment tax payments.

    Yes, various exemptions and deductions are available under different sections of the Income Tax Act, such as HRA, standard deduction, deductions under Section 80C, 80D, etc.

    Taxpayers can check the status online on the official Income Tax e-filing website.

    Non-filing or delayed filing may attract penalties, interest, and legal consequences. It can also affect loan approvals and visa applications.

    It’s important to note that tax laws are subject to change, and it's advisable to consult
    with a webetax professional or refer to the latest guidelines from the Income Tax
    Department for the most accurate and up-to-date information.

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