Income Tax Filing
Filing your Income Tax Return (ITR) is a legal obligation for every individual, business, or entity earning income in India above the prescribed exemption limit.
Apart from compliance, timely filing ensures smooth financial records, refund claims, and creditworthiness.
Who Should File ITR?
- Individuals with income above ₹2.5 lakh (₹3 lakh for senior citizens).
- Companies, LLPs, and Firms irrespective of profit or loss.
- Individuals with foreign assets or income.
- Persons claiming tax refunds.
- Businesses with turnover above ₹60 lakh or professional income above ₹10 lakh (as per rules).
Types of ITR Forms
- ITR-1: Salary, one house property, and other income (individuals).
- ITR-2: Income from more than one house property, capital gains, foreign income.
- ITR-3: Business or professional income.
- ITR-4: Presumptive taxation scheme (businesses/professionals).
- ITR-6: Companies (other than those claiming exemption u/s 11).
- ITR-7: Trusts, NGOs, and others required to file u/s 139(4A/4B/4C/4D).
Documents Required
- PAN and Aadhaar card.
- Form 16/16A from employers.
- Bank statements and passbooks.
- Details of investments (LIC, PPF, NSC, ELSS, etc.).
- Home loan statements, rent receipts, and other deductions.
- Balance sheet, P&L account (for businesses/professionals).
Process of Filing ITR
- Step 1: Collect income and investment documents.
- Step 2: Choose the applicable ITR form.
- Step 3: Prepare computation of total income and deductions.
- Step 4: Pay self-assessment tax, if any.
- Step 5: File return online on the Income Tax portal using DSC/EVC.
- Step 6: Verify return via Aadhaar OTP, EVC, or ITR-V submission.
How Ctrl Tax Advisory Helps
- Selection of correct ITR form and tax computation.
- Accurate filing to avoid notices and penalties.
- Claiming all eligible deductions and exemptions.
- Filing revised returns and handling scrutiny cases.
- Assistance for individuals, businesses, NRIs, and trusts.
