Income Tax Returns

Comprehensive Guide to Income Tax Returns (ITR)

Income Tax Return (ITR) filing is a critical annual responsibility for individuals and businesses to declare their income, calculate tax liabilities, and report taxes paid. Filing ITR is not just a compliance requirement but also a testament to an individual's or company's financial transparency.

Why File Income Tax Returns?

  • Compliance with legal obligations.

  • Eligibility for loans and financial assistance.

  • Avoid penalties and interest charges.

  • Claim refunds on excess taxes paid.

  • Build a strong financial and credit profile.

Types of Income Tax Returns:

  1. ITR-1 (SAHAJ): For individuals with income from salary, one house property, or other sources.

  2. ITR-2: For individuals and HUFs not having income from profits and gains of business.

  3. ITR-3: For individuals and HUFs with income from profits and gains of business or profession.

  4. ITR-4 (SUGAM): For individuals, HUFs, and firms under the presumptive taxation scheme.

  5. ITR-5: For partnerships, LLPs, and other specified entities.

  6. ITR-6: For companies other than those claiming exemption under section 11.

  7. ITR-7: For trusts and other entities required to file returns under specific sections.

Key Steps in ITR Filing:

  1. Gathering Documents: Collect Form 16, bank statements, and other financial documents.

  2. Income Calculation: Calculate income from all sources.

  3. Tax Deduction Verification: Verify TDS details from Form 26AS.

  4. Prepare ITR: Fill in the appropriate ITR form.

  5. File and Verify: Submit ITR online and e-verify.

How Tax Bridge Can Help:

  • Accurate preparation and filing of ITR.

  • Assistance in choosing the right ITR form.

  • Verification of tax deductions.

  • Handling notices from the Income Tax Department.

  • Real-time updates on tax laws.

At Tax Bridge, we make ITR filing hassle-free and error-free, ensuring you maximize refunds and stay fully compliant.