Doc Summary
Overview
Income Tax Return (ITR) Filing is the process of reporting income earned and taxes paid during a financial year to the Income Tax Department of India. It is mandatory for individuals, companies, and other entities whose income exceeds the prescribed exemption limits.
Filing your ITR not only ensures compliance with tax laws but also serves as proof of income, helps claim refunds, and strengthens financial credibility for loans and tenders.
Eligibility / Who Should File
- Individuals with income above ₹2.5 lakh per year
- Businesses and companies earning taxable income
- Freelancers and professionals with gross receipts above ₹2.5 lakh
- Entities requiring tax refunds or loss carry forward
- NRI taxpayers with income earned in India
Step-by-Step Process
- Collect Financial Data: Gather income details, investment proofs, and tax deduction certificates (Form 16 / 26AS)
- Select Appropriate ITR Form: Choose from ITR-1 to ITR-7 based on your category and income type
- Compute Total Income: Calculate income under all heads – salary, business, property, and other sources
- Compute Tax Payable: Apply deductions under Sections 80C to 80U and compute net tax
- File Online on e-Filing Portal: Submit the ITR and verify electronically
- Acknowledgment: Receive ITR-V (Acknowledgment Receipt) for record
Documents Required
- PAN and Aadhaar
- Form 16 or salary slips
- Bank statements and investment proofs
- Details of business income and expenses (if applicable)
- TDS certificates and Form 26AS
- Proofs of deductions (LIC, PPF, donations, etc.)
Timeline
ITR must be filed by 31st July every assessment year for individuals and by 31st October for companies and audit cases.
Late filing attracts additional interest and penalties.
Post-Filing Requirements
- Verify ITR within 30 days of submission (using Aadhaar OTP, net banking, or EVC)
- Retain acknowledgment and computation records for future reference
- Respond to any notice or intimation from the Income Tax Department (under Section 143 or 139)
- Ensure accurate reporting of advance tax and TDS credits
Penalties for Non-Compliance
- Delay in filing attracts a penalty up to ₹5,000 under Section 234F
- Interest @1% per month on unpaid tax under Section 234A
- Omission or misreporting may lead to further scrutiny or penalties
Kanoons Service
Kanoons Law & Tax Consultants Pvt. Ltd. provides a complete ITR filing and compliance service for individuals, freelancers, and businesses.
Our services include:
- Assessment of income, deductions, and tax liabilities
- Preparation and online filing of ITR across all categories
- Refund tracking and correction of earlier returns
- Guidance on tax planning and compliance updates
- Assistance in responding to notices or clarifications
Kanoons ensures accurate, timely, and hassle-free ITR filing with reliable digital support.
Why Choose Kanoons
- Quick and accurate ITR filing starting from ₹999
- Simple online process with full support
- Transparent pricing and secure data handling
- Error-free filing and timely acknowledgment
- Trusted by thousands of salaried individuals and business owners across India
