All forms, max refund focus

Category: Income Tax. From ₹1,499. Typical timeline: 1–3 days.

Overview

Income Tax Return (ITR) filing is the annual declaration of income, deductions and tax paid to the Income Tax Department, made electronically on the e-Filing portal under the Income-tax Act, 1961. The correct form (ITR-1 through ITR-7) depends on the nature and amount of income — salary, business/profession, capital gains, or a mix — and filing on time preserves the ability to carry forward losses and claim a refund without interest deduction.

Who needs it

• Salaried individuals with income above the exemption limit or with additional income (rent, capital gains, freelance)
• Self-employed professionals and business owners, including those under presumptive taxation (Sections 44AD/44ADA)
• Anyone with capital gains from equity, mutual funds or property in the year
• NRIs with taxable Indian-sourced income
• Companies and LLPs, for whom filing is mandatory every year regardless of turnover or profit

Eligibility

• Mandatory for individuals whose total income exceeds the basic exemption limit (₹2.5 lakh / ₹3 lakh / ₹3 lakh under old vs. new regime slabs, as applicable for the year)
• Mandatory regardless of income level if you hold foreign assets or signing authority in a foreign account, or have deposited over ₹1 crore in current accounts / ₹50 lakh in savings, or spent over ₹2 lakh on foreign travel or ₹1 lakh on electricity in the year
• Mandatory for all companies and LLPs irrespective of profit or loss
• Voluntary filing is common for those seeking a refund, applying for a loan or visa, or wanting to carry forward a capital loss

Documents required

• PAN and Aadhaar
• Form 16 (for salaried individuals) or profit & loss statement / balance sheet (for business/professional income)
• Form 26AS and Annual Information Statement (AIS) — TDS and transaction summary from the tax department
• Bank statements for interest income and other credits
• Capital gains statements from brokers/mutual fund houses, if applicable
• Home loan interest certificate, if claiming Section 24(b) or 80EE/80EEA deduction
• Investment proofs for deductions claimed (80C, 80D, 80G etc.) under the old regime
• Details of foreign assets/accounts, if any, for Schedule FA

Process

1. Income & document collation — Gather Form 16, 26AS, AIS, bank statements, capital gains statements and investment proofs relevant to the assessment year.
2. Form selection & regime choice — Determine the correct ITR form based on income sources, and choose between the old and new tax regime based on which results in lower tax.
3. Computation & reconciliation — Compute total income, deductions and tax payable, and reconcile TDS credits against Form 26AS/AIS to avoid mismatch notices.
4. Return filing — File the return on the e-Filing portal, generating an acknowledgement (ITR-V).
5. E-verification — Verify the return within 30 days via Aadhaar OTP, net banking, or by sending a signed physical ITR-V to CPC Bengaluru — an unverified return is treated as not filed.

Government fees

• Government fee: Nil — e-Filing itself carries no government fee
• Late filing fee under Section 234F (if applicable): ₹1,000 (income up to ₹5 lakh) or ₹5,000 (income above ₹5 lakh)

Professional fee

₹1,499 professional fee for salaried ITR-1/ITR-2 filings; higher for business/professional income (ITR-3/ITR-4) or cases involving capital gains and multiple income heads — quoted after reviewing your income sources.

Timeline

1–3 working days once all documents and Form 26AS/AIS reconciliation are complete. E-verification is instant if done via Aadhaar OTP or net banking.

Deliverables

• Filed and e-verified Income Tax Return with acknowledgement (ITR-V)
• Computation of income sheet showing the tax calculation
• Regime-comparison summary (old vs. new) used to pick the lower-tax option
• Refund tracking until credited, where applicable

Frequently asked questions

What happens if I miss the ITR filing deadline?

A late fee under Section 234F applies (₹1,000–₹5,000 depending on income), interest accrues on unpaid tax, and you lose the ability to carry forward most losses (except house property loss) to future years.

Which tax regime should I choose?

The new regime generally suits those with fewer deductions/exemptions to claim, while the old regime benefits those with significant 80C, HRA, or home loan interest claims — we compute both and recommend the lower-tax option.

I have a mismatch between my Form 16 and Form 26AS — what now?

We reconcile the difference before filing; unexplained mismatches are a common trigger for department notices, so this is resolved upfront rather than left for scrutiny later.

How long does a refund take after filing?

Typically 4–6 weeks after e-verification if the return is picked for normal processing, though this can extend if the return is selected for scrutiny or additional verification.

Can I revise my return after filing?

Yes — a revised return can be filed under Section 139(5) any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.

Common mistakes

• Filing the wrong ITR form for the income type, which the department can treat as a defective return under Section 139(9)
• Not reconciling TDS credit against Form 26AS/AIS before filing, leading to a demand notice for a discrepancy that didn’t actually exist
• Forgetting to e-verify the return within 30 days, which makes an otherwise-filed return invalid
• Missing disclosure of small interest income or dividend income already reported in AIS, triggering automated mismatch flags
• Choosing the tax regime without comparing both, leaving deductions unclaimed or paying avoidably higher tax

Penalties for non-compliance

• Late filing fee under Section 234F: ₹1,000–₹5,000 depending on total income
• Interest under Section 234A/B/C on unpaid tax for late filing and short advance-tax payment
• Best-judgement assessment and prosecution risk under Section 276CC for wilful failure to file where tax due is substantial

Legal references

• Income-tax Act, 1961 — Sections 139 (filing), 234A/B/C/F (interest and fees), 276CC (prosecution)
• Income-tax Rules, 1962 — Rules prescribing ITR forms and filing procedure
• CBDT notifications specifying applicable ITR forms and due dates for each assessment year

Client reviews

Navigating the new tax regime felt overwhelming. The team at Kanoons provided a clear, side-by-side analysis of my finances, showing me exactly which option would save me more money. Their expert handled everything, making the entire process seamless and stress-free.Abu Bakr, Google Employee