What is Income Tax Filing?
Income Tax Filing is the annual mandatory compliance for all businesses and individuals earning above the basic exemption limit. Under the Income Tax Act, 1961, companies must file ITR-6, LLPs file ITR-5, and individuals/proprietors file ITR-3 or ITR-4 depending on their income sources and business turnover.
The filing deadline is 31st July for non-audit cases and 31st October for audit cases. Late filing attracts penalties and interest. We ensure timely filing with maximum tax savings through proper planning.
ITR Types Overview
- ITR-3: For individuals/HUFs with business income (proprietorship)
- ITR-4: For individuals/HUFs with presumptive business income
- ITR-5: For LLPs, AOPs, BOIs, and artificial juridical persons
- ITR-6: For companies (other than companies claiming exemption under section 11)
- Tax Audit: Mandatory if turnover exceeds ?1 crore (?10 crore for 95%+ digital transactions)
Our Income Tax Filing Process
1
Document Collection & Review
We collect your financial statements, bank statements, investment proofs, and previous year ITR to prepare accurate tax computation.
2
Tax Computation & Planning
Our CAs compute your tax liability, identify available deductions, and suggest tax-saving strategies for the current and next financial year.
3
ITR Preparation & Review
The appropriate ITR form is prepared with all income sources, deductions, and tax payments accurately reflected.
4
Client Approval & Filing
We share the prepared ITR for your review and approval before filing on the Income Tax e-filing portal.
5
Acknowledgment & Follow-up
ITR-V acknowledgment is obtained and any processing queries from the IT department are handled on your behalf.
What's Included in Our Service
- Complete ITR preparation and filing
- Tax computation and liability calculation
- Advance tax planning and payment schedule
- TDS reconciliation and credit optimization
- Tax audit report (Form 3CA/3CB + 3CD) if applicable
- Response to IT department notices and queries
- Refund processing and follow-up
- Tax-saving investment guidance
- Next year tax planning consultation
Who Needs Income Tax Filing?
- All companies registered under Companies Act, 2013
- Limited Liability Partnerships (LLPs)
- Individuals with business income (proprietorship)
- Individuals with total income exceeding basic exemption limit
- Businesses with turnover exceeding ?1 crore (audit cases)
- Anyone claiming tax refund from excess TDS/advance tax
Filing Deadlines & Penalties
Non-Audit Cases: 31st July
Audit Cases: 31st October
Late Filing Fee: ?5,000 (?1,000 for income below ?5 lakh)
Interest: 1% per month on outstanding tax
Advance Tax: 15th June, Sept, Dec, March
Tax Audit Report: Before ITR filing
Documents Required
Audited financial statements
Profit & Loss account
Balance sheet
Bank statements (all accounts)
TDS certificates (Form 16A/16B/16C)
Investment proofs (80C, 80D, etc.)
Previous year ITR acknowledgment
Advance tax payment challans