Compliance Under Income Tax
INCOME TAX RETURN FILING
- Completely online service – No physical presence required
- CA Accredited Guidance At Every Process
Compliances under Income Tax
Income Tax Return Filing
TDS Return Filing
Form 26QB for TDS on Property
Filing of Appeal with CIT
Every person whether (Individual/HUF/Company/LLP/Trust/Firm) are liable to pay tax on the income earned during a financial year. The tax levied on their income is known as Income Tax and is collected by Central Government. Every person shall file Income Tax Return with the Income Tax Department to intimate about the income earned by them and tax payable and paid thereon. The forms used to file return are different for different taxpayers based on criteria. Such taxpayers are also known as “Assessee” for the purpose of Income Tax
ITR FORM | CATEGORY OF TAXPAYER |
Form ITR-1 (SAHAJ) | Individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 Lakhs having income from salaries, one house property, other sources (Interest etc.) and agricultural income up to Rs. 5,000
|
Form ITR-2 | Individual (other than covered in above category) and HUF not having income from profits and gains of business or profession |
Form ITR-3 | Individual and HUF (other than above 2 category) and having income from profits and gains of business or profession |
Form ITR-4 | Individual, HUF and Firm (Other than LLP) being a resident having total income upto INR 50 Lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE (Presumptive Income) |
Form ITR-5 | Person other than Individual, HUF, company and person filing Form ITR-7 |
Form ITR-6 | Companies other than companies claiming exemption under section 11 |
Form ITR-7 | Persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) only |
Required Documents
PAN Card of the business entity/proprietor
Aadhar card of proprietor
PAN Card of all partners/directors/trustees in case of firms/companies/LLP/Trust
Aadhar Card of all partners/directors/trustees
All Bank Statements- Saving
DSC of signing person where the accounts are audited
In case of business & profession- cancelled cheque of current account
Proof of investments made- LIC, Mutual funds, NSC, Sukanya Samridhi, PPF, Donation receipts, NSS, Tuition Fees paid, Rent paid receipt etc.
Documents of purchase or sale of properties/ investments
Global report in case of share transactions
Form 16 in case of salaried person
Details of house rental income generated (in case of house owner)
Loan repayment certificate or schedule (in case of housing loan)
A copy of Financial statements (Balance Sheet, Trading & P&L), Cash Flow Statement (in case of companies), capital account of owner/ partners
A copy of audit report (if accounts are audited)
Receipt & Payments Statement where books of accounts are not maintained
Benefits of Income Tax Return Filing
Avoid tax notices
Taxpayers are served notices from the IT Department if they fail to file the returns timely
Allow carry forward of losses
If the business has incurred losses, the return should be filed timely so that such losses can be carried forward and set off against profits for up to 8 years so as to lower future tax liability
Claim Refund of TDS
If TDS has been deducted on your income by any person, you should timely file your return so that refund of excess TDS deducted may be claimed
Helps in faster loan processing
ITR filed with Government indicates financial worth of the taxpayer. Before lending money, all banks and financial institutions ask for copies of IT Return to track the repayment capacity of borrower
Avoid late fees under section 234F
If any person is liable to file his IT Return but fails to file it timely, he may be liable for maximum penalty up to Rs. 10,000 depending upon total income and quantum of delay
Quick Visa Processing
Most embassies and consulates require to submit IT Returns for last 3 years for visa processing
Note
Documents required may vary depending upon ITR form, our associate is always here to guide you
INCOME TAX RETURN FILING- SALARIED PERSON
Basic
- Salary/Pension (Single Form 16)
- Single House Property Income
- Agricultural Income
- Income from Interest & Dividends
- Deductions from Income (80C/80D etc.)
- Total Income upto Rs. 50 Lakhs
Standard
10% off
- Salary/ Pension (Multiple Form 16)
- More than one House Property Income
- Agricultural Income
- Income from interest & Dividends
- Deductions from Income (80C/80D etc.)
- Total Income upto/ More than Rs. 50 Lakhs
Advanced
10% off
- Salary/ Pension (Multiple Form 16) & Section 89 Relief on arrears
- More than one House Property
- Agricultural Income
- Income from Other Sources
- Capital Gains on Shares/MF/Others
- Deductions from Income (80C/80D etc.)
Why StartupSaarthi?
One-stop solution: From idea to incorporation, funding, legal, accounting, and marketing – we handle it all.
Expert network: Get qualified guidance from lawyers, accountants, and marketing specialists.
Hassle-free & affordable: Streamlined process, competitive pricing, and personalized support.
Proven success: We help businesses of all sizes achieve their goals.
Choosing StartupSaarthi means choosing a partner who is dedicated to your success. We are here to help you every step of the way, from ideation to incorporation and beyond.
Join thousands of successful entrepreneurs
Get My Weekly tips on how to get ahead
At Startup Saarthi, we’re more than just consultants; we’re your ultimate business companion. Our seasoned team of experts is here to guide you through every stage of growth, from ideation to scale.
Useful Links
Subscribe Now
Don’t miss our future updates! Get Subscribed Today!
