Income Tax Return (ITR) Filing is a mandatory process where individuals and businesses report their income, deductions, and tax liability to the Income Tax Department.
Filing ITR is important for:
With Finance Saathi, you get accurate and hassle-free ITR filing services, ensuring proper tax calculation and maximum benefits.
| Particular | Details |
|---|---|
| Definition | Declaration of income & tax |
| Filed By | Individuals & businesses |
| Purpose | Tax calculation & compliance |
| Filing Mode | Online |
| Category | Requirement |
|---|---|
| Individuals with income above limit | Mandatory |
| Salaried employees | Required if income exceeds basic exemption |
| Business owners | Mandatory |
| Freelancers | Required |
| Companies & Firms | Mandatory |
| Tax refund claim | Required |
| Form | Applicable To |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals |
| ITR-2 | Capital gains / multiple income |
| ITR-3 | Business/profession income |
| ITR-4 (Sugam) | Presumptive income |
| ITR-5 | Firms, LLPs |
| ITR-6 | Companies |
| ITR-7 | Trusts & institutions |
| Requirement | Details |
|---|---|
| PAN Card | Mandatory |
| Aadhaar Card | For verification |
| Form 16 | Salary details |
| Bank Statements | Income & transactions |
| Investment Proofs | Deductions |
| TDS Details | Tax deducted |
| Other Income Proof | Rent, interest, etc. |
| Step | Process | Timeline |
|---|---|---|
| 1 | Document Collection | Same Day |
| 2 | Income Calculation | Same Day |
| 3 | Deduction Planning | Same Day |
| 4 | Return Preparation | Same Day |
| 5 | Filing on Portal | Same Day |
| Stage | Time |
|---|---|
| Preparation | Same Day |
| Filing | Same Day |
| Category | Due Date |
|---|---|
| Individuals | 31st July (subject to extension) |
| Businesses (Audit cases) | 31st October |
| Benefit | Explanation |
|---|---|
| Legal Compliance | Avoid penalties |
| Tax Refund | Claim excess tax |
| Loan Approval | Required for loans |
| Visa Processing | Income proof |
| Financial Record | Maintain history |
| Carry Forward Loss | Set off future losses |
| Section | Benefit |
|---|---|
| 80C | Investments (LIC, PPF, ELSS) |
| 80D | Health insurance |
| 80E | Education loan interest |
| 80G | Donations |
| 24(b) | Home loan interest |
| Type | Penalty |
|---|---|
| Late Filing | Up to ₹5,000 |
| Belated Return | Additional charges |
| Interest | On tax due |
| Issue | Impact |
|---|---|
| Incorrect income details | Notice from department |
| Missing deductions | Higher tax |
| Wrong ITR form | Rejection |
| Late filing | Penalty |
👉 Finance Saathi ensures accurate and error-free filing
| Feature | Benefit |
|---|---|
| Expert CAs | Accurate filing |
| Fast Service | Same-day filing |
| Affordable Pricing | Budget-friendly |
| End-to-End Support | Complete assistance |
| Dedicated Support | Personal help |
| PAN India Service | Nationwide coverage |
Income declaration to tax department
Yes, if income exceeds limit
31st July
Yes, but expert help is better
Same day
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