ITR Filing Services in Hyderabad

An Income Tax Return (ITR) is a form used by taxpayers to report their income, expenses, deductions, and taxes paid to the Income Tax Department. It is used to calculate tax liability and request refunds for overpaid taxes.

Individuals, HUFs, companies, and other entities are required to file an ITR if their income exceeds the specified exemption limit, or if they meet other criteria such as having foreign assets, spending above a certain threshold, or claiming a tax refund.

• ITR-1 (SAHAJ): For individuals with income from salary, one house property, and other sources (interest, etc.)
• ITR-2: For individuals and HUFs not having income from business or profession
• ITR-3: For individuals and HUFs having income from business or profession
• ITR-4 (SUGAM): For individuals, HUFs, and firms opting for presumptive income scheme
• ITR-5: For partnerships firms, LLPs, AOPs, BOIs, etc.
• ITR-6: For companies other than those claiming exemption under section 11
• ITR-7: For persons including companies required to furnish returns under sections 139(4A) to 139(4F)

• PAN card
• Aadhaar card
• Form 16/16A (for salaried individuals)
• Bank statements
• Investment proofs (PPF, NSC, ELSS, etc.)
• Home loan interest certificate
• Rent receipts (if claiming HRA)
• Proof of other income (interest, rental income, etc.)
• Form 26AS (tax credit statement)
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The due date for filing an ITR for individuals is typically July 31st of the assessment year. However, the government may extend the deadline in certain circumstances.

If you miss the ITR filing deadline, you can file a belated return until December 31st of the assessment year. However, you may incur penalties, interest on tax due, and loss of certain benefits.

You can file your ITR online through the Income Tax Department’s e-filing portal. Alternatively, you can seek assistance from professional tax filing services to ensure accurate and hassle-free filing.

The due date for filing an ITR for individuals is typically July 31st of the assessment year. However, the government may extend the deadline in certain circumstances.

• Legal compliance
• Claiming tax refunds
• Proof of income for loan applications
• Carry forward of losses
• Visa processing
• Avoiding penalties and legal consequences

Yes, you can revise your ITR if you discover any errors or omissions. The revised return can be filed before the end of the assessment year or before the completion of the assessment, whichever is earlier.

Form 26AS is a consolidated tax statement that provides details of tax deducted at source (TDS), tax collected at source (TCS), and advance tax paid. It is important to verify the details in Form 26AS while filing your ITR to ensure that all taxes paid are accurately reflected.

• Incorrect personal details (PAN, name, etc.)
• Choosing the wrong ITR form
• Not reporting all sources of income
• Failing to claim eligible deductions
• Not verifying the ITR after filing
• Discrepancies between Form 26AS and the ITR

You can check the status of your ITR on the Income Tax Department’s e-filing portal using your login credentials and the acknowledgment number of the filed return.

Penalties for late filing can be up to INR 10,000, depending on the delay. Additionally, interest on the outstanding tax amount and other penalties for non-compliance may apply.

Yes, you can e-verify your ITR using various methods such as Aadhaar OTP, net banking, EVC (Electronic Verification Code), or by sending a signed physical copy of the ITR-V acknowledgment to the Centralized Processing Center (CPC) in Bangalore.

Professional tax filing services can help by ensuring accurate calculation of tax liability, claiming all eligible deductions, timely filing, and providing expert advice to optimize your tax savings. They also handle any queries or issues that may arise during the filing process.