Our Services

ITR Filling

ITR Filing

Income Tax Return (ITR) filing is an essential financial responsibility for every eligible taxpayer in India. It is a process where individuals declare their annual income and tax liabilities to the Income Tax Department. Understanding the nuances of this process is crucial to ensure compliance with the tax laws and to avoid any legal complications. This is where Meru & Associates steps in, offering excellent services to individuals seeking expert guidance in income tax return filing.

Who Needs to File Income Tax Returns?

In India, individuals whose total income exceeds the specified threshold limit are required to file income tax returns. This threshold limit varies based on factors such as age, income sources, and residential status. It is important for taxpayers to stay informed about these limits to determine their filing obligations accurately

Types of Income Tax Returns:

The Income Tax Department has designed different forms for various categories of taxpayers. These forms, such as ITR-1 to ITR-7, cater to individuals, Hindu Undivided Families (HUFs), businesses, and other entities. Choosing the correct form that corresponds to your income and profile is crucial for accurate and efficient filing.

Documents Required for Filing Income Tax Returns:

Gathering the necessary documents is an important step in the ITR filing process. Common documents include PAN card, Aadhar card, Form 16 or salary certificates, bank statements, investment details, and any other relevant financial records. Having these documents ready ensures a smooth and error-free filing process.

Online vs. Offline Filing:

Meru & Associates understands the importance of embracing technology to enhance the convenience of their clients. With their support, clients can effortlessly file their income tax returns online, leveraging the user-friendly platforms recommended by the Income Tax Department. This ensures a swift and efficient filing process.

Key Dates and Deadlines:

Compliance with the stipulated deadlines is crucial to avoid penalties and interest. The usual deadline for filing income tax returns in India is July 31st of each assessment year. However, the government may extend this deadline in certain cases. It is advisable to stay updated on any changes to avoid last-minute hassles. Meru & Associates ensures that their clients are well-prepared to meet the deadlines for filing income tax returns. Timely filing is not only a legal requirement but also helps individuals avoid penalties and interest. With Meru & Associates by your side, you can rest assured that your tax obligations will be met with diligence and punctuality.

Importance of ITR Filing:

Filing income tax returns is not just a legal obligation; it also offers several advantages. It serves as proof of income, facilitates easy loan approvals, and supports visa applications. Moreover, timely filing contributes to nation-building by ensuring a steady inflow of revenue for government initiatives and public welfare.

Once the financial year concludes, it’s time to address your income tax obligations with confidence. Meru & Associates stands ready to assist you in this journey, offering expert services that have benefited over 3000 individuals. Their commitment to excellence, personalized guidance, and transparent practices make them a trusted partner in navigating the complexities of income tax return filing in India. Choose Meru & Associates for a seamless and stress-free tax filing experience.

FREQUENTLY ASKED QUESTIONS

Q.1. What is ITR filing, and why is it important?

ITR filing refers to the process of submitting the annual Income Tax Return to the Income Tax Department, detailing your income, deductions, and taxes paid.

Key points:

    • Legal Obligation: It is a legal requirement for individuals, businesses, and other entities whose income exceeds the prescribed limit to file ITR.
    • Tax Compliance: Filing ITR ensures compliance with the Income Tax Act and avoids penalties for non-filing or late filing.
    • Refund of Taxes: If you have paid excess tax during the year, filing ITR enables you to claim a refund from the government.
    • Financial Record: It serves as an official document for your financial record, which can be used for various purposes like applying for loans, visas, or government services.

The Income Tax Department provides different ITR forms for various categories of taxpayers. The form you use depends on your income sources and the nature of your business.

Key points:

  • ITR-1 (Sahaj): For individuals with income from salary, pension, and interest (up to ₹50 lakh) and no capital gains or business income.
  • ITR-2: For individuals and HUFs having income from salary, multiple sources, or capital gains but no business or profession income.
  • ITR-3: For individuals or HUFs having income from business or profession along with salary and other sources.
  • ITR-4 (Sugam): For individuals or HUFs opting for presumptive taxation scheme (Section 44AD, 44AE, 44ADA) with income from business or profession.
  • ITR-5: For partnership firms, LLPs, and other entities.
  • ITR-6: For companies other than those claiming exemption under Section 11 (charitable purposes).
  • ITR-7: For trusts, political parties, and other specific entities.

To file an accurate Income Tax Return, you need to gather all relevant documents to report your income and claim deductions.

Key points:

  • PAN Card: A valid Permanent Account Number (PAN) is required for filing ITR.
  • Form 16/16A: Salary statement or TDS certificates from employers or other payers.
  • Bank Statements: Bank statements for the financial year to report interest income and other financial details.
  • Investment Proofs: Receipts or statements for investments eligible for tax deductions under Section 80C, such as PPF, NSC, ELSS, life insurance, etc.
  • Form 26AS: A statement showing tax deducted and paid on your behalf, which can be used to cross-check the TDS.
  • Capital Gains Details: Documents related to the sale or transfer of assets for calculating capital gains tax.
  • Proof of Other Income: Documents for income from rental income, freelancing, business, etc.

The deadline for filing your ITR depends on your category and the nature of your income. The Income Tax Department sets specific dates each year.

Key points:

  • ITR Filing Deadline for Individuals: The due date for filing ITR for individuals (except for those requiring audit) is usually 31st July of the assessment year.
  • For Tax Audit Cases: For individuals or businesses subject to a tax audit, the due date is typically 30th September.
  • Late Filing Penalties:
    • After the Due Date: If you file after the due date, a penalty of up to ₹5,000 can be imposed.
    • Failure to File: If the return is not filed by 31st December of the assessment year, the Income Tax Department may initiate proceedings under Section 144 (best judgment assessment).
    • Interest on Late Payment: If tax payable is due, interest under Section 234A will be levied at 1% per month on the outstanding amount.

  1. Ensuring that your ITR is filed accurately can help avoid penalties and complications. Below are some common mistakes to watch out for:

    Key points:

    • Incorrect Personal Details: Ensure that all personal details like name, address, PAN, and bank details are accurate.
    • Wrong Form Selection: Make sure you are using the correct ITR form based on your income sources.
    • Not Reporting All Sources of Income: Disclose all income, including freelancing income, rental income, and capital gains.
    • Incorrect TDS Details: Verify that the TDS details match your Form 16, Form 16A, and Form 26AS to avoid discrepancies.
    • Not Claiming Deductions: Ensure you claim all eligible deductions under Section 80C, 80D, etc., to reduce taxable income.
    • Failure to Verify: Post-submission, always e-verify your ITR using methods like Aadhaar OTP, Net Banking, or Digital Signature to complete the process.
    • Incomplete or Inconsistent Details: Double-check the amounts entered for income, deductions, and taxes paid to avoid mismatches and rejections.