Income Tax Return

Why Is Income Tax Return Filing Important?

Filing Income Tax Returns (ITR) is a legal obligation for every eligible individual, business, or entity under the Income Tax Act, 1961. It ensures proper disclosure of income earned and taxes paid, while allowing taxpayers to claim eligible deductions and refunds. ITR filing also serves as proof of income and financial discipline, which is essential for loans, visas, and business tenders. Whether salaried individuals, freelancers, proprietors, LLPs, or private limited companies—each has a unique form and filing requirement depending on income sources, exemptions, and turnover.

Non-compliance or delayed filing of Income Tax Return can result in penalties, interest, or even legal notices from the Income Tax Department. Therefore, timely and accurate ITR filing is critical not only for tax compliance but also for establishing financial credibility. At Taxkitab, we simplify this process to ensure that all relevant incomes, deductions, exemptions, and tax-saving instruments are considered, optimizing your tax outcome without missing compliance deadlines.

Who Should File an Income Tax Return?

• • Salaried employees
  • Business owners & professionals
  • Freelancers & consultants
  • NRIs (Non-Resident Indians)
  • Firms, LLPs, and Companies
  • Individuals with capital gains, rental income, or foreign income

Our aim is to reduce your tax burden within legal limits, improve refund claims, and provide complete transparency throughout the process.

Documents Required for ITR Filing

For Individuals (Salaried/Other Sources):

• • PAN Card
  • Aadhaar Card
  • Form 16 from Employer
  • Salary slips
  • Interest certificates (FD/savings accounts)
  • Investment proofs (80C, 80D, etc.)
  • Capital gain statement (if any)
  • Rental income proof (if any)
  • Bank account details

For Business/Professionals/Firms:

• • PAN & Aadhaar (of partners/directors)
  • Business PAN Card
  • Financial statements (P&L, Balance Sheet)
  • GST Returns (if registered)
  • TDS Certificates (Form 16A/26AS)
  • Books of accounts
  • Loan statements (if any)

For NRIs:

• • Passport and visa details
  • NRE/NRO account statements
  • Overseas and Indian income details

Step-by-Step Income Tax Return Filing Process at Taxkitab

1. 1. Data Collection: You share your income details, investment documents, and required forms (digitally or physically).
   2. Preliminary Review: Our tax advisors verify your documents and suggest applicable deductions and exemptions to minimize tax liability.
   3. Form Selection: Based on your income source and category (individual, firm, company), we determine the correct ITR form (ITR-1 to ITR-7).
   4. Computation & Draft: We calculate your total taxable income, tax payable/refund, and generate a draft return for your review.
   5. Client Review & Confirmation: You approve the final summary, and we proceed with Income Tax e-filing through your registered PAN credentials.
   6. Acknowledgment & Compliance: Post filing, you receive an ITR-V acknowledgment. We also help with e-verification and further communication from the Income Tax Department.

Common Income Tax Return Filing Challenges & Our Solutions

Frequently Asked Questions (FAQs)