Income Tax Returns

An Income Tax Return (ITR) is a form that taxpayers use to report their income details and tax payments to the income tax department. There are seven different ITR forms available for ITR e filing: ITR 1 through ITR 7. The appropriate form for a taxpayer depends on various factors, including their sources of income, the total amount earned, and the type of taxpayer they are (such as individuals, Hindu Undivided Families (HUFs), companies, etc.). Each taxpayer must accurately complete and submit their income tax filing by a specified deadline to comply with tax laws

An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure.

Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements.

What is ITR Filing?

Income Tax Return (ITR) filing is the process of declaring your annual income, tax deductions, and taxes paid to the Income Tax Department of India. Based on your income source and category (individual, business, salaried, HUF, etc.), you are required to file the correct ITR form every financial year.

Even if your income is below the taxable limit, filing your ITR provides legal proof of income and offers several long-term financial advantages.

Who Needs to File an ITR?

You must file an ITR if:

  • Your total income exceeds the basic exemption limit (₹2.5L / ₹3L / ₹5L depending on age)
  • You have foreign income, assets, or bank accounts
  • You have capital gains from property, stocks, or mutual funds
  • You want to claim a tax refund
  • Your TDS has been deducted
  • You are applying for loans, visas, or tenders
  • You're a partner in a firm or a director in a company
  • You’re covered under audit or presumptive income schemes

ITR Forms We Handle

ITR Form Who It’s For
ITR-1 (Sahaj) Salaried individuals, pensioners, one house property
ITR-2 Individuals with capital gains or foreign income
ITR-3 Professionals and business income (non-presumptive)
ITR-4 (Sugam) Presumptive income scheme under Sections 44AD, 44ADA
ITR-5 Firms, LLPs, AOPs, BOIs
ITR-6 Companies other than those claiming exemption under Sec 11
ITR-7 Trusts, NGOs, political parties, etc.

Why Filing ITR is Important

  • Avoid penalties under Section 234F (₹1,000–₹5,000)
  • Carry forward capital losses to offset future profits
  • Required to claim TDS refunds or ITC
  • Acts as income proof for visa, loan, or startup investment
  • Reduces risk of income tax notices or scrutiny
  • Builds your financial credibility and compliance score

Our Process at FinXurance

1. Document Collection

Share PAN, Aadhaar, Form 16, bank statement, capital gain reports, rental income, 26AS, AIS, etc.

2. Assessment & Planning

We analyze incomes from multiple sources and apply deductions under 80C, 80D, 80G, HRA, home loan, and more.

3. ITR Preparation

Using our in-house software and experienced CAs, we prepare the correct ITR form for filing.

4. Filing & E-Verification

We file your ITR through the Income Tax portal and assist you with OTP-based e-verification.

5. Post-Filing Support

We track your refund, respond to intimation letters (143(1)), and revise returns if needed.

Why Choose FinXurance for ITR Filing?

  • Expert-led consultation by Chartered Accountants
  • Personal tax planning and refund maximization
  • Timely filing to avoid penalties and interest
  • Handling of multiple income heads, capital gains & business ledgers
  • Secure handling of personal and financial data
  • Regular updates, reminders, and follow-up

Documents You May Need

  • PAN & Aadhaar
  • Form 16 (Salaried)
  • Form 26AS & AIS
  • Bank statements
  • TDS Certificates (Form 16A)
  • Capital gain statements from broker
  • Loan certificates (Home, Education)
  • Donation receipts (for 80G)
  • Rent receipts / HRA details
  • Business ledger / P&L / Balance Sheet (for ITR-3, ITR-5)

ITR Forms We Handle

Category ITR Due Date
Individuals & Salaried 31st July
Tax Audit Cases 31st October
Transfer Pricing Reports Transfer Pricing Reports
FAQs

Frequently Asks Questions

It’s a prescribed form through which a person can furnish the details of his /her income earned through different sources of income and taxes paid for the relevant financial year to the Income Tax Department.
Yes, you are required to file your income tax return if your income exceeds Rs. 2,50,000 in a Financial Year i.e. the basic exemption limit without giving effects to any type of deductions/investments.
Yes, even if your employer deducts and deposits your TDS on regular and timely basis, you are still required to file your tax return if your income exceeds Rs. 2,50,000. This helps in determining any dues or eligibility for refunds.

E-Filing is mandatory in certain cases. For example, if your total income exceeds Rs. 5,00,000 p.a. or if you want to claim refund then you are compulsorily required to e-file your Income Tax Return. It is a much simpler process than filing a paper return and also your refunds are processed faster if your return has been E-Filed.

You can yourself e-file your return with us faster, secure and simpler by using our website. It is a simple, secure, and fully automated platform for you to file your Income Tax Return.

  • Login to the Department e-filing website
  • Select e-filed Returns/Forms from My Account dropdown.
  • Click on “Click here to view your returns pending for e-verification”
  • Select the AY you want to e-verify your return for and then you can choose from the given three options available there to e-verify your return.

Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@finxurance.com or call us @+91 9643 203 209.

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