Income Taxation & Return

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Deductions specific to each source of Income
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Income Taxation & Return


Submit Documents


Verification of Documents


Selection of Appropriate Form


Preparation of Your Return


ITR Filed & Ack. Generated


All proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakh. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakh. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakh.  All Partnership Firms, Companies, LLPs are required to file income tax return each year, irrespective of income or loss. Even if there was no transaction, then a NIL ITR must be filed before the due date.




Form 16

Details of other Source of Income, if any

Donation receipts, if any

Bank Statement

Place Of Buisness


Financial Documents

Audit Report, if applicable

Basic Features of Income Taxation & Return

Taxable Income

If you have taxable Income in India, you must file your ITR in India. This is applicable for an individual if his/her taxable income exceeds INR 2.50 Lakh. In case you are a Company. LLP or Partnership Firm, it is mandatory for you to file ITR irrespective of your income or loss.


Filing Income tax Return enhances your credibility and your credit availing capacity from the bank perspective. Even if you are not liable for ITR filing for any reason, it is a good practice to file the same. Your ITR serves as a proof of your Income. No other document does this job.

Carry Forward Losses

If you have incurred any losses in your business on account of expenses or depreciation, you must file your return in order to carry forward those. The benefit of this can be availed once you have taxable income. Such losses, then, can be set off against taxable profits.

Financial Strength

A good track record of regular ITR Filing shows your financial strength and is indicative of your regularity. This helps you to obtain quick bank loans and also visa. Hence, it is advisable to file ITR on regular basis.

Tax Refunds

For any reason, if your TDS has been deducted and the same is higher than your actual tax payable, such a claim of refund can only be done by filing a correct IT return in time. You won’t get your refunds if you don’t file your ITR.

Avoiding Tax Notices

There are many criteria defined under the Act, in which you may be served legal notice if you have not filed your ITR. Filing your ITR correctly and in time can ensure that you don’t have to face any of these.

Important Notes

The Finance Ministry has again extended various due dates for filing of Income Tax Returns and various audit reports for the Assessment year 2021-22 under the Income Tax Act, 1961. The decision has been taken after the consideration of the difficulties reported by the various taxpayers and other stakeholders in filing the ITR and Audit Reports.