Income Tax Return Filing
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Introduction of Income Tax Return Filing
Individual ITR Filing
Every individual whose income exceeds the basic exemption limit is required to pay income tax in India. Income may arise from various sources such as salary, rental income, interest on savings, capital gains, mutual funds, agriculture, property sales, business, or professional earnings.
An Income Tax Return (ITR) is a prescribed form submitted to the Income Tax Department, containing details of your income, deductions, and taxes paid. The department specifies different ITR forms, and each form is applicable depending on the type of income earned.
According to the Income Tax Act, 1961, eligible individuals must file their returns annually. Filing ITR not only makes your income and investments legitimate but also helps you claim refunds if excess taxes have been paid. On the other hand, non-filing of returns where income disclosure is mandatory can lead to serious consequences, including income being treated as undisclosed or black money.
Income Tax Return for Companies
The tax structure for individuals and companies in India is not the same, as both are taxed under different provisions of the Income Tax Act. Direct taxes are broadly classified into two categories:
Income Tax – This applies to taxpayers other than companies registered under the Companies Act, 2013. Such taxpayers are taxed on their earnings based on applicable income slabs and varying rates.
Corporate Tax – Companies registered under Indian company law are required to pay tax on their net profits. The corporate tax is levied at fixed rates as prescribed under the Income Tax Act, which may be revised annually by the Income Tax Department.
In addition to filing their returns, companies must also conduct a statutory audit every financial year. The audit is carried out by an appointed auditor and must be completed before the due date to ensure compliance with legal requirements.
At M Jangid & Associates, we provide complete support in filing Individual as well as Company Income Tax Returns online, ensuring accuracy, timely submission, and full compliance with the Income Tax Act.
Whether you are a salaried individual, a professional, or a registered company, our expert team in Jaipur offers end-to-end assistance, including tax planning, return preparation, and statutory compliance. We also guide you through other tax-related requirements to ensure a smooth and hassle-free filing experience.
Key Advantages of Income Tax Return Filing
For Individuals (Personal):
Legal Compliance – Filing ITR is mandatory for individuals earning above the exemption limit, ensuring compliance with the Income Tax Act.
Claim Tax Refunds – If excess tax has been deducted at source (TDS), you can claim refunds through ITR.
Loan & Credit Card Approval – Banks often require ITR as proof of income while processing loans and credit cards.
Visa Processing – Many embassies ask for ITR copies to assess financial stability during visa applications.
Avoid Penalties – Timely ITR Filing prevents penalties, interest, and notices from the Income Tax Department.
Proof of Income – Serves as an official record of your income and taxes paid.
For Businesses (Corporate/Professional):
Mandatory Compliance – Businesses registered under the Companies Act or LLP Act must file ITR annually.
Carry Forward of Losses – Businesses can carry forward and set off losses against future income only if ITR is filed.
Easy Loan & Credit Facilities – Financial institutions require ITR records for business loans, overdrafts, and working capital.
Builds Credibility – Regular ITR Filing builds trust with investors, vendors, and government authorities.
Smooth Government Tenders & Contracts – Many tenders and contracts require submission of ITR as eligibility proof.
Tax Planning & Benefits – Helps businesses claim deductions, depreciation, and rebates under the Income Tax Act.
Documents Required for ITR Filing
For Individual
Income from salary
- Aadhar card
- Pan card
- Form 16 (having details of salary)
- Bank statement
- Investment under section 80
Income from house property
- Aadhar card
- PAN card
- Rent Receipt
- Bank Statement
- Investment under section 80
Income from Business or Profession
- Aadhar card
- PAN card of taxpayer
- PAN card of Entity
- Bank Statement
- Financial Statements
- Investment under section 80
Income from Capital Gain
- Aadhar card
- PAN card
- Bank Statement
- Receipt of sale of capital assets
- Receipt of purchase of capital assets
- Investment under section 80
Income from Other source
- Aadhaar card
- PAN card
- Bank statement
- Investment under section 80
For Company
Pan card of company
Basic details of all the directors and shareholders
MOA of the Company
Books of Accounts | Financial Statement (Profit or loss Statement and Balance sheet)
(ITR eFiling) Income Tax Filing
| Return Type | Applicability |
| ITR-1 | ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. |
| ITR-2 | ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs. |
| ITR-3 | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India. |
| ITR-4 | ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income. |
| ITR-5 | ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax. |
| ITR-6 | ITR-6 form must be filed by companies registered in India. |
| ITR-7 | ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research insitutions and colleges or universities. |
Procedure of Income Tax Return Filing Service
1) Complete the Questionnaire
We will provide a questionnaire which is required to be filled by you in which we will sought the basic details and documents pertaining to the Filing of ITR of the companies.
2) Review of the documents
All the documents provided to us and the questionnaire will help us to process further for preparation of books of accounts of the company
3) Filing of Income Tax Return
We will file further send you the provisional statements for your verification and will file your income tax return before the due date and protect you from any penalty after its duly signed by you.
4) Acknowledgement
We will further inform you after filling your Income Tax Return and also provide you the return form and computation.
FAQ’s on Income Tax Return Filing
Q1. Who is required to file an Income Tax Return in India?
Any individual or business earning income above the prescribed exemption limit under the Income Tax Act must file an ITR. Even if your income is below the limit, filing is recommended for loans, visas, and record-keeping.
Q2. What documents are needed for ITR filing?
You need PAN card, Aadhaar card, Form 16 (for salaried individuals), bank statements, investment proofs, TDS certificates, and details of income from other sources. Businesses also require balance sheets and audit reports.
Q3. What happens if I do not File my ITR on time?
Late Filing can attract penalties, interest on tax due, and loss of benefits such as carry-forward of losses. It may also affect loan approvals and financial credibility.
Q4. Can I revise my ITR after Filing?
Yes, if you make a mistake in your original return, you can revise it within the due date prescribed by the Income Tax Department.