Income Tax Return

You must file an ITR if:

• Your total income before deductions exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, ₹5 lakh for super‑senior citizens).
• You own foreign assets or bank accounts abroad.
• You have made high‑value transactions, such as:
  • Deposits > ₹1 crore in current accounts
  • Foreign travel expenses > ₹2 lakh
  • Electricity bills > ₹1 lakh
• Your business turnover exceeds ₹60 lakh or professional receipts exceed ₹10 lakh.
• You have TDS/TCS ≥ ₹25,000 (₹50,000 for senior citizens).

Income is classified under five heads:

1. Salary Income – wages, pension, allowances.
2. House Property Income – rent or deemed rent.
3. Business or Profession Income – profits from trade or services.
4. Capital Gains – profit from sale of assets like property or shares.
5. Other Sources – interest, dividends, gifts, etc.

Types of ITR Forms

Form Who Should File

ITR‑1 (Sahaj) Individuals with salary, one house property, and other income ≤ ₹50 lakh.

ITR‑2 Individuals/HUFs with multiple properties, capital gains, or foreign income.

ITR‑3 Individuals/HUFs with business or professional income.

ITR‑4 (Sugam) Small businesses/professionals under presumptive taxation (Sections 44AD, 44ADA, 44AE).

ITR‑5 Partnership firms, LLPs, AOPs, BOIs.

ITR‑6 Companies (except those claiming exemption under Section 11).

ITR‑7 Trusts, political parties, and charitable institutions.

Penalties for Late Filing

• Interest @ 1% per month on unpaid tax (Section 234A).
• Late fee ₹5,000 (₹1,000 if income ≤ ₹5 lakh).
• Loss of carry‑forward benefits for business or capital losses.

• Timely submission – returns filed within 3 business days of receiving details.
• Expert guidance – unlimited consultation on tax queries.
• Maximum refund assurance – 100 % ITC and deduction accuracy.
• Trusted professionals – experienced team from Big 4 firms.