Income Tax Return Filing | Expert Assistance

Filing income tax returns isn’t just a statutory obligation; it provides several benefits that directly impact your financial well-being. Whether it’s applying for loans, avoiding penalties, or claiming tax refunds, timely filing is indispensable.

Section 139 (1) of the Income-tax Act 1961 specifies any individual whose total income during the previous year is more than the maximum amount not chargeable to tax should file their income tax returns.

Let us make it clear: Any individual earning more than ₹2.5/3 lakhs per year should file an ITR.

1. Access to Loans and Credit: Income tax return (ITR) documents are critical when applying for personal loans, home loans, or other credit facilities. Banks consider ITR as proof of income stability.
2. Eligibility for Tax Refunds: Overpayment of taxes? Filing ITR ensures that you can claim refunds directly credited to your bank account.
3. Visa Applications: Planning to travel abroad? Visa authorities often require income tax documents as part of the application process.
4. Avoidance of Penalties: Non-compliance or delayed filing attracts hefty penalties. Save money and legal troubles by filing on time.
5. Carry Forward Losses: If you incur losses, timely filing allows you to carry forward these losses and adjust them against future income.

Finodha ensures a hassle-free experience for Income Tax Return Filing through the following simple steps:

1. Document Collection
   Gather essential documents, including PAN card, Form 16, investment proofs, and bank statements.
2. Data Entry and Form Selection
   Based on your income source and category, our experts select the appropriate ITR form and input accurate data.
3. Claim Tax Deductions
   We identify eligible tax exemptions and deductions under Sections 80C, 80D to 80U, and more to reduce your taxable income.
4. Verify and Submit
   Review the filing for errors and submit it through the online IT return filing portal.
5. Receive Acknowledgment
   Post submission, you’ll receive an acknowledgment number confirming your return’s successful filing.

With Finodha, your filing process becomes not just accurate but also quick and stress-free.

Adhering to deadlines is critical to avoid late fees or penalties. Here’s a quick guide:

• Individuals and Non-Audit Firms: July 31 each year.
• Audit Firms and Companies: September 30/October 31 each year.
• Belated Returns: December 31 each year.
• Updated Returns (ITR-U): March 31 of the subsequent year.

Missed the deadline? You can still file revised returns, but late filing may attract penalties and interest.

E-filing is the modern, efficient way to fulfil your tax obligations. Here’s a step-by-step guide:

1. Visit the Income Tax E-filing Portal
   Log in to the online IT return filing portal (incometax.gov.in) using your PAN details.
2. Select the Relevant ITR Form
   Depending on your income source, choose forms like ITR-1 (for salaried individuals) or ITR-4 (for professionals).
3. Fill in the Details
   Enter your income, deductions, and tax payment details.
4. Upload Supporting Documents
   Attach necessary documents like Form 16, investment proofs, and bank statements.
5. Verify and Submit
   Verify the return using Aadhaar OTP or net banking, then submit.

For those unfamiliar with the process, Finodha’s experts ensure that your returns are filed correctly without the hassle.

Maximize your savings by understanding the tax exemptions and deductions available under Indian tax laws:

• Section 80C: Deductions for investments in PPF, EPF, and life insurance premiums.
• Section 80D: Tax benefits on health insurance premiums.
• Section 24(b): Interest deduction on home loans.
• Section 80G: Donations to charitable organizations.

Our professionals at Finodha analyze your income and investments to help you claim all eligible benefits.

Did you make a mistake in your original ITR filing? Don’t worry. Filing a revised return allows you to correct errors:

• Deadline for Revised Returns: December 31 each year.
• Process: Log in to the e-filing portal, select “Revised Return” under the ITR form, and provide the acknowledgement number of the original filing.
• Key Tip: Ensure accuracy while filing revised returns to avoid scrutiny from tax authorities.

Finodha’s team assists in filing revised returns efficiently, ensuring you stay compliant.

1. Affordable Services
   Our competitive pricing starts at just ₹Affordably for salaried individuals.
2. Expert Guidance
   Our team of tax professionals ensures accurate filing and maximum eligible deductions.
3. Quick Turnaround
   Facing an income tax filing deadline? Finodha’s super-fast process ensures timely submissions.
4. Comprehensive Solutions
   We cater to all categories, from salaried employees to business owners, ensuring a personalized filing experience.

Trusted Partner
With thousands of satisfied clients, Finodha has built a reputation as a reliable tax service provider.

Ensure smooth filing by keeping the following documents ready:

• For Salaried Individuals: PAN card, Form 16, salary slips.
• For Business Owners: Profit and loss statement, trading report, investment proofs.
• Additional Documents: TDS certificates, bank interest statements, donation receipts.

Finodha simplifies this process by providing expert assistance at every step.

At Finodha, we aim to make Income Tax Return Filing stress-free and efficient. Our expert team, affordable pricing, and quick process ensure that your tax filing experience is nothing short of exceptional.

Don’t wait until the last minute—reach out to us today and experience the ease of filing with Finodha!

By filing your ITR accurately, the excess tax paid will be refunded directly to your bank account through ECS. Ensure that bank details are correct.

Late filing attracts penalties and interest. However, you can file a belated return until December 31 each year & Updated return till March 31 of the subsequent year.

Deductions under Sections 80C, 80D, and 80G, among others, reduce your taxable income. Finodha ensures you claim all applicable deductions.

Yes, revised returns can be filed until December 31 of the financial year to correct errors in the original filing.