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Filing your income tax return correctly and on time helps you stay compliant, claim eligible refunds and avoid notices. Requirements differ based on your source of income, residential status and applicable tax regime.
This article gives a practical overview of ITR filing for individuals, professionals and businesses. For guidance based on your specific case, please contact Anagha Solutions.
Who should file income tax return?
Persons whose income exceeds the basic exemption limit or who fall under specified categories may be required to file an income tax return, as per applicable law. Filing may also be advisable in certain situations even where it is not strictly mandatory.
- Salaried individuals with income above the applicable threshold
- Professionals and freelancers
- Businesses — proprietorships, partnerships, LLPs and companies
- Persons with capital gains, foreign income or foreign assets, as per applicable law
- Persons required to file under specified conditions (high-value transactions, TDS refunds, etc.)
Documents required
- PAN and Aadhaar
- Form 16 from employer(s), where applicable
- Form 26AS and Annual Information Statement (AIS)
- Bank statements and interest certificates
- Investment and deduction proofs, where applicable
- Capital gains statements from brokers / mutual funds
- Business or professional income records, as applicable
ITR filing for salaried persons
Salaried individuals should reconcile salary, TDS and other income shown in Form 16, Form 26AS and AIS before filing. The choice between the old and new tax regime may impact the final tax liability and should be evaluated based on facts.
- Verify salary, TDS and other income against AIS and 26AS
- Claim eligible deductions and exemptions, subject to applicable regime
- Report other income such as interest, dividends and capital gains
- E-verify the return within the prescribed time
ITR filing for professionals and businesses
Professionals and businesses may need to maintain books of accounts, and in certain cases, get accounts audited depending on turnover, receipts and applicable provisions. Presumptive taxation schemes may be available for eligible taxpayers, subject to conditions.
- Maintain proper books of accounts, as applicable
- Evaluate eligibility for presumptive taxation schemes
- Check applicability of tax audit based on turnover and receipts
- Reconcile GST turnover with income tax records, where relevant
Common mistakes to avoid
- Not disclosing interest, dividends or capital gains reflected in AIS
- Choosing the incorrect ITR form
- Claiming deductions without proper supporting documents
- Providing wrong bank details, leading to refund failures
- Missing e-verification within the prescribed time
How Anagha Solutions can help
Anagha Solutions supports individuals, professionals and businesses with ITR filing, tax planning and notice response. Our team helps you choose the correct form, evaluate old vs new regime and file accurately, based on the documents you share.
Frequently asked questions
Which ITR form should I file?
The correct ITR form depends on your sources of income, residential status and other factors. Anagha Solutions can help you select the right form based on your case.
Is old regime or new regime better for me?
This depends on your income, deductions and specific facts. A case-by-case comparison is recommended before choosing.
Can I file a belated return?
Yes, belated returns may be filed within the time allowed under applicable law, generally with a late fee and possible interest, subject to conditions.
Talk to Anagha Solutions for practical, Bangalore-based professional support.