Income Tax Returns

Our company assists individuals and businesses in filing income tax returns. Legal Vyapar’s tax experts help clients maximize their tax deductions, minimize tax liabilities, and ensure timely submission of returns.

Determine your eligibility: Individuals, Hindu Undivided Families (HUFs), companies, and other entities that meet certain income criteria are required to file income tax returns.

Choose the correct form: The Income Tax Department provides different forms for filing returns based on the sources of income and the type of taxpayer. Commonly used forms include ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.

Gather necessary documents: Collect all relevant documents such as Form 16 (issued by employers), bank statements, investment details, property ownership details, and other income-related documents.

Compute taxable income: Calculate your total income for the financial year by adding income from various sources and applying deductions and exemptions as per the Income Tax Act.

File the return: You can file your income tax return online through the Income Tax Department's official website (https://www.incometaxindiaefiling.gov.in) or other government-approved online portals. Alternatively, you can also file a physical paper return at the designated tax offices.

Verify the return: After filing the return, you need to verify it. The verification can be done electronically through methods like Aadhar OTP, EVC (Electronic Verification Code), or by sending a signed physical copy of the ITR-V to the Central Processing Center (CPC) within 120 days of e-filing.

Assessment and processing: The Income Tax Department will process the return after verification. If there are any discrepancies or additional information required, they may issue a notice for further clarification or assessment.

Pay any outstanding tax: If you have any tax liability after processing, pay the due amount within the specified timeline to avoid penalties and interest.

The deadline for filing income tax returns in India is typically July 31st for most individuals. However, the government might extend the deadline or provide certain exemptions based on specific circumstances. It’s essential to stay updated with the latest announcements and notifications from the Income Tax Department. taking professional advice from Legal vyapar will be helpful, especially if you have complex financial situations or multiple sources of income.

Income Tax Returns