Income Tax Return Filing - Complete Guide by Calzone

Filing an Income Tax Return (ITR) is an essential responsibility of every taxpayer. It ensures compliance with the Income Tax Act, 1961, helps claim tax refunds, and serves as proof of income for various financial transactions. At Calzone, we provide hassle-free ITR filing services to individuals, businesses, and organizations, ensuring accuracy, timely compliance, and maximum tax benefits.

What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form submitted to the Income Tax Department, declaring the income earned, deductions claimed, and taxes paid during a financial year. ITR filing enables individuals and businesses to report their taxable income and fulfill tax obligations.

Income for ITR filing can be from:

  • Salary & Pension
  • House Property (Rental Income)
  • Business & Profession (Profit & Gains)
  • Capital Gains (Stocks, Mutual Funds, Property Sales)
  • Other Sources (Dividends, Lottery Winnings, Interest Income)

Who Should File an Income Tax Return?

As per Section 139(1) of the Income Tax Act, 1961, the following individuals and entities must file an ITR:

  • Individuals (Including HUF, AOP/BOI) - If total income before deductions exceeds the basic exemption limit (2.5 lakh for individuals, 3 lakh for senior citizens, 5 lakh for super senior citizens).
  • Companies & Firms - All companies, whether earning profit or not, must file an ITR.
  • Residents with Foreign Assets - If you hold foreign assets, bank accounts, or financial interests abroad, ITR filing is mandatory.
  • Individuals with High-Value Transactions - Must file ITR if they have:
    • Deposited 1 crore+ in a current account
    • Spent 2 lakh+ on foreign travel
    • Paid 1 lakh+ as electricity bill
      • Tax Refund Claimants - If excess tax has been deducted, filing ITR is necessary to claim a tax refund.
      • Loan or Visa Applicants - Banks and embassies require ITR proof for processing loans and visas.
      • Non-Residents Earning in India - NRIs with Indian income above the exemption limit must file an ITR.

Why Should You File an Income Tax Return?

Legal Compliance -

Avoid penalties and legal issues.

Claim Tax Refunds -

Get back excess TDS deducted.

Proof of Income -

Required for loans, visas, and investments.

Carry Forward Losses -

Set off losses against future income to reduce tax liability.

Avoid Tax Notices -

Filing ITR ensures you stay compliant and avoid scrutiny.

Eligible for Government Tenders -

Businesses need ITR proof for tender applications.

Types of Income Tax Returns (ITR Forms)

The Income Tax Department provides different ITR forms based on the nature of income and taxpayer type:

ITR Form

Applicability

Who Should File?

ITR 1 (Sahaj)

Salaried individuals earning up to 50 lakh

Salaried employees, pensioners, rental income earners

ITR 2

Individuals & HUFs (No business income)

Capital gains, multiple house properties, foreign assets

ITR 3

Individuals & HUFs with business/profession income

Proprietors, consultants, freelancers

ITR 4 (Sugam)

Presumptive taxation for small businesses & professionals

Business income up to 2 crore, professionals up to 50 lakh

ITR 5

Firms, LLPs, AOPs, BOIs, Trusts

Partnership firms, societies, cooperative societies

ITR 6

Companies (excluding those claiming Section 11 exemption)

Private limited, public limited, one-person companies

ITR 7

Trusts, political parties, NGOs filing under Sections 139(4A) to 139(4D)

Charitable trusts, religious institutions, political parties

Unsure which ITR to file? Calzone's tax experts will assist you in selecting the right form!

Due Dates for ITR Filing

Taxpayer Type

ITR Due Date

Individuals & HUFs (not requiring audit)

31st July

Companies & Firms (requiring audit)

30th September

Businesses with Transfer Pricing Reports

30th November

Late Filing Consequences
Filing after the due date attracts:

  • Late Fees - 1,000 to 10,000 (u/s 234F)
  • Interest on Tax Due - 1% per month (u/s 234A)
  • Avoid penalties - File your ITR on time with Calzone!

How to File an Income Tax Return Online?

  • Step 1: Calculate income & applicable tax after deductions.
  • Step 2: Verify tax payments & deductions via Form 26AS
  • Step 3: Login to incometax.gov.in with your credentials.
  • Step 4: Select the appropriate ITR form and category.
  • Step 5: Fill in all details, verify bank account & tax credit.
  • Step 6: Validate and submit the ITR online
  • Step 7: E-Verify your return through Aadhaar OTP, net banking, or DSC.

Need help? Calzone tax experts handle ITR filing seamlessly for you!

How to File ITR Without Form 16?

If your employer has not provided Form 16, follow these steps:

  • Step 1: Calculate total salary income from salary slips.
  • Step 2: Download Form 26AS to verify TDS deductions.
  • Step 3: Compute income from other sources (interest, rent, capital gains).
  • Step 4: Claim deductions & exemptions (80C, 80D, 80G, etc.).
  • Step 5: Compute final tax liability and pay any outstanding dues.
  • Step 6: File ITR online & verify submission.

Facing issues? Calzone tax experts will assist you in filing your ITR without Form 16!

Late Fees, Penalties & Interest for Delayed ITR Filing

Late Fees (Section 234F)

  • 5,000 - If filed after due date but before 31st Dec
  • 10,000 - If filed after 31st Dec
  • 1,000 - If taxable income is below 5 lakh

Interest on Late Tax Payment (Section 234A)

  • 1% per month on unpaid tax from due date until payment

Avoid fines & interest - File your ITR on time with Calzone!

Why Choose Calzone for ITR Filing?

  • Expert Tax Professionals - Experienced CAs & tax advisors for accurate filing.
  • Quick & Hassle-Free Filing - No paperwork, 100% online process.
  • Maximize Refunds & Savings - Claim all deductions & exemptions.
  • Personalized Assistance - One-on-one support for tax queries.
  • Secure & Confidential - Your financial data is 100% safe & encrypted
 
     
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