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What is the registration?

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated.If you have paid more taxes you can claim refund and if it short paid need to clear the liability.Income Tax has provided ITR form from ITR-1 to ITR-7 for different category of Taxpayers.The income tax law mandates filing of return for those individuals who have a Gross Total Income exceeding Rs 2.5 lakhs (RS 3 lakhs for senior citizens and Rs 5 lakhs for super senior citizens) for any particular financial year.Futher certain category of taxpayer are required to file ITR irrespective of Income.

Whats Your Advantage

Acceptance as proof of address

The Assessment order is issued by Income Tax department for each assessee who file the return.This assessment order is accepeted as an address proof.

Proof of Income

Income Tax return is considered as proof of income.ITR creates financial history of taxpayer.Lenders like bank and financial institution use ITR as tool to calculate repaying capacity of borrower.ITR is demanded for any kind of borrowing from banks.Normally bank asks for 3-4 year ITR.Banks consider only normal Income which is shown in ITR.Abnormal Income or one time income is not considered in calculation of repaying capacity.

Carry forward of Lossess

Carry forward the losses means losses of current year can set off with future profit. As per Income Tax Provisions if you have business losses in particular year you can set off them in next assessment year with the profit.So the Tax liability will only be calculated on the income which is left after set off.Business Loss can be carried forward to 8 years.

Mandatory Compliance

Income Tax return to be Mandatory be filed if Income exceed maximum exemption limit as per Finance act as amended and for certain category of assessee.
Non-Filing of the Income Tax Return may result in the Best Judgement Assessment. This is an assessment carried out as per the best judgment of the Assessing Officer on the basis of all relevant material he has gathered.

Visa Requirement

Since ITR serves as proof of Income of an individual, ITR for 3-4 years is demanded by embassies of most of the countries for issue of VISA.It is advisable to file ITR in case VISA of foreign country is required.

    • If age is less than 60 years total annual gross income exceeds Rs. 2,50,000.
    • If senior citizen i.e. above 60 and below 80 years of age, total annual gross income exceeds Rs 3,00,000.
    • If a super senior citizen i.e. 80 years or above and your total annual gross income exceeds Rs 5,00,000.
    • All the company including foreign or a firm, need to mandatorily file ITR irrespective of profit or loss.
    • For claiming a tax refund.
    • Indian resident and act as a signing authority for any foreign account.
    • Indian resident and possess an asset or financial interest located outside India.
    • Having equity shares in a company or unit of equity oriented mutual funds or unit of business trust for more than Rs.2,50,000 and have gained tax-exempt long-term capital gains from the same.
    • Income derived from the sale of a property which had been held under a charitable trust, religious trust, political party, educational institution, any authority, body or trust.
    • If you are an NRI (Non-Resident Indian) but if your total annual gross income earned or accrued in India exceeds Rs2,50,000.
    • Valid Indian mobile number
    • Email ID of Assessee
    • Details of Financial Interest outside india if any
    • Details of Bank Account maintained outside india if any
    • Form 16/16A as applicable
    • Details of tax saving Investment
    • Particular of Income from other head of income
    • Bank Account details
    • KYC details
    • Complete Financial Statement whenever applicable

Whats the Process

  • 1
    Basic Documents

    Arrange and provide Basic documents as per the list provided by us

  • 2
    Payment of Fees

    Make the payment of fees
    Initiate Process-We will submit ITR online/Offline through utility as the case may be

  • 3
    Key Deliverables

    Get Acknowledgemet of Income Tax return

  • 4


    • Acknowledgement of ITR

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Frequently Asked Questions (FAQ)

An Income tax return is a predefined format in which taxpayer submit information about his income. Tax liability is calculated through this form. There are various type of form available by income tax department from ITR-1 to ITR-7.

Individual having Income exceeding minimum exemption limit are required to file Income Tax Return. Apart from this Company and firm is required to file ITR irrespective of Income.

ITR Form 1 to 7 are available for different type of entities and for different type of Income.

  • ITR-1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
  • ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession
  • ITR-3- For individuals and HUFs having income from profits and gains of business or profession
  • ITR-4- For presumptive income from Business & Profession
  • ITR-5- For persons other than:-
    1. Individual,
    2. HUF,
    3. Company and
    4. Person filing Form ITR-7
  • ITR-6- For Companies other than companies claiming exemption under section 11
  • ITR-7- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Filing ITR offers a host of benefits, some of them are given below

  • Single proof of Income and creates financial history
  • Income Tax Assessment order works as an address proof.
  • It is mandatory for obtaining loan and credit facilities by bank.
  • ITR is required for Visa processing.
  • In case excess deduction of TDS/TCS refund can be obtained by filing ITR.
  • To carry forward business losses it is mandatory to file ITR within due date
  • Insurance companies ask for ITR for buying a high life cover.

If return is not filed within due date it will be called belated return Following is the due date of filing ITR

Category Due date of filing

Individual who are not required to be audited     31 July

Company or Individual whose accounts are required to be audited 30 September

Assesse required to furnish report u/s 92 E     30 November
Penalty U/s 234F
If income upto 5 Lac
Late Fees- 1000

In Income is more than 5 Lac and ITR is filed Upto 31 December Late Fees-5000

In Income is more than 5 Lac and ITR is filed After 31 December and upto 31 March Late Fees-10000

Individual HUF and partnership firm can opt for Presumptive scheme. Presumptive scheme is basically for small taxpayer. Limit for professional and business is defined separately under Sec 44ADA and 44AD . For Businesses whose gross receipt is up to 2 crores can pay tax on 8% or 6% of the gross receipts as the case may be.

For Professional covered under Section 44ADA having gross receipts upto 50 Lac can choose Presumptive scheme. Income chargeable to tax will be 50% of Gross receipts.

Followings are the benefits of opting Presumptive scheme

  1. Simplification of return
  2. Less Compliance burden
  3. Payment of advance tax once
  4. Not compulsory maintenance of Book of Accounts

26AS is a consolidated statement which shows details of TDS/TCS deducted and deposited deductor wise. Before making any claim of TDS or TCS in income tax return, details must be cross verified from 26 AS. It also contains details of Advance tax or self-assessment tax paid.

Financial Year is the year in which an income is earned and assessment year is the year following financial year in which evaluation of income is done.

Refund can be claimed by filing ITR .Person can claim the refund of tax which deducted in excess of actual tax liability. Particular of tax credit must be matched with 26 AS.

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