Income Tax Return (ITR)Under the provisions of the New Income Tax Act, 2025, individuals earning above the basic threshold limit specified by the Income Tax Department (currently Rs. 250,000) are required to file their Income Tax Return. For those not mandated to undergo a Chartered Accountant audit, the deadline for online filing is set for July 31st each year. However, if an audit is necessary, the deadline extends isSeptember 30th

Understanding the different types of income sources outlined in the Income Tax Act is crucial for accurate tax filing. These sources include income from salary, rent, capital gains, business and professional income, and other sources. While certain incomes, such as agricultural income and long-term capital gains on agricultural land, may be exempted, taxes must be paid if the earnings surpass the specified basic limit.

Documents Required for Income Tax Return Filing:

• Salary Income Details/ Form 16 (If Available)
• Rent Income Details and Home Loan Statement/Certificate
• Capital Gain Details (Shares and Mutual Fund Capital Gain Details)
• Business Account Records (If Lumpsum – Sales and Purchase Details)
• Bank Statements
• Other Income Details
• Investments and Deductions Details
• Basic KYC of Assessee

Benefits of ITR Filing:

ITR is very useful document for the following applications

• Home Loan Application
• VISA Application
• Education Loan for Children
• Business Funding and Loans
• Government Tenders
• Subsidy Scheme Application
• Tax Refund
• Address and Nationality Proof

ITR Fees will depend upon the nature of ITR form and quantum of income