Mandatory tax audit for businesses with turnover exceeding ₹1 crore (₹50 lakhs for professionals) with detailed audit report filing.
For resident individuals with salary income, one house property, other income (interest, etc.) up to ₹50 lakhs
For individuals and HUFs not having income from business or profession. Includes capital gains, foreign income
For individuals and HUFs having income from business or profession (including partnership firms)
For individuals, HUFs and firms (other than LLP) having presumptive business income under Section 44AD/ADA/AE
For partnership firms, LLPs, AOPs, BOIs, artificial juridical persons, cooperative societies, and local authorities
For companies other than those claiming exemption under Section 11 (income from property held for charitable/religious purposes)
| Income Slab | New Tax Regime (Default from FY 2023-24) |
Old Tax Regime (With Deductions) |
|---|---|---|
| Up to ₹3,00,000 | 0% | 0% |
| ₹3,00,001 - ₹6,00,000 | 5% | 5% |
| ₹6,00,001 - ₹9,00,000 | 10% | 20% |
| ₹9,00,001 - ₹12,00,000 | 15% | 20% |
| ₹12,00,001 - ₹15,00,000 | 20% | 30% |
| Above ₹15,00,000 | 30% | 30% |
| Standard Deduction | ₹50,000 (For Salaried) | ₹50,000 (For Salaried) |
| Rebate u/s 87A | ₹25,000 (Income ≤ ₹7 lakhs) | ₹12,500 (Income ≤ ₹5 lakhs) |
Note: New tax regime offers lower rates but disallows most deductions (80C, 80D, HRA, etc.). Choose based on your investments and deductions.
| Category | Due Date | Status | Late Fee |
|---|---|---|---|
| Individuals (No Audit Required) | 31st July 2024 | Current | ₹5,000* |
| Businesses Requiring Audit | 31st October 2024 | Upcoming | ₹5,000* |
| Revised/Updated Return | 31st December 2024 | Upcoming | ₹1,000 |
| Belated Return | 31st December 2024 | Upcoming | ₹5,000* |
| Tax Audit Cases | 30th September 2024 | Upcoming | ₹1,50,000** |
| Transfer Pricing Cases | 30th November 2024 | Upcoming | ₹1,50,000** |
* Late fee: ₹5,000 if filed by 31st December; ₹10,000 if filed after 31st December but before 31st March 2025;
** For companies with turnover exceeding ₹1 crore (₹50 lakhs for professionals)
Share your Form 16, salary slips, investment proofs, bank statements, and other relevant documents securely.
Our CAs compute your total income, deductions, exemptions, and final tax liability with optimal tax planning.
We share the computed ITR for your review. You can ask questions, suggest changes, and approve the final version.
We file your ITR electronically and guide you through the verification process (Aadhar OTP/EVC/DSC).
You receive ITR-V acknowledgement. We provide post-filing support for any notices or queries from Income Tax Department.
₹5,000 if filed after due date but before 31st December; ₹10,000 if filed after 31st December (₹1,000 for income ≤ ₹5 lakhs)
1% monthly interest under Section 234A on unpaid tax from due date to filing date. Additional interest under Sections 234B & 234C
Rigorous imprisonment from 3 months to 7 years with fine for tax evasion above ₹25 lakhs (Section 276CC)
Cannot carry forward losses to future years. Losses (except house property) lapse if ITR not filed by due date
Possible travel restrictions under various government schemes for high-value defaulters
Difficulty in getting loans, credit cards. Banks check ITR for last 3 years for loan approvals
Fulfill legal obligation under Income Tax Act. Avoid penalties, interest, and prosecution for non-compliance.
Carry forward capital/business losses to offset future income and reduce tax liability in coming years.
Required for home loans, business loans, credit cards, and visa applications for most countries.
Claim refund of excess TDS/advance tax paid. Income Tax Department processes refunds only after ITR filing.
Maintain financial credibility and records for future reference, wealth management, and financial planning.
Essential for participating in government tenders, contracts, and various business opportunities.
ITR filing is mandatory if your total income exceeds the basic exemption limit: ₹3,00,000 for individuals below 60 years, ₹3,50,000 for senior citizens (60-80 years), and ₹5,00,000 for super senior citizens (above 80 years). Additionally, you must file ITR if you have: foreign assets, want to claim tax refund, have losses to carry forward, or need proof of income for loans/visas. Businesses with turnover above ₹60 lakhs (₹50 lakhs for professionals) also need to file ITR regardless of profit/loss.
Financial Year (FY): The year in which income is earned. For ITR filing for FY 2023-24, it means income earned between 1st April 2023 to 31st March 2024.
Assessment Year (AY): The year following the financial year in which income is assessed and tax is paid. For income earned in FY 2023-24, the assessment year is AY 2024-25. When filing ITR, you're filing for a particular FY, but in the subsequent AY.
Yes, you can and should file ITR even with zero or below taxable limit income if: 1) You have TDS deducted (to claim refund), 2) You want to carry forward losses, 3) You need income proof for loans/visas, 4) You have foreign assets or signing authority in foreign accounts, 5) You want to establish financial history. Filing NIL ITR is simple and helps build financial credibility. For FY 2023-24, if your income is below ₹7 lakhs (under new regime) or ₹5 lakhs (under old regime), you may get full tax rebate but still need to file ITR.
If you miss the original deadline (usually 31st July), you can still file a belated return by 31st December of the assessment year with a late fee. For FY 2023-24, belated return can be filed till 31st December 2024. Late fees are: ₹5,000 if filed after due date but before 31st December, or ₹1,000 if total income is ≤ ₹5 lakhs. After 31st December, you can file an updated return within 2 years from the end of the relevant assessment year with additional tax and higher fees. However, interest under Section 234A applies from the original due date.
You should preserve all ITR-related documents for at least 6 years from the end of the assessment year. For example, for FY 2023-24 (AY 2024-25), keep documents till 31st March 2031. This includes: ITR-V acknowledgement, Form 16, investment proofs, bank statements, property documents, and all supporting documents. The Income Tax Department can reopen assessments up to 3 years normally, 6 years if income escaping assessment is more than ₹50,000, and 10 years in search/survey cases. Banks and financial institutions may also ask for past ITRs for loan processing.
15+ years experience in ITR filing for all income types with optimal tax planning.
Guanteed ITR filing before deadline with proper verification and documentation.
We identify all eligible deductions and exemptions to minimize your tax liability.
Handle all Income Tax notices, queries, and assessment proceedings on your behalf.