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Income Tax Returns
What is Income Tax Returns?
A tax return is the form on which taxpayers declare their incomes, deductions and any tax payments. This is called Filing Procedure. You are entitled to a refund if you have paid less tax than what is “payable”. In the opposite case, it is important to pay the balance before submitting your Income Tax return. TDS, or Advance Tax, is paid less in cases where you have paid more taxes before. You should report the correct tax and income in your Tax Returns.
ITR 1 through ITR 7 are used to report different types and amounts of income. Filing an ITR in India can be done online, without paper. You do not need to physically submit your return at local income tax offices. Online submission of all documents is required. The Income Tax Return is filed for the Financial Year. The tax year is April to March, regardless of the accounting year you have chosen.
Why Chartered Choice?
Chartered Choice, an innovative concept and expert firm, offers end-to-end services in incorporation, compliance and advisory as well as management consultancy to clients both in India and overseas. With us, filing online income tax returns (IT Returns) is seamless, cheap, and quick! Chartered Choice helps you file GST returns, TDS returns, PF return, and ESI returns. Contact our compliance manager.
The table below shows the due dates for filing Income Tax Returns, and for Audit Reports.
Advantages Of Income Tax Return Filing
Avoid penalties and scrutiny
Income tax authorities will scrutinize your accounts if you do not adhere to the income tax e-filing rules. You’ll be penalized a lot if you don’t. Income tax e-filing can avoid such penalties.
Improve credit net worth
The ITR is the first thing that the financial institution looks at before approving your credit loan. Your credit score will be improved if you file your IT return on time without defaults.
Compensate for losses
If income tax isn’t filed, unadjusted shortfalls or losses cannot be carried forward to the next financial year. Only income tax e-filing allows for the carrying forward of losses from business.
Income Tax Refund
In a given financial year, there are several instances where tax has been deducted from investments. Taxpayers must now file an IT return in order to receive a refund of TDS.
Official Document
Form 16 is a document that contains your income, tax, and other revenue sources. ITR can be used for multiple purposes, viz. Address proof and income proof.
VISA Processing
When you apply for a visa, foreign embassies will ask to see your ITR receipts. ITR receipts are used to assess your income, and show that you can afford the trip expenses.
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Category Taxpayer
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Due Date
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Business (Not requiring Audit including LLPs and firms)
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31/07/2025
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Association of Persons (AOP)
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31/07/2025 (not covered under Audit cases)
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Body of Individuals (BOI)
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31/07/2025 (not covered under Audit cases)
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Individual
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31/07/2025
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Businesses (Requiring Audit including Private Limited Companies, OPC, LLPs and firms)
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31/10/2025
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The due date of furnishing Income Tax Return for FY 2023-24 (TP Cases)
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30/11/2025
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Due Date for furnishing of Audit Report The due date for furnishing an audit report can vary depending on the specific requirements and regulations applicable to the organization.
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Category Taxpayer
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Due Date
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Audit Report for the Previous Year 2023-24
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30/09/2025
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Audit Report for Transfer Pricing cases
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31/10/2025 (with ITR Filing/on or before the date of AGM)
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Belated / Revised Income Tax Return for FY 2023-24
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31/12/2025
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Why you should file your income tax returns
Points to make your decision easy
Taxable Income
You must file an ITR if you have taxable income in India. Individuals who have taxable income in excess of INR 2,50 Lakh are required to file their ITR. In case you are a Company. If you are a LLP or partnership firm, it’s mandatory to file ITR regardless of whether or not you have income.
Credibility
The bank will view you as more credible and credit-worthy if you file your income tax return. It is good to file an ITR even if for some reason you are not required to. Your ITR is a proof of income. This is a job that no other document can do.
Carry forward Losses
You must file a return if you have any losses that you have incurred in your business due to expenses or depreciation. This benefit is available once you reach taxable income. These losses can then be offset against taxable income.
Financial Strength
Regular ITR filings is a good indicator of financial strength. You can get quick loans from banks and visas. It is therefore important to file ITRs on a regular basis.
Tax refunds
Filing the correct IT return is necessary to claim a refund if your TDS was deducted but it was higher than the actual tax due. You won’t get your refunds if you don’t file your ITR.
Avoiding Tax Notices
You may receive legal notice for not filing your ITR if you do not meet the criteria set out in the Act. You can avoid these problems by filing your ITR on time and correctly.
Required Documents for ITR Filing
General Documents Required
PAN card of the owner
Aadhar card of the owner
All the bank account details of the assessee
TDS certificates (Form 16, Form 16A, Form 26AS, etc.) ** Form-16 for Salaried Employee & Form-16A Other Than Salaried Employee
Tax Payment Challans ** ** Advance Tax or Any Self Assesment Tax Paid By Assessee
Investment Proofs (Investments and deductions that can be claimed under section 80C, 80D, 80E, 80TTA, etc.)
Documents Required In Case Of Salary Income
Pension Certificate
Form 16
Arrears in Salary
Travel Bills
Withdrawal of PF
Gratuity/ Leave Encashment
Joining Bonus/ Relocation Bonus
Foreign salary slips and Tax Returns
Documents Required In Case You Have Income From Other Sources
Bank Passbook/ Post Office Savings Passbook/ Statements and Interest Certificates
Dividends/ Warrants
Accrued Interest
Lottery Income
Agricultural Income
Clubbed Income
Documents Required In Case Of Income From House Property
Rent Agreement
Interest Certificate from Bank
Property Address
Co-Owner Details
Receipts of municipality taxes paid
Form 16A on rent
Details of Pre-construction Interest
Details proving ownership
Home Loan Processing charges & Foreclosure charges
Documents Required In Case Of Capital Gain
Purchase and Sale Deed
Transfer expenses incurred
Purchase deed in case of reinvestment
Documents Required For Tax Saving Investments
Equity Linked Savings Scheme (ELSS), the contribution made towards PPF, EPF, Sukanya Samriddhi Yojana, tax-saving fixed deposits, Senior Citizen Savings Scheme (SCSS). All these can be claimed under section 80C. But we need to keep all the details/ documents handy.
Receipts of donations made. These should be kept along with the PAN, name, and address of the donor to claim the deduction.
Education Loan interest paid receipts. Receipts for payment of education loan should be taken from the bank. All interest paid on education loan is deductible under section 80E up till a period of 8 years.
Receipts for medi-claim insurance (Both for self and family). Deduction under section 80D is applicable in case of medical insurance paid for self and family.
All other investment receipts. The receipts of all other investments made during the year should be kept handy to claim deduction wherever possible.
Compliance with ITR for Private Limited Company, OPC & LLP
Pvt Ltd Co. ITR Compliance
Every Private limited company, except those claiming exemptions under section 11, is required to submit Form ITR 6, irrespective of the amount of income or losses.
ITR Compliance for OPC
For One Person Companies, one person must file the return regardless of the amount of the income or loss generated by One Person Company.
Compliance with ITR for an LLP
Limited Liability Partnerships (LLP) are required to file Form ITR 5 regardless of the amount of their income or loss. Due date for Limited Liability Partnership ITR (Audited / non audited) is 31st Oct. 2025.
FAQs on Income Tax Returns
What if I don't have Form 16? How do I file a return?
Do not fret about it. You may still file your return. Contact us today and we’ll take care of the rest. You can now file your ITR 1 online with Chartered Choice for 2023-24 at an affordable price
How long should business books be kept?
All books of accounts and documents related to them should be stored at the principal place of business. This is where the business or profession generally takes place. The documents should be kept for at least eight years.
What is the purpose for Form 26 AS?
The Form 26 AS, consolidated tax statement is used to prove the taxes deducted/collected by others on your behalf as well as tax that you have paid directly.
What is ITR V?
The ITR-V document is a one-page summary acknowledgment that you will receive once you have e-filed your tax return. As a verification, you must print it out, sign it and then send it back to the Income Tax Department in 120 days after e-filing. You can also E-verify with Aadhar and net banking. You will not need to verify your DSC if you filed the form using it.
What documents must I attach to my Income Tax Return?
The filing of income tax returns is now completely paperless. No physical copies or scans are required. You should keep these documents to be able to produce them if required by the tax authorities.
Why do I have to file a return even though my taxes, interest and other fees are paid?
The amount paid in advance tax, and the amounts withheld as TDS or collected as TCS, will only become your tax due after you have completed your self-assessment. The department is notified of this self-assessment by filing a return. The government can only claim the taxes prepaid as its own income if the department is informed of this self-assessment. The filing of a return is crucial for this process, and has therefore been made mandatory. A penalty will be imposed if you fail to file.
Does it have to be filed a tax return once I get my PAN Card?
No. You must file a return only if your income is taxable.
Can I file a revised tax return if I made a mistake on my original return?
You don’t need to worry. You can revise your return within one year of the end of the relevant year of assessment or before the completion of the assessment, whichever comes first. Contact us immediately to file a revised tax return.
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