ITR Filing Service in Ahmedabad
ITR filing is the process of submitting Tax Return to the Income Tax Department of India. This entails furnishing a detailed return of income of a specific financial year, declaring various income heads like salary, business profit, capital gain, house property & other income.
We at RAAJ ASSOCIATES believe in offering ITR filing in Ahmedabad services to individuals, small and medium-sized businesses, and large businesses. Our expert Chartered Accountant (CA) professionals simplify the filing process for you, with your returns filled on time, free from errors, and in full compliance with current taxation laws.
Here, we take you through everything you need to know about filing ITR, why you should do it, what not to do, and how we can assist you with filing in a timely and accurate manner.
The return consists of the following main components
Personal Information
Name, PAN, Aadhar, address, and so on.
Income Information
A reconciliation of the taxpayer's income from all sources, such as salary, business, house, property, etc.
Tax Paid
Details of taxes paid in advance via TDS (Tax Deducted at Source) or advance tax.
Deductions
Deductions under sections like 80c, 80d, 80g, etc., that reduce taxable income.
Tax Calculation
Final calculation to determine the tax paid or the amount of refund.
Filing your ITR timely will ensure your record legally, that you are satisfying the government obligations, and are avoiding penalties and interest charges. Due to late payment.
Why ITR Filing is Important to You
Income Tax Returns (ITR) filing is a primary financial obligation of individuals, businesses, and professionals. Not just a legal compliance, it’s also a method through which taxpayers get to keep themselves updated concerning their finances, claim appropriate refunds, and avoid penalties. Whether you’re an employee, self-employed individual, or entrepreneur, filing ITR keeps you in compliance with the tax policies, releases the benefits of getting tax refunds, and helps maintain proper documentation of your financial transactions.
Why is Timely ITR Filing Important?
The importance of timely filing of ITR cannot be emphasised enough. The reasons why you need to file your returns in time are listed below:
Legal Mandate
If your income exceeds the exempted limit, it is mandatory to file an ITR. If you fail to file on time, there will be penalties and legal proceedings against you by the Income Tax Department.
Loan and Visa Application
Banks and financial institutions will normally ask you for your ITR returns as evidence of income when you are applying for loans, credit cards, or even when you plan to apply for a visa. Filing the returns on time enables you to present your filed returns as a proper document when there are applications.
Claim Refund Tax
If you have made excess tax payments during the year in the form of TDS or advance tax, you can claim a refund of the excess paid at the time of filing your return.
Tracking of Financial Well-being
Filing the ITR helps you maintain a clear account of your income, deductions, and tax paid. It is a foundation for financial planning and aids in the improved management of your finances.
Avoid Penalties
Late submission of your ITR incurs penalties and interest. The late filing charge for late submission can add to the tax amount you have to pay, so you must submit on time to escape such a load.
Carry Forward of Losses
If you incur a loss in your business or from capital gains during a financial year, you can carry forward these losses to future years and set them off against future income. However, this benefit is available only if you file your ITR on time.
ITR Filing Process: Step Guide
Even though submitting your ITR may be intimidating, it’s easy to do once you learn how. What follows is an overview of the ITR filing process, so it will be simple for you to do so.
Step 1: Obtain the documents required
You must get all the documentation required before filing your return. The documentation helps you prepare your total income, tax withheld, and deductibles. These are some of the most essential documents:
Step 1: Obtain the documents required
You must get all the documentation required before filing your return. The documentation helps you prepare your total income, tax withheld, and deductibles. These are some of the most essential documents:
PAN Card
Required to identify you as a taxpayer.
Form 16a
Released by institutions or banks for interest income.
Proof of Deductions
Documents required for deduction under Section 80c, 80d, 80g, etc.
Aadhaar Card
Employed for verification and e-verification.
Bank Statements
These should show interest income, loan repayments, or other cash transactions.
TDS Certificate
Provided by employers or banks stating tax deducted at source.
Investment Proofs
Contributions towards savings plans like PPF, ELSS, NPS, etc.
Form 16
We also provide ongoing support for filing GST returns, tax compliance, and resolving any GST-related issues in Post-Registration Assistance.
Step 2: Select the Correct ITR Form
Selecting the correct ITR form is vital to guide you in filing. There are various forms based on the type of your income and business. Our professionals at RAAJ ASSOCIATES assist you in choosing the correct form based on your income type and filing status. Some of the most popular ITR forms are discussed below:
- ITR-1 (Sahaj): For salary income, pension income, and income from other sources such as interest and rent.
- ITR-2: For individuals earning income from property, capital gains, or foreign income.
- ITR-3: For individuals or Hindu Undivided Families (HUFS) with income from a profession or business.
- ITR-4 (Sugam): For small businesses or professionals choosing the presumptive taxation scheme under Section 44ad.
- ITR-5: For corporations, LLPS, and so on.
- ITR-6: For other companies except companies availing exemption under Section 11 (income from religious or charitable purposes).
- ITR-7: In the case of trusts, political parties, or any other institution ascertaining under sections 139(4a), 139(4B), 139(4c), or 139(4d).
Step 3: Submission of ITR Form
Once you possess the correct form, the next thing to do is to fill in the details. They are:
- Personal Details: Check if all your details, including your PAN, Aadhaar number, phone numbers, and bank account numbers, are accurate.
- Income Details: List all your sources of income, including salary, rent, interest, capital gains, and business profits.
- Tax Paid: Complete the TDS, advance tax, or self-assessment tax paid throughout the year.
- Deductions and Exemptions: Take deductions under sections such as 80c, 80d, 80e and exemptions such as HRA (House Rent Allowance) or exemptions on capital gains, as the case be.
- Tax Computation: Last, calculate the amount of tax paid or refund owed based on your income and your deductions.
Step 4: Verification and Submission
After filling the form, it must be authenticated and posted. Two means through which it can be authenticated and posted are:
- E-verification: This is the most easily available mode of verification, where your refund is verified via mediums such as Aadhaar OTP, Net Banking, or electronic verification code (EVC).
- Physical Verification: In case of an electronic filing error, you might have to submit a signed acknowledgement copy of the ITR-V to the Income Tax Department.
Step 5: Receipt of Acknowledgement
Once your return has been received and processed, you will receive an acknowledgement receipt. The receipt shows that your return has been accepted properly. If you wrong a tax refund, it will be credited to your bank account.
Advantages of Getting a Professional to File ITR
Filing ITR can be a piece of cake, but it can be complicated if you have more than one source of income, deductions, or business. The following are the major advantages of outsourcing ITR filing to RAAJ ASSOCIATES:
- Expert Guidance: Our Chartered Accountants give you personalised tax planning guidance so that you take advantage of all the tax-deductible allowances and pay as low a tax bill as possible.
- Saves Time: Rather than wasting all this time trying to understand tax legislation and tax forms, let us do it so you can dedicate more time to your business or personal requirements.
- Error-Free Filing: Minor errors on your tax return will lead to penalties or delays in receiving your refund. Our experts make sure that your return is error-free and minimise the risk of errors and delays.
- Claim Maximum Refund: Our experts help you claim all the deductions, rebates, and exemptions eligible on your status to minimise your tax outlay to the highest possible extent and get the best possible tax refund.
- Peace of Mind: We do it all for you in terms of tax law so that you can sit back and not worry about errors or deadline risk. You are in good hands with us.
The return consists of the following main components
Below are the most common errors that one makes while submitting his/her ITR and how one can prevent them:
Selecting the Wrong ITR Form
Filing the wrong form will result in filing the wrong information, thus delaying or penalties. Always select the correct ITR form based on the source of income.
Incorrect Bank Details
Double-check your bank account information (your account number and IFSC code) in case you anticipate a tax refund.
Failure to Report Income
If you have more than one source of income, you must report all of them. Failure to report income can result in penalties and even prosecution.
Overdue Deadlines
Interest and late filing fees. File your returns on or before the deadline to avoid extra fees.
Incorrect Deductions or Exemptions
Avoid making incorrect deductions or exemptions. Be sure to claim all the deductions for which you are eligible (such as 80c or 80d) and exemptions, including HRA or interest on home loan, to minimise your taxable income.
Why Choose RAAJ ASSOCIATES for ITR Filing Services in Ahmedabad
At RAAJ ASSOCIATES, we will offer quality ITR filing services in Ahmedabad that are easy, fast, precise, and trouble-free. The following are why you should choose our services:
Experienced Chartered Accountants
Our experts are qualified and experienced Chartered Accountants with expertise in tax returns and financial management.
Low cost
We have low costs for all our services without any hidden charges.
Timely Filing
We timely file your ITR so that you don't face a penalty or a delay in your refund.
Varied Services
From tax planning to filing ITR, GST registration, and company registration, we provide a variety of services to cater to all your monetary requirements.
Personalised Assistance
We provide individualised assistance to learn about your financial position and offer solutions that help you deal with your taxes better.
Contact us for Professional ITR Filing Services in Ahmedabad
Call us immediately! Our Chartered Accountants will accompany you through the process from start to finish with Tax filing. Making sure the new tax laws are followed and the eligible tax refund is claimed.