Income Tax Return

Filing an Income Tax Return (ITR) is a vital financial obligation for both individuals and businesses, ensuring adherence to tax laws. The process involves declaring annual income, availing eligible deductions, and determining tax liabilities. Governments require tax return submissions to assess taxable earnings and ensure accurate tax payments.

Beyond legal compliance, ITR filing offers several advantages, including eligibility for tax refunds, easier access to loans, and serving as official income proof. A clear understanding of tax filing procedures, due dates, and benefits enables individuals and businesses to maintain financial discipline while avoiding penalties. If you’re seeking professional tax consultant in Pune, expert guidance can simplify the process and optimize your tax benefits.

At Jitesh Telisara & Associates LLP, we specialize in accurate income tax calculations, ensuring that you pay the correct amount or receive any eligible refunds. Our expert consultants help minimize tax liabilities by identifying significant tax-saving opportunities that individuals may overlook without professional guidance.

Our experienced team assists with income tax return (ITR) filing in Pune, ensuring timely and hassle-free submissions. If you’re looking for ITR filing services, NRI Income Tax return filing, or trusted Income tax consultant in Pune, we are conveniently located in Vimannagar and ready to provide expert assistance tailored to your needs.

Filing of Income Tax Return (ITR) is mandatory in India under the following conditions:

1. Income Exceeds the Basic Exemption Limit
   Filing of Income Tax Return is mandatory when an individual’s income surpasses the specified exemption threshold, which varies according to age. For individuals under 60 years, the tax exemption limit is set at Rs. 2,50,000, and any income beyond this is taxable. Senior citizens, aged between 60 and 80 years, benefit from a higher exemption cap of Rs. 3,00,000. Meanwhile, super senior citizens, who are above 80 years of age, receive the highest exemption limit of Rs. 5,00,000.
2. Business and Professional Entities
   • Companies, LLPs, and Firms: Mandatory, regardless of profit or loss.
   • Self-Employed Individuals & Professionals: If total income exceeds the basic exemption limit.
3. Other Mandatory Cases
            You must file ITR even if income is below the exemption limit if:
   • Foreign Assets: Holding foreign bank accounts, assets, or signing authority in foreign accounts.
     
   •  High-Value Transactions:
     • Deposits over Rs. 1 crore in a current account.
     • Electricity bill payments exceeding Rs. 1 lakh.
     • Foreign travel expenses above Rs.2 lakh
     • TDS Refund: To claim excess tax deducted at source (TDS).
     • Capital Gains: Even if below the taxable income limit.
     • Cryptocurrency or Digital Asset Transactions: As per new tax rules.
     • Business Turnover: If turnover exceeds Rs. 60 lakh for businesses or Rs. 10 lakh for professionals (even under presumptive taxation).
     • If TDS and TCS is Rs. 25000 or more
     • Bank Interest & Dividends: If total taxable income crosses the limit.
     • If deposit in saving bank account is Rs. 50 lakh or more
4. Mandatory for NRIs
   Non-Resident Indians (NRIs) must file ITR if their total taxable income in India exceeds Rs. 2,50,000

Filing an Income Tax Return (ITR) is not just a legal obligation but also provides several financial advantages. Here are the key benefits:

1. Prevent Penalties and Legal Issues
   Non-compliance with income tax regulations, such as failing to file a required return, can lead to fines, penalties, and even prosecution under the Income Tax Act. To avoid such consequences, taxpayers should ensure timely filing—either independently or with the assistance of a tax professional. If you are searching for a CA for income tax filing in Pune or a tax consultant Pune, you can reach out to us as we are one of the best tax firms in Pune, and we aim to serve our clients with the most satisfactory services.
   
2. Claim Tax Refunds and Offset Business Losses
   Filing an income tax return is essential to claim tax refunds and carry forward business losses. The Income Tax Department allows taxpayers to offset losses against future income, but this benefit is only available if returns are filed within the stipulated deadline.
3. Ease in Loan and Credit Card Approvals
   When applying for loans—whether for housing, vehicles, business, or personal use—financial institutions typically require a copy of your Income Tax Return (ITR) as proof of income. Lack of a filed ITR may create difficulties in securing loan approvals or obtaining credit cards.
4. Smoother Visa Processing
   Income Tax Returns are often a mandatory document for visa applications. Immigration authorities require proof of financial stability, and providing ITRs along with other supporting documents can expedite the visa approval process.

Being a tax consultancy firm for best ITR filing in Pune, Income Tax preparation, Income Tax accounting services, income tax consultancy and tax filing services we offer the following services:

• ITR filing for self-employed.
• ITR filing for NRI.
• ITR filing for senior citizen.
• Salary ITR filing
• Income tax consultancy
• Capital gain ITR filing
• Business ITR filing
• Freelancing ITR filing services
• 44AD & 44ADA ITR filing services
• ITR filing for salaried
• ITR filing for house property and interest income
• ITR filing for private limited company
• ITR filing services for LLP/partnership firm
• ITR filing services for society
• ITR filing services for company

There are different types of Income Tax Returns based on when and why they are filed:

1. Original Income Tax Return – This is the first return filed by a taxpayer within the due date prescribed under Section 139(1) of the Income Tax Act. It is the standard return filed before the deadline.
2. Belated Income Tax Return – If a taxpayer misses the original due date, they can file a belated return under Section 139(4). However, this return comes with penalties and interest. The deadline for a belated return is typically before the end of the relevant assessment year.
3. Revised Income Tax Return – If errors or omissions are found in the original or belated return, a taxpayer can file a revised return under Section 139(5). This allows corrections to be made before the prescribed deadline.
4. Updated Income Tax Return – Under Section 139(8A), an updated return can be filed within 24 months from the end of the relevant assessment year, even if no original return was filed. This option is useful for taxpayers who realize they need to report additional income or rectify mistakes after the revision period has expired. However, additional tax and penalties may apply. If you missed filing your income tax return for a previous period and need assistance from a tax consultant Jitesh Telisara & Associates LLP is here to assist you, contact us today!

We take pride in being one of Pune’s leading Chartered Accountant firms. If you need expert guidance on filing income tax returns, Jitesh Telisara & Associates LLP is here to assist you. Recognized as a top CA firm for NRI return filing in Pune, we are known for delivering exceptional tax consultancy services in Pune.

Whether you’re searching for Income tax return filing near me or ITR filing services in Vimannagar, Kalyani Nagar, Kharadi, Koregaon Park, or anywhere in Pune, or require online ITR filing or a trusted tax consultant in India, you can count on Jitesh Telisara & Associates LLP. Our team values confidentiality, professionalism, and client satisfaction, making us a reliable choice for all your tax-related needs.