Filling the Income tax returns is not only a legal requirement but it should also be your financial habit. Wherever you are on a salary based employee, freelancer or a business owner or professional person, timely ITR filing helps you stay compliant, claim refunds, and build financial credibility. In this blog we will discuss how to fill income tax returns in a simple and practical way.
This article is prepared with expert insights from KVGC Chartered Accountants & Accountants in Hyderabad, who specialize in tax compliance and advisory services.
How to File Income Tax Return (ITR) in India
Income tax returns filling is the concept of reporting your income, taxes paid, deductions, and exemptions to the Income Tax Department. The filing is done annually through the official income tax portal.]
Who Is Required to File Income Tax Return in India?
Anyone person who is residential of indian citizenship who should be
Individuals & Salaried Employees
- The total income should exceed the basic exemption limit.
- Person who wants to claim tax refunds
- The person who has foreign assets or income
Business Owners & Professionals
- The business owner or professional who is running a proprietorship, partnership, or company.
- The Professionals Doctors, Lawyers, Chartered Accountants, Consultants and Freelancers.
Other Mandatory Cases
- The person who has Rupee 1 Crore in his/her bank accounts.
- The Person who is paying high electricity bills
- The Person who undertakes foreign travel
Documents Required for Income Tax Return Filing in India
Before filling your Income tax returns, you should have the following documents required.
Personal and Income Documents
- You should have Pan Card and Aadhar Card
- You should have Form 16 if you are a salaried person.
- You should have a salary slip.
- You should have a bank statement.
Investment & Deduction Proofs
- You should have Life insurance premium receipts
- You Should have ELSS, PPF, NPS statements
- You Should have Health insurance premium receipts
For Business & Professionals
- You should have your company Profit & Loss Statement
- You should have your company Balance Sheet
- You should have your company/business GST returns (if applicable).
If you are registered under GST, ensure consistency between ITR and GST data. You may also want to read our internal guide on how to file GST returns for better compliance.
Step-by-Step Process to File Income Tax Return Online
Step 1 – Visit the Income Tax Official portal
Firstly, You need to go to the official income tax e-filing portal and log in using your PAN and password.
Step – 2
Choose the applicable ITR form:
- ITR-1 (Sahaj): For Salaried individuals
- ITR-3: For Business owners and professionals
- ITR-4: For Presumptive income taxpayers
Step 3 – Enter Income Details
You need to Fill in details of:
- If you are salaried you need to fill your Salary details or if you are a business owner you need to fill your business income
- If you have some house income you need to fill your house property income
- You should also fill capital gains
- If you have some other income sources you need to fill those also.
Step – 4 Claim Deductions & Exemptions
Enter deductions under sections such as:
- 80C (Investments)
- 80D (Health insurance)
- 80G (Donations)
Step 5 – Calculate Tax Liability
The portal automatically calculates tax payable or refund based on your inputs.
Step 6 – Verify and Submit ITR
Verify your return using:
- Aadhaar OTP
- Net banking
- Digital signature
Without verification, your ITR will be considered invalid.
Benefits of Filing Income Tax Return on Time
The benefits of filling Income Tax are as follows –
- Easy loan and visa approvals –
After filling your Income tax you can easily apply for loan and visa and both loan and visa can easily be approved as you will be the trusted citizen of the country after fill Income Tax.
- Claim tax refunds –
You can easily claim Tax returns after filling the Income Tax.
- Avoid penalties and interest
After filling the Income tax returns you can avoid unnecessary penalties and Interests
- Build financial credibility
After filling the Income tax returns you build your financial credibilities, After this, your loans are easily approved.
Why Choose KVGC Chartered Accountants & Accountants in Hyderabad?
KVGC Chartered Accountants provide end-to-end tax solutions, including:
- Income Tax Return filing
- GST registration and compliance
- Tax planning & advisory
- Business and startup services
Their experienced team ensures accuracy, compliance, and timely filing, helping individuals and businesses stay stress-free.
Conclusion
Filing your Income Tax Return is the main responsibility that should never be ignored by a responsible Indian citizen . With proper documentation process, correct ITR selection, and timely verification, it makes the income tax return process smooth and hassle-free. Whether you are a salaried person or a business owner, professional support from KVGC Chartered Accountants and Accountants in Hyderabad can save time, reduce errors, and ensure full compliance. Stay informed, file on time, and secure your financial future.
FAQs
Q1. What is the last date to file an Income Tax Return in India?
Usually, the due date is 31st July for individuals, subject to government notifications.
Q2. Can I file ITR without Form 16?
Yes, you can file ITR using salary slips and bank statements.
Q3. Is it mandatory to file ITR if income is below exemption limit?
Not mandatory, but filing helps in refunds, loans, and visas.
Q4. What happens if I file ITR late?
You may have to pay late fees, interest, and lose certain benefits.
Q5. Can professionals help in filing Income Tax Returns?
Yes, experts like KVGC Chartered Accountants ensure accurate and compliant filing.