Income Tax Returns
Income Tax Returns – Classic Partners LLP
Classic Partner – Chartered Accountants for Individuals, Businesses & NRIs
What is Income Tax Return (ITR) Filing Services?
An Income Tax Return (ITR) is a statement filed with the Income Tax Department of India declaring an individual’s or entity’s income, deductions, and taxes paid during a financial year. Filing ITR is not just a statutory obligation but also proof of financial discipline that helps in loans, visas, and future compliance.
Non-filing or incorrect filing may result in penalties, interest, scrutiny notices, or even prosecution under the Income Tax Act, 1961.
Who Needs to File ITR?
Individuals with income above the basic exemption limit (₹2.5 lakh / ₹3 lakh / ₹5 lakh depending on age).
Salaried employees with TDS deductions who want to claim refunds.
Self-employed professionals and business owners.
NRIs earning income in India (rent, capital gains, dividends, etc.).
Companies, LLPs, Partnership Firms, and Trusts.
Anyone who received foreign income or assets.
Persons wishing to carry forward losses (business loss, capital loss, etc.).
Documents Required for ITR Filing
PAN Card & Aadhaar Card
Form 16 (for salaried individuals)
Salary slips & bank statements
TDS certificates (Form 16A, 16B, 16C)
Form 26AS & AIS/TIS (Annual Information Statement)
Details of business/professional income & expenses
Capital gains details (sale of property, shares, mutual funds)
Investment proofs (80C, 80D, 80G, etc.)
Rental income and housing loan interest certificates
NRI details – foreign income, DTAA, tax paid abroad
Process of ITR Filing
Data Collection – Gather income, deduction, and investment proofs.
Tax Computation – Calculate taxable income and applicable deductions.
Draft ITR Preparation – Choose correct ITR form (ITR-1 to ITR-7).
Review & Verification – Match AIS, TIS, Form 26AS with declared income.
Submission – File ITR electronically on the Income Tax portal.
E-Verification – Verify return using Aadhaar OTP, net banking, or DSC.
Acknowledgment – Receive ITR-V as proof of filing.
Due Dates for ITR Filing
Individuals / HUFs / Firms (not requiring audit): 31st July
Companies & firms requiring audit: 30th September
Transfer pricing cases: 30th November
Penalties for Late or Incorrect Filing
Late Fee – Up to ₹5,000 u/s 234F.
Interest – 1% per month on unpaid tax u/s 234A.
Loss of Benefits – Inability to carry forward business/capital losses.
Scrutiny Risk – Higher chances of notices from Income Tax Department.
Why Choose Classic Partner for ITR Filing?
Experienced Chartered Accountants ensuring error-free filing.
End-to-end ITR support for individuals, NRIs, SMEs & corporates.
Special expertise in NRI taxation, capital gains, and DTAA relief.
Timely filing to avoid penalties and interest.
Affordable packages tailored to salaried individuals, freelancers, and businesses.
File your Income Tax Return with Classic Partner today.
We make sure your ITR is filed accurately, on time, and with maximum tax savings.
