INCOME TAX FILING

INCOME TAX E FILING

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INCOME TAX IN INDIA

WHAT IS INCOME TAX ?

Income Tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and other entities during a financial year. The tax collected is used to fund public infrastructure, healthcare, education, defense, and other developmental activities of the nation.

Income Tax Filing for FY 2026–27

File your taxes accurately, save more, and stay 100% compliant.

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Our Income Tax Services

  •  Income Tax Return (ITR) Filing
  • Tax Planning & Savings Advisory
  • Old vs New Regime Guidance
  • Capital Gains & Investment Taxation
  • Notice Handling & Compliance Sup

 

Failing to file your return on time may lead to:

  • Late filing fees under Section 234F

  • Interest on pending taxes

  • Loss of certain deductions and carry-forward of losses

  • Higher chances of scrutiny and penalties

Don’t wait until the last moment! File your ITR with Crescent Tax Consultancy today for a hassle-free and accurate filing process at reasonable cost. Click here

Who Should File Income Tax Returns (ITR)?

Filing of ITR is mandatory for:

  • Individuals whose income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, higher for senior citizens).

  • Businesses & Firms irrespective of income, including LLPs, Companies, and Partnership Firms.

  • Individuals with foreign income or assets abroad.

  • Persons claiming tax refunds for excess TDS deducted.

  • Individuals with income from capital gains, house property, or business/profession.

Why Should You File Income Tax Returns?

  • Legal Compliance – Filing ITR is mandatory under the Income Tax Act.

  • Avoid Penalties – Late filing attracts fines and interest.

  • Easy Loan & Visa Approvals – Banks and consulates often require ITR proof.

  • Claim Refunds – Get back excess tax deducted (TDS).

  • Carry Forward Losses – Filing on time allows you to carry forward capital/business losses.

  • Financial Record – Serves as proof of income and financial stability.

Types of ITR Forms in India

The Income Tax Department has notified different ITR forms for different taxpayers:

  • ITR-1 (Sahaj) – For salaried individuals with income up to ₹50 lakh.

  • ITR-2 – For individuals/HUFs with income from capital gains, multiple house properties, or foreign assets.

  • ITR-3 – For individuals/HUFs with income from business/profession.

  • ITR-4 (Sugam) – For individuals, HUFs, and firms opting for presumptive taxation.

  • ITR-5 – For partnership firms, LLPs, AOPs, BOIs.

  • ITR-6 – For companies (except those claiming exemption under section 11).

  • ITR-7 – For trusts, NGOs, and institutions claiming exemptions.

FILING PROCESS

  1. Collect Documents – PAN, Aadhaar, Form 16, TDS certificates, bank statements, investment proofs, etc.

  2. Choose the Right ITR Form – Based on your income sources.

  3. Compute Total Income & Tax – As per applicable slab rates.

  4. Pay Due Taxes – If any.

  5. File Online on Income Tax Portal – Upload the return and e-verify via Aadhaar OTP, Net Banking, or Digital Signature.

Income Tax E-filing Due Date

The due date of E-filling of income tax returns depends upon the taxpayer. If the taxpayer is individual, body of individuals, association of persons, Hindu undivided family then the due date for filling income tax return is July 31 every financial year. However, for business and companies which require audit the date for filling income tax return is September 30 every financial year. For any person who is required to furnish report in form No. 32CEB under section 92E the date for filling income tax return is November 30 every financial year. If the taxpayer does not file the income tax return in time, then he will have to pay the late fee along with the tax payable.

For the Assessment Year 2025–26, the initial deadline to file Income Tax Returns—July 31, 2025—has been officially extended to September 15, 2025. This extension was announced by the CBDT on May 27, 2025 to accommodate structural changes in ITR forms and ensure smooth rollout of filing utilities.

The ITR filing due date is fast approaching! At Crescent Tax Consultancy, we help you file your returns on time, avoid heavy penalties, and ensure accurate filing with maximum tax savings and full compliance.

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Frequently Asked Questions (FAQs)

1. Who is required to file Income Tax Return (ITR) in India?
Any individual whose income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, and ₹5 lakh for super senior citizens) must file ITR. Additionally, companies, firms, and individuals with foreign assets or claiming refunds also need to file.

2. What are the due dates for filing ITR for individuals and businesses?

  • Individuals (not requiring audit): 31st July of the assessment year.

  • Businesses requiring audit: 30th September of the assessment year.

3. What happens if I miss the ITR filing deadline?
You may have to pay a penalty up to ₹5,000 and lose eligibility to carry forward certain losses. Interest may also be charged on unpaid taxes.

4. Can I revise my ITR after submission?
Yes. If you discover an error, you can revise your ITR before 31st December of the assessment year.

5. Do I need to file ITR if my income is below ₹2.5 lakh?
Not mandatory, but advisable if you want to claim refunds, carry forward losses, or create financial proof for loans/visas.

6. What documents are needed for ITR filing?

  • PAN card

  • Aadhaar card

  • Form 16 / Salary slips

  • Bank statements

  • Investment proofs

  • TDS certificates

7. How do I claim tax refunds?
If excess tax is paid, it is refunded directly to your bank account after ITR processing by the Income Tax Department.

8. Is Aadhaar mandatory for ITR filing?
Yes, linking Aadhaar with PAN is mandatory for filing ITR.

9. What is the penalty for late filing of ITR?
A late fee of up to ₹5,000 is charged. If income is below ₹5 lakh, the penalty is limited to ₹1,000.

10. Can I file my ITR online without professional help?
Yes, but to ensure accuracy, compliance, and maximum tax savings, professional assistance is recommended.