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Income Tax Returns
Filing of Income Tax return is necessary if you have earned any income. File your ITR with ThinkBiz Filings INR 1199/- only.
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Income Tax Returns
All you need to know
thinkbizfilings.com Your Trusted Partner for Income Tax Returns!
At thinkbizfilings.com, we specialize in providing professional, accurate, and reliable income tax return services. Our team of experienced tax professionals is dedicated to helping you maximize your refunds and minimize your stress. Whether you’re an individual, a small business owner, or self-employed, we’ve got you covered.
An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure. If you have paid more taxes than “payable”, you are entitled to an Income tax refund. If the reverse is the case, you should pay the remaining amount before filing your Income tax return. Cases, where more taxes have been paid beforehand, are TDS or Advance Tax paid by you. In such a scenario, you should show correct incomes and taxes in your Tax Returns.
Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements. Filing ITR in India is completely online and paperless. There is no need for you to submit a physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.
Why Choose Us?
- Expertise: Our tax professionals are highly trained and stay updated with the latest tax laws and regulations.
- Accuracy: We ensure your tax returns are prepared accurately to avoid any issues with the IRS.
- Convenience: File your taxes online from the comfort of your home with our easy-to-use platform.
- Security: Your personal information is secure with our advanced encryption technology.
- Support: Enjoy 24/7 customer support to answer any of your tax-related questions.
Below is a table showing the Due dates for Income Tax Return Filings and Audit Reports for different categories of taxpayers:
Due Dates for ITR Filing for FY 2023-24 | ||
No. | Category Taxpayer | Due Date |
1 | Business (Not requiring Audit including LLPs and firms) | 31/07/2024 |
2 | Association of Persons (AOP) | 31/07/2024 (not covered under Audit cases) |
3 | Body of Individuals (BOI) | 31/07/2024 (not covered under Audit cases) |
4 | Individual | 31/07/2024 |
5 | Businesses (Requiring Audit including Private Limited Companies, OPC, LLPs and firms) | 31/10/2024 |
6 | The due date of furnishing Income Tax Return for FY 2022-23 (TP Cases) | 31/11/2024 |
Due Date for furnishing of Audit ReportThe due date for furnishing an audit report can vary depending on the specific requirements and regulations applicable to the organization. | ||
1 | Audit Report for the Previous Year 2022-23 | 30/09/2024 |
2 | Audit Report for Transfer Pricing cases | 31/09/2024 (with ITR Filing/on or |
3 | Belated / Revised Income Tax Return for FY 2022-23 | 30/11/2024 |
Charges for Income Tax return filing in India
Choose Your Package
BASIC
- Income Tax filing of 1 year of Salaried Individual
OPTIMAL
- Income Tax filing of 1 year for non- audit assessee
ULTIMATE
- Income Tax filing of 1 year for audit assessee upto a turnover of Rs. 2 Cr
Compliance Requirements for a Partnership Firm
Documents Required for Partnership Firms
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- Income Tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and other entities.
- The following entities must pay income tax: ✅ Individuals (Salaried, Self-employed, Freelancers) ✅ Hindu Undivided Families (HUFs) ✅ Companies (Private/Public Limited) ✅ Partnership Firms & LLPs ✅ Associations & Trusts
- Taxable income = Total Income - Deductions/Exemptions (as per Income Tax Act, 1961)
- Individuals and entities must file ITR if: ✅ Annual income exceeds ₹2.5 lakh (for individuals below 60 years) ✅ Claiming a tax refund ✅ Having foreign income/assets ✅ Running a business or profession
- 📌 For individuals & salaried employees: 31st July 📌 For businesses requiring audit: 30th September
- Yes, but a late fee of up to ₹5,000 is applicable if filed after 31st July. Yes, but a late fee of up to ₹5,000 is applicable if filed after 31st July.
- Under Old Tax Regime, you can claim: ✅ 80C – Investments (LIC, PPF, EPF, ELSS) – Up to ₹1.5 lakh ✅ 80D – Health insurance premium – Up to ₹75,000 ✅ 80E – Education loan interest – No limit ✅ 80G – Donations to charities – Varies
- No, agricultural income is exempt from tax under Section 10(1).
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
