Introduction:
Filing Income Tax Returns (ITR) is not just a legal requirement — it’s also essential for building financial credibility. Whether you’re a freelancer, consultant, or small business owner, understanding your tax liability, deductions, and return types helps avoid penalties and ensures smoother finances.
Who Needs to File ITR?
- Individuals earning above ₹2.5 lakhs per annum (basic exemption limit)
- Freelancers and gig workers
- Sole proprietors and partnership firms
- Businesses under presumptive taxation (Sec 44ADA/44AD)
Which ITR Form Should You File?
- ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakhs
- ITR-4 (Sugam): For presumptive income under Sections 44AD/44ADA
- ITR-3: For business owners and professionals not opting for presumptive scheme
Documents Required:
- PAN, Aadhaar
- Form 16 (if salaried)
- Bank statements
- Income and expense records
- Investment proofs (for deductions)
- TDS/TCS certificates (Form 26AS)
Deductions You Can Claim:
- Section 80C: Investments like PPF, LIC, ELSS (up to ₹1.5 lakh)
- Section 80D: Health insurance
- Section 80E: Education loan interest
- Section 24: Home loan interest
Common Mistakes to Avoid:
- Missing income sources like interest or freelance work
- Wrong ITR form selection
- Mismatched bank/TDS details
- Late filing without paying penalty
Conclusion:
Don’t wait till the last minute. Filing your ITR with expert help ensures maximum deductions, faster processing, and peace of mind. We offer end-to-end Income Tax filing support for individuals and businesses.
📞 Need help filing your ITR?
Contact us for a free consultation.