Common Questions
Most Popular Questions
Income Tax Return (ITR) filing is the process of reporting your income, deductions, and tax liabilities to the Income Tax Department for a specific financial year.
Individuals, Hindu Undivided Families (HUFs), companies, and other entities earning income above the specified threshold are required to file Income Tax Returns.
Different ITR forms cater to different categories of taxpayers based on their sources of income , residential status, and other criteria. For instance, ITR-1 is for individuals with salary income, while ITR-4 is for individuals with income from business or profession.
Filing Income Tax Returns allows taxpayers to claim deductions and exemptions, avail of tax refunds, and maintain a clean tax record, besides fulfilling their legal obligations.
Documents such as Form 16, bank statements, investment proofs, property details, and other relevant financial documents are needed for Income Tax Return filing.
Missing the Income Tax Return filing deadline may attract penalties, interest, and other legal consequences, besides forfeiture of certain tax benefits.
Yes, the Income Tax Department provides an online portal for taxpayers to file their Income Tax Returns electronically from the convenience of their homes or offices.
Taxpayers can file their Income Tax Returns themselves using the online portal or seek assistance from tax professionals for accurate and timely filing.
Yes, taxpayers can file their Income Tax Returns for previous years by selecting the appropriate assessment year and filing the returns with applicable penalties, if any.
CompanyAvenue Advisory provides expert assistance for Income Tax Return filing, including preparation of tax returns, compliance with tax laws, and guidance on deductions and exemptions, ensuring a smooth and hassle-free filing process.
