Income tax and TDS filing support.

Any individual whose income exceeds the basic exemption limit, or who has foreign assets, foreign income, or who wants to claim a refund must file an ITR. Filing is also mandatory for companies and LLPs regardless of profit or loss.

For individuals who are not required to get accounts audited, the due date is July 31. For those requiring audit, it is October 31. These dates can be extended by the government in specific years.

You can file a belated return up to December 31 of the same assessment year. A late filing fee of up to Rs 5,000 applies, or Rs 1,000 for small taxpayers. Interest on unpaid tax is also charged.

ITR-1 is for salaried individuals with income up to Rs 50 lakh. ITR-2 is for individuals with capital gains or multiple properties. ITR-3 is for those with business or professional income. The correct form depends on income sources.

You typically need Form 16 from your employer, bank statements, investment proofs for deductions, rent receipts if claiming HRA, details of capital gains transactions and the Annual Information Statement (AIS) from the income tax portal.

Form 16 is a certificate issued by your employer that contains details of your salary, tax deducted and deposited with the government. It is issued annually and is the primary document needed for salaried individuals filing taxes.

You can claim deductions under sections like 80C for investments, 80D for health insurance, 80E for education loan interest, 80G for donations, HRA exemption and standard deduction. Total deductions can significantly reduce your taxable income.

The old tax regime has higher tax rates but allows multiple deductions. The new regime has lower slab rates but fewer deductions. From FY 2023-24, the new regime is the default, but individuals can opt for the old regime when filing.

Yes. You can file a revised return if you discover an error or omission in the originally filed return. A revised return can be filed before December 31 of the assessment year or before the completion of assessment, whichever is earlier.

TDS stands for Tax Deducted at Source. It is the tax deducted by your employer, bank or other payer before paying you. TDS already paid is reflected in Form 26AS and is credited against your final tax liability when you file your return.

Form 26AS is a consolidated tax credit statement available on the income tax portal. It shows TDS deducted, advance tax paid, self-assessment tax paid and other details. It is important to verify this before filing your return.

Filing is not mandatory if your income is below the exemption limit, but it is advisable to file if you want to carry forward losses, have foreign assets, need a refund, are applying for a visa, or need proof of income for loans or other purposes.

If your total tax liability for the year exceeds Rs 10,000, you are required to pay advance tax in four instalments during the year. This is applicable to self-employed individuals, business owners and those with income beyond salary.

Capital gains tax applies when you sell assets like shares, mutual funds or property. Short-term capital gains apply if held below a certain period and long-term if held longer. Rates differ based on asset type and holding period.

AIS is a detailed summary of your financial transactions available on the income tax portal. It includes information on salary, interest, dividends, mutual funds, property transactions and more. You should review it before filing to ensure accuracy.

Yes. A salaried employee can also have income from freelancing, consulting, rental income or business. Such individuals must file the appropriate ITR form that covers both salary and business income.

In addition to the late fee of up to Rs 5,000, income tax authorities can impose penalties of up to 300 percent of the unpaid tax in cases of deliberate concealment of income. Regular non-filers can also face prosecution.

You can check your refund status on the income tax e-filing portal by logging in and checking the return status or refund status section. Refunds are typically credited to the bank account linked in your return within a few weeks of processing.

Notices can be issued for defective returns, under-reporting of income, requests for information, or reassessment. Each notice has a specific section and timeline for response. Go2Comply assists in drafting and filing appropriate replies.

For simple salaried returns, self-filing is possible. For business income, capital gains, foreign income, notices or complex deductions, professional help reduces errors and ensures you do not miss legitimate deductions or pay excess tax.