Filing Income Tax Returns

Filing Income Tax Returns In India
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Income tax filing in India is a vital compliance which every Indian citizen is required to fulfil as per the provisions of law. In India the framework for the calculation of taxable income for both individuals and corporate entities is based on the nature and source of the concerned income as well as the quantum of the income based on which the income taxes are levied on the basis of slabs. These slabs determine the amount of tax an individual or a corporate entity is required to pay based on their respective earnings. The various tax slabs are supplemented by various legal routes for the exemption of taxes based on various activities such as investments in various routes, or the exemption of taxes earned from specific activities to the differing levels of treatment of business income in comparison to salary income at the hands of the tax payer. Due to the supreme importance of the role which taxation plays in the society at large understanding the benefits of filing Income Tax Returns (ITR) is crucial for every stakeholder in the taxation framework.

Benefits of filing GST returns

  1. Legal Compliance:Payment of taxes is a requirement under law thus filing ITRs and payment of assessed taxes is an absolute necessity in order to ensure legal compliance. Non-payment or avoidance of assessed taxes without due cause will lead to the imposition of penalties ranging from fines to seizure of property.
  2. Documentation of Income: ITR serves as an official record of the total income of the taxpayer, which is at times required for various financial transactions such as for purchasing insurance. Additionally, ITRs may be used in case of obtaining various services such as applying for visas.
  3. Claiming Refunds: Filing ITRs also enables to claims tax refunds in case excess taxes have been paid to the government as part of advance tax payments and tax deduction at source at the time of payments.
  4. Loan Approval: ITRs are required by multiple banks and other financial institutions at the time of application and disbursal of loans.
  5. Carry Forward of Losses: If any taxpayer has incurred losses in a financial year, filing ITR allows them to carry forward those losses to set off against future gains, thereby reducing their total tax liability in subsequent years according to applicable law.
  6. Availing Government Benefits: ITR is often required to avail various government schemes and subsidies which require a proof of income and other financial information as a part of their test for eligibility.

Who is to file ITR?

Categories of Taxpayers who are required to file ITRs are as follows:

  1. Individuals with Taxable Income:Any individual whose total income exceeds the base limit for taxable income as per the category of income and in accordance to other applicable laws and regulations is obligated to file ITR.
  2. Businesses and Professionals:: ITR is also required to be filed by taxpayers whose income arises from business activities or other professional activities.
  3. Investors:: Individuals earning income from investments made in various instruments such as stocks, mutual funds, and commercial or residential property must file ITR.
  4. NRI's and Expatriates:: Non-Resident Indians (NRIs) and expatriates earning income in India need to file ITR based on their taxable income as generated in India as per applicable legal regulations.


The following forms of documentary evidence is required at the time of filing of an Income Tax Return as per applicable law:

  1. PAN Card: Permanent Account Number (PAN) as issued by the income tax department is a mandatory document for filing ITR in order to assess the identity of the taxpayer as per the records of the tax authorities.
  2. TDS certificate: Individuals receiving a salary or receiving fees for professional services who employers or engaging organisations have deducted tax at source before paying them are required to provide a certificate of taxes deducted at source in the form of Form 16, which details their earnings and tax deducted in order to claim exemptions as provided under law.
  3. Financial Statements: Statements from banks and other financial institutions are essential to be provided in order to validate financial transactions and asses the income of the taxpayer.
  4. Evidence of Investments: Supporting documents related to investments in instruments such as mutual funds, fixed deposits, and as well as proof of rental income is required to be provided in order to assess the taxable income of the taxpayer and allow the taxpayer to claim the relevant exemptions as provided under applicable law.
  5. Evidence of other tax deductions:Documentary support for tax deducted at source in the form of certificates are required to account any amount already deducted in the form of tax before payment in order to properly ascertain the taxable income of the taxpayer and the tax due by them.

How Seedling Can Help You with ITR Filing ?

Seedling Associates, with its experienced team of professionals is dedicated to making the ITR filing process seamless for its clients. Upon engagement with Seedling the organisation attempts to ensure accuracy in financial transactions in compliance applicable laws keeping updated with the constant changes to India’s tax framework. The firm's commitment to client satisfaction is reflected in its personalized approach, understanding the unique financial needs of each individual.

The team at Seedling is well-versed in the latest tax laws and relevant updates and related compliance practices and is equipped to handle a variety of cases, from simple individual filings to filings for complex business operations. The firm’s expertise extends beyond just the filing process, offering valuable insights and strategies to optimize and minimise tax liabilities and accelerate proper financial planning.

Most common question about our services

How can Seedling assist in ITR filing service

Seedling stands out due to its dedicated team of professionals with a proven track record in the financial industry. The combination of expertise and client-focussed personalised service serves to ensure that the customers do not have to worry about the filing of their taxes once they are engaged with us comprehensively assisting each client in their financial services.

What are the consequences of missing the deadline for filing ITR ?

Missing the deadline for filing one’s ITR will lead to the imposition of penalties which will be levied on a daily basis. Additionally, the taxpaying entity may be required to make interest payments on the amount of tax payable by them.

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