Income Tax Return (ITR) Filing Compliance
Filing an accurate return within the statutory due date, for individuals, HUFs, firms, companies, and trusts — computed correctly under every applicable head of income, filed on time, and supported through any notice or assessment that follows.
What This Service Covers
Filing an Income Tax Return within the due date prescribed under Section 139 of the Income-tax Act, 1961, is a statutory requirement for a wide category of individuals, businesses, and entities in India. The obligation extends well beyond those with taxable income alone — certain specified high-value transactions, turnover thresholds, foreign asset holdings, and deposits above prescribed limits can independently trigger a mandatory filing obligation, regardless of whether any tax is actually payable for that year.
Shivbhavan & Associates assists clients across every entity type with income tax return filing, from the initial computation of total income through to filing and the support that sometimes follows after a return has been submitted. Each engagement begins with identifying the correct ITR form for that particular assessment year — a decision that depends on the nature and source of income, the type of entity, and whether an audit applies — followed by computation of income under every relevant head: salary, business or profession, capital gains, house property, and other sources. Eligible deductions and exemptions available under the applicable chapters of the Act are then identified and applied before the return is finalised and filed.
The core provision governing the filing of Income Tax Returns — applicable, in some form, to nearly every category of taxpayer in India.
A Legal Obligation, Not Just Good Practice
Filing an accurate Income Tax Return is not simply a matter of good financial habit — it is a legal obligation under Section 139 of the Income-tax Act, 1961, for anyone who meets the applicable criteria. Non-compliance can result in late filing fees under Section 234F, interest on unpaid tax under Section 234A, restrictions on carrying forward certain losses to future years, and in some cases, closer scrutiny of subsequent filings from the Income Tax Department.
This information is provided for general awareness. Whether a specific obligation applies in your case depends on your individual circumstances and should be confirmed directly with the firm.
Who This Typically Applies To
- Salaried individuals whose income exceeds the basic exemption limit
- Business owners and professionals, in many cases regardless of profit level
- Non-resident Indians with income from Indian sources
- Directors of private limited companies
- Anyone holding foreign assets or bank accounts
- Individuals with specified high-value transactions during the year
Common Filing Scenarios
Multiple Employers in One Year
Where a salaried individual has changed employers during the financial year, multiple Form 16 certificates need to be consolidated and reconciled before the return can be filed accurately.
Presumptive Taxation Eligibility
Independent professionals and freelancers with business income may be eligible for presumptive taxation under Section 44ADA, which simplifies computation but carries its own eligibility conditions and disclosure requirements.
Indian-Sourced Income
Non-resident Indians earning rental income, capital gains, or interest income from Indian sources generally remain liable to file a return in India for that income, subject to applicable tax treaty provisions.
Capital Gains from Sale of Assets
Sale of property, listed shares, or mutual fund units during the year typically requires capital gains computation and disclosure, even where the overall tax liability after exemptions is minimal.
What's Included, By Entity Type
Individuals, HUF & Proprietorships
ITR-1 through ITR-4 filing depending on income sources and thresholds, covering computation of salary, business, and capital gains income, alongside all eligible deductions available under Chapter VI-A of the Act.
- Correct ITR form selected based on income sources and asset holdings
- Deductions under Sections 80C, 80D, 80G and others identified and applied
- Old vs. new tax regime under Section 115BAC reviewed before filing
- Advance tax and self-assessment tax reconciled prior to submission
Partnership Firms & LLPs
ITR-5 filing with partner-level income allocation, computation of remuneration and interest paid to partners within the limits prescribed under Section 40(b), and reconciliation with the firm's audited accounts where applicable.
- Partner remuneration and interest computed within Section 40(b) limits
- Firm-level tax computed separately from partner-level profit share
- Audit requirement checked under Section 44AB where thresholds apply
- Reconciliation with GST returns and TDS credits, where relevant
Private Limited Companies
ITR-6 filing including computation of Minimum Alternate Tax under Section 115JB where applicable, along with the various schedules and disclosures required for corporate assessees under the Act.
- MAT computation under Section 115JB compared against normal tax liability
- Depreciation computed per the Act's prescribed rates and asset blocks
- Related-party transactions and disclosures reviewed for completeness
- Carry-forward and set-off of losses tracked across assessment years
Trusts & Charitable Institutions
ITR-7 filing for trusts and institutions registered under Sections 12A or 12AB, including application of accumulation provisions and compliance with the conditions attached to exemption under Sections 11 and 12.
- Application and accumulation of income reviewed under Sections 11 and 12
- Registration status under Section 12A/12AB confirmed as current
- Form 10B/10BB audit report coordinated where applicable
- Corpus donations and fund utilisation separately disclosed
Rectification & Notice Response
Rectification applications under Section 154 for apparent errors, responses to intimations issued under Section 143(1), and representation in scrutiny assessment proceedings under Section 143(3) where a case is selected for detailed examination.
- Intimation under Section 143(1) reviewed against the return as filed
- Rectification request prepared where a factual error is identified
- Response drafted and filed within the notice's statutory time limit
- Supporting documentation compiled to substantiate the position taken
Reassessment & Appeals
Responses to reassessment notices issued under Section 148, and representation in appeals filed before the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal where required.
- Reassessment notice reviewed for validity and applicable time limits
- Detailed response prepared addressing each ground raised
- Appeal drafted and filed before the Commissioner (Appeals) where required
- Representation continued before the Tribunal, where escalated
ITR-1 through ITR-4 filing depending on income sources and thresholds, covering computation of salary, business, and capital gains income, alongside all eligible deductions available under Chapter VI-A of the Act.
- Correct ITR form selected based on income sources and asset holdings
- Deductions under Sections 80C, 80D, 80G and others applied
- Old vs. new tax regime under Section 115BAC reviewed before filing
ITR-5 filing with partner-level income allocation, computation of remuneration and interest paid to partners within the limits prescribed under Section 40(b), and reconciliation with the firm's audited accounts where applicable.
- Partner remuneration and interest computed within Section 40(b) limits
- Audit requirement checked under Section 44AB where thresholds apply
ITR-6 filing including computation of Minimum Alternate Tax under Section 115JB where applicable, along with the various schedules and disclosures required for corporate assessees under the Act.
- MAT computation under Section 115JB compared against normal liability
- Carry-forward and set-off of losses tracked across assessment years
ITR-7 filing for trusts and institutions registered under Sections 12A or 12AB, including application of accumulation provisions and compliance with the conditions attached to exemption under Sections 11 and 12.
- Registration status under Section 12A/12AB confirmed as current
- Form 10B/10BB audit report coordinated where applicable
Rectification applications under Section 154 for apparent errors, responses to intimations issued under Section 143(1), and representation in scrutiny assessment proceedings under Section 143(3) where a case is selected for detailed examination.
- Intimation under Section 143(1) reviewed against the return as filed
- Response drafted and filed within the notice's statutory time limit
Responses to reassessment notices issued under Section 148, and representation in appeals filed before the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal where required.
- Reassessment notice reviewed for validity and applicable time limits
- Appeal drafted and filed before the Commissioner (Appeals) where required
The Filing Process
Submit Enquiry
Share your requirement through the website or by phone. The firm reviews it and responds during office hours with next steps.
Document Collection
Relevant documents are collected based on your entity type and income sources, following the checklist confirmed for your specific situation.
Computation & Review
Income is computed under every applicable head, with eligible deductions and exemptions applied before the return is finalised for your review.
Filing & Confirmation
The return is filed within the statutory due date, and the filing acknowledgment along with the computation summary is shared with you.
Verified. Processed. Resolved.
Every filed return moves through e-verification, departmental processing, and — where applicable — refund or query resolution.
After the Return Is Filed
Once filed, the return is typically e-verified using Aadhaar OTP, net banking, or a digital signature, which completes the filing process. The Income Tax Department then processes the return and issues an intimation under Section 143(1), which confirms whether the return matches the department's own computation or highlights any discrepancy.
Where a refund is due, it is typically credited directly to the taxpayer's bank account following processing, provided the account is pre-validated on the income tax portal. Where the department raises a query or selects the return for scrutiny, further documentation or representation may be required — support for which is covered separately under rectification and notice response, above.
Documents You'll Need
Document requirements vary depending on your entity type and sources of income, but the checklist below covers what's typically required for most individual and business filings. Click each item as you gather it — the tracker above updates as you go. This is a preparation aid only; submitting an enquiry will confirm the exact list applicable to your specific situation before any engagement begins.
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Frequently Asked Questions
When does Income Tax Return filing start for a financial year?
Income Tax Return filing for a financial year typically opens after the financial year ends on 31st March, once the Income Tax Department notifies the applicable ITR forms for the relevant assessment year.
When is filing an Income Tax Return compulsory?
ITR filing is compulsory for individuals whose income exceeds the basic exemption limit, and for entities such as companies and LLPs, regardless of income level. Certain other conditions can also make filing compulsory even where income is below the exemption threshold.
What happens if I miss the filing due date?
Late filing can attract a fee under Section 234F and interest under Section 234A, and may restrict the ability to carry forward certain losses. A belated return can generally still be filed before the end of the relevant assessment year, subject to applicable provisions.
Can a filed return be corrected after submission?
Yes. A revised return can be filed under Section 139(5) before the prescribed deadline if an error or omission is discovered in the originally filed return.
Is it necessary to file a return if TDS has already been deducted?
Yes. TDS deduction does not exempt a person from the obligation to file a return where filing is otherwise required; TDS is a credit against final tax liability, determined only once the return is filed and assessed.
What is the difference between an original and a belated return?
An original return is filed within the due date under Section 139(1). A belated return is filed after that date but before the end of the relevant assessment year, under Section 139(4), and may carry restrictions such as the inability to carry forward specified losses.
What is a defective return notice under Section 139(9)?
A return may be treated as defective if it is filed with incomplete information or unpaid self-assessment tax. The Assessing Officer typically allows an opportunity to rectify the defect within a specified period; if not corrected, the return may be treated as invalid.
Do I need to file a return if my only income is exempt agricultural income?
Filing depends on total income including exempt income for certain threshold calculations, and on whether other filing conditions are triggered. Each situation should be assessed individually against the applicable provisions.
Have a Query About ITR Filing?
Submit an enquiry and the firm will respond during office hours. Engaging the firm for this service begins with a formal engagement following your enquiry.