ITR Filing in Dwarka | Delhi


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Income Tax > Domestic tax

ITR Filing in Dwarka | Delhi | India
Category: Domestic tax, Posted on: 27/05/2025 , Posted By: CA SANDEEP BANSAL

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ITR Filing in Dwarka | Delhi | India

Complete Guide to Income Tax Return (ITR) Filing in India (FY 2024-25)

Income Tax Return (ITR) filing is an essential compliance for all individuals and entities earning income in India. Filing your ITR not only ensures adherence to the Income Tax Act, 1961, but also helps in availing refunds, securing loans, and establishing financial credibility.

This guide provides a comprehensive understanding of ITR filing in India for FY 2024-25 (AY 2025-26).

1. What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form filed with the Income Tax Department of India that declares an individual’s or entity's income, deductions, exemptions, and tax liability. It is mandatory for certain taxpayers and voluntary for others, depending on the nature and amount of income.

2. Who Should File ITR in India?

You must file ITR if any of the following applies:

Your gross total income exceeds the basic exemption limit:

₹2.5 lakhs for individuals below 60
₹3 lakhs for senior citizens (60-80 years)
₹5 lakhs for super senior citizens (above 80)

You want to claim a refund of TDS deducted.
You have foreign assets or income.
You want to carry forward a loss under any head of income.
You're a company or a firm (regardless of income).
Your total deposits in a bank account exceed ₹1 crore.
Your foreign travel expenses exceed ₹2 lakh.
Your electricity bill payments exceed ₹1 lakh.
If you're filing to report exempt income, such as agricultural income, etc.

3. Types of ITR Forms and Applicability (AY 2025-26)

ITR Form	Applicable To
ITR-1 (Sahaj)	Salaried individuals, pensioners, and individuals with income from one house property and other sources (up to ₹50 lakh), long-term capital gains under section 112A up to Rs. 1.25 lakh
ITR-2	Individuals and HUFs not having business/professional income
ITR-3	Individuals and HUFs with income from business/profession
ITR-4 (Sugam)	Presumptive income (Section 44AD, 44ADA, 44AE) – up to ₹50 lakh (individuals, HUFs, firms other than LLPs), long-term capital gains under section 112A up to Rs. 1.25 lakh
ITR-5	LLPs, AOPs, BOIs, etc.
ITR-6	Companies other than those claiming exemption under Section 11
ITR-7	Persons including trusts, political parties, institutions claiming exemptions under Sections 139(4A), 139(4B), 139(4C), and 139(4D)

4. Due Dates for ITR Filing (FY 2024-25 / AY 2025-26)

Category	Due Date
Individuals / HUFs not requiring audit	31st July 2025
Businesses requiring audit	31st October 2025
Assessees required to furnish report under section 92E (international transactions/transfer pricing)	30th November 2025

5. Documents Required for ITR Filing

Here’s a basic list of documents you may need:

PAN card & Aadhaar card
Form 16 (for salaried individuals)
Form 26AS and AIS/TIS
Bank account details
Investment proofs (80C, 80D, etc.)
TDS certificates
Capital gains statements (if any)
Business/profession income details
Rental income details, if applicable
Loan interest certificates
Details of foreign assets/income (if any)

6. How to File ITR in India

Option 1: Online Filing (Self-Filing)

Visit https://incometax.gov.in
Log in using PAN and password.
Choose “e-File” > “Income Tax Return”.
Select assessment year and form (e.g., ITR-1).
Fill in your income, deductions, taxes paid, etc.
Validate and verify using Aadhaar OTP / EVC / DSC.

Option 2: Through a Chartered Accountant (CA)

Hiring a CA like Bansal Sandeep & Co., CA Sandeep Bansal ensures accurate computation, tax optimization, and hassle-free filing.

7. ITR Verification (ITR-V)

After submission, your ITR must be verified within 30 days, or it will be treated as invalid. You can verify:

Via Aadhaar OTP
Via net banking
Using EVC
Sending signed ITR-V to CPC Bengaluru (if not e-verifying)

8. Consequences of Late or Non-Filing

Late fee u/s 234F up to ₹5,000
Interest u/s 234A/B/C
Loss of carry-forward benefits
Scrutiny or penalty notices
Difficulty in loans/visas

9. Common Mistakes to Avoid

Choosing the wrong ITR form
Not reconciling Form 26AS / AIS
Failing to disclose all incomes (including interest income, foreign income)
Not verifying the ITR
Forgetting to claim eligible deductions

10. Benefits of Filing ITR

Claim tax refunds
Proof of income for loans and visas
Enables carry-forward of losses
Legal compliance
Avoids penalties and scrutiny

11. New Tax Regime vs Old Tax Regime (FY 2024-25)

You can choose between the old regime (with deductions) or the new regime (lower slab rates, no deductions). Evaluate what’s beneficial for you.

Income Slab	New Regime Rate (FY 2024-25)
0 – ₹3,00,000	Nil
₹3,00,001 – ₹6,00,000	5%
₹6,00,001 – ₹9,00,000	10%
₹9,00,001 – ₹12,00,000	15%
₹12,00,001 – ₹15,00,000	20%
₹15,00,001+	30%

12. Expert Tip: File Even If Not Mandatory

Filing ITR even if you are below the taxable limit helps in:

Creating a financial track record
Easier approval of loans and credit cards
Visa applications

13. Why Choose a CA for ITR Filing?

Accurate and optimized tax filing
Expert advice on deductions and exemptions
Peace of mind with professional compliance
Representation in case of notices

At Bansal Sandeep & Co., we specialize in providing end-to-end support for ITR filing, tax planning, and scrutiny representation.

14. Contact Us for ITR Filing Assistance

📍 Office: T-1, 3rd Floor, Manish Twin Plaza, Plot 2, Dwarka Sector 4, New Delhi - 110078
📞 Phone: 8802758246 | 9718939161
📧 Email: casandeepbansal2209@gmail.com
🌐 Website: casandeepbansal.com

Conclusion

Income tax filing is not just a legal obligation but also a gateway to financial discipline and benefits. With changing rules, it’s vital to stay informed and file correctly. Whether you’re an individual, salaried employee, freelancer, or business owner — ensure timely and accurate ITR filing with expert guidance.

Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose.

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