Income Tax Return is a form which contains information about the income of a person and the taxes which is to be paid on the income during the year. The tax liability will be calculated as based on the income of a person. The income can be in the form of Salary, Business Profits, income from House Property, Capital Gains, income from other sources like dividend earned, interests, etc. Further if a person already paid excess tax in the form of Advance Tax and TDS then they will be eligible to get a refund from the Income Tax Department. The provisions related to this are governed by the Income Tax Act, 1961. As per the Income Tax Provisions, Income Tax returns have to be filed before thedue dates as discussed below. If a taxpayer fails to file the Income Tax Return by the due date, then Interest, Penalty and late fees will be levied as per the provisions laid down in the Income Tax Act, 1961.

Need of Filing the Income Tax Return

Mandatory Requirement in Income Tax Act

There are various types of entities or businesses that are compulsorily required to file the Income Tax Returns as per the provisions of the Income Tax Act, 1961. The details of the same given below:

  1. If the Taxpayer is a company or a Firm (irrespective of the Profit or Loss)
  2. Persons who want to claim a refund on the excess tax deducted /income tax they have paid.
  3. Individuals who have assets or financial interest entities that are located outside the India.
  4. Foreign Companies that enjoy treaty Benefits on transactions made in India.
  5. NRIs who earn or accrue more than Rs 2.5 Lakh in India in a single Financial Year.

Gross Annual Income of Individuals exceeds the Basic Exemption Limit

In this case, there are two types depending on the taxation you opted:

  1. Opting Old Regime-

Age of Individual

Basic Exemption Limit under Old Income Tax Regime

Below 60 years

Rs 2.5 Lakh

Above 60 years but below 80 Years (Senior Citizens)

Rs 3.0 Lakh

Above 80 Years (Super Senior Citizens)

Rs 5.0 Lakh

  1. Opting New Regime- If you are an individual and opting for New Income Tax regime then the basic exemption limit is Rs 2.5 Lacs irrespective of the age.

Mandatary to file Income Tax Return irrespective of the Basis Exemption Limit

There are some cases where even if income does not exceed the basic Exemption limit still you need to file the Income Tax Return if one of the following conditions met:

  1. Have deposited an aggregate amount of more than Rs. 1 Crore in one or more current bank accounts
  2. Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or any other person
  3. Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity consumption.

Levy of Penalty

If you are liable to file the Income Tax Return but you have not filed the return timely, then it will attract different types of penalties under the Income Tax Act.

Carry Forward of Losses

If you have losses in the financial year, then these losses can be adjusted with the income of next financial yearonly when you will file your Income Tax return timely.

Procurement of Government Tenders

Copy of the Income Tax Returnis must while applying for Government tenders. If anyone wants to apply for the tenders for undertaking any Government project then Copy of the Income Tax returns of last few years will be required for the same.

Easy Visa Processing:

If anyone want to apply for VISA to travel or shift to another country the proof of your income is required by the embassy. ITR is legitimate proof of one’s income and it helps in easy processing of visa application.


Types of Income Tax Forms-

Under the Income Tax Act, different forms of ITR have been notified depending on the sources of the income of the Taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, Company, etc. Following are the forms which are notified:

Benefits of Filing of Income Tax Return

Filing Return is a sign that You are responsible

As we discussed above, Government make mandatary to file the Income Tax returns for some and others can file the Income Tax Returns voluntarily also.Filing the Income Tax Returns timely shows that you are a responsible person. Since the income has been processed by the department thereby makes easier for the businesses to enter into subsequent transactions.

Carry forward unabsorbed losses to subsequent years

To carry forward the losses of the current financial year to the next financial Year, one has to file the Income Tax Return timely. As per the Provisions laid down under the Income Tax Act, filing Income Tax return by due date makes it eligible to carry forward the losses in the subsequent year so they can be set off with the Income of the next financial year.

Adjustment of Capital gain Losses

As per the provisions of the Income Tax Act Capital Losses can be adjusted against the Capital Gains. Further you can carry forward the remaining losses for the next 8 consecutive financial years.

Prompt Processing and faster refund

Once the ITR has been filed, the acknowledgement of the same will be issued immediately after filing the same. The processing of the ITR will start immediately after filing the ITR. Thereby Processing of refunds are also much faster.

Bank Loans

Income Tax ReturnFiling serve as proof of business activity and create track record for a business. Banks and NBFCs lend to businesses based on Income Tax Return data. Hence, Income tax registration and filing can help you formalize your business and get credit.

Beneficial in case of no inheritance deed left by the deceased taxpayer

Income Tax Return filing serves as a record as all the data of filed returns are maintained on the Income Tax Portal. It provides the details of the assets and liabilities throughout the lifetime of the deceased taxpayer which in turn help in the right distribution of these assets to their legal heirs.




Home Loan – 

Home Loan Interest and Principal amount repayment Certificate

Rent Deduction- HRA/80GG

  1. PAN card of the Landlord
  2. Rent Amount Paid
  3. Exact mode of Payment
  4. House property address
  5. Owner Address


  1. LIC Amount
  2. Health Insurance Family
  3. Health Insurance Parents
  4. New FD Amount
Documents Required
  1. PAN Card
  2. Aadhar Card
  3. Bank Account Statement

Associated Firm/Companies Details

  1. If Director in any Company- Name of companies
  2. If Shareholder in any Private Company- Name of Companies, Shares held
  3. If Partner in any Firm- Firm Name, PAN Number, Profit %, Remuneration, Interest, Profit of firm, Tax Audit Yes/No


  1. Form 16 Part B
  2. Salary Details if form 16 not available


  1. Business Name
  2. Wholesale or Retail Business
  3. GST ID, Password
  4. General Gross Profit and Net Profit percentage in Business

Interest Income

  1. Saving Bank Account Interest
  2. FD Interest

Rental Income

  1. Rent Amount received on House Property
  2. Address of Property
  3. Tenant Name

Property Transfer

  1. Purchase Registry
  2. Sale Amount

 Shares/Mutual Fund

  1. Shares/Mutual Fund Statement
Details Required
  1. Income Tax Login Credentials if available
  2. Email Id
  3. Mobile Number
  4. Resident or Non-Resident

Process of Company Registration

COMPLIANCESPRO has a separate team which is expert in completing this complex process very easily and helps you to get the company registered within 3 daysonly in a very reasonable price.

Documents & Details required for company incorporation in very simple terms
Documents Required
  • Bank Statement
  • Electricity Bill
  • Telephone Bill
  • Mobile Bill
  • Passport
  • Driving License
  • Voter’s Identity Card
  •  Electricity Bill or
  • Telephone Bill
  • (Not older than 2 Month)
Details Required
  1. Company Name
  2. Company Email Id and Phone No
  3. Business Activity
  4. Directors Name
  5. Shareholders Name
  6. All Directors and Shareholders Details:
  • Email ID and Mobile Number
  • Place of Birth (District & State)
  • Nationality
  • Qualification
  • Current Employment: Salaried/ Businessman/ Other
  • Duration of Stay at Present Address
  • Capital Amount
financial accounting


  • Income Tax Registration

  • Income Tax Return Form

  • Income Tax Login Credentials

  • Annual Information Statement (AIS)

  • Taxpayer Information Summary (TIS)

  • Bank Account Validation on the Portal

  • E- Verification of the Income Tax Return

  • Income Tax Return Acknowledgment

  • Form 26AS

  • Income Tax Computation