What is ITR Filing?



ITR stands for Income Tax Return. It is a form that has to be filed with the Income Tax Department every year by individuals and businesses to report their income and tax liabilities. The Income Tax Act mandates that if your annual income crosses a certain threshold, you have to file your ITR.

Who Needs to File ITR?

The following individuals and entities need to file their ITR annually

 - Salaried individuals whose annual income exceeds Rs. 2.5 lakhs

- Self-employed professionals like doctors, lawyers, architects etc. whose annual income exceeds Rs. 2.5 lakhs 

- Businesses and corporates

- Working partners of firms

- Anyone who has earned interest income above Rs. 10,000 in a year

- Those who have executed high value transactions like mutual fund investments, equity shares etc.

 How ITR Consultants Can Help

 Filing income tax returns can be a complicated process for many due to lack of knowledge about latest rules and regulations. This is where ITR consultants can help.

 Some of the key ways in which ITR consultants assist are

 - Help determine your tax liability based on your income and investments

- Advise on legitimate ways to save tax like tax-saving investments and deductions

- Ensure accurate reporting of income and taxes

- Choose the right ITR form applicable to your income source

- Provide assistance in filling out ITR forms correctly

- Inform about required supporting documents 

- Ensure timely e-filing of returns

- Follow-up until the processed ITR is received

 So by hiring an experienced ITR consultant in Chandigarh , you can avoid errors, omissions and get expert advice on income tax planning. This gives you peace of mind that your tax filing compliance is done correctly and on time.

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