Income Tax Return (ITR) filing is the process of reporting your income, expenses, deductions, and taxes paid to the Income Tax Department. Every individual, business, and entity earning taxable income in India is required to file an ITR annually. Filing your ITR ensures compliance with tax laws, helps in claiming tax refunds, and maintains a clean financial record.
ITR filing is the process of reporting your income, deductions, and taxes paid to the Income Tax Department. It is mandatory for individuals and businesses earning taxable income.
Individuals earning above ₹2.5 lakh annually (₹3 lakh for senior citizens).
Salaried employees with additional income sources.
Business owners, freelancers, and self-employed professionals.
NRIs earning income in India.
Individuals with capital gains from shares, mutual funds, or property sales.
Companies, LLPs, and partnership firms (mandatory, even if no profit).
Filing an ITR helps in: Claiming tax refunds if excess TDS is deducted.
Getting easy loan approvals (home, car, or personal loans).
Visa applications, as many countries require ITR proof.
Avoiding tax scrutiny and penalties.
PAN Card & Aadhaar Card
Form 16 (For Salaried Employees)
Bank Statements & Income Proof
Investment & Deduction Proofs (80C, 80D, etc.)
Business Income Details (For Self-Employed or Business Owners)
TDS Certificates & Advance Tax Paid Receipts
As per the Income Tax Act, a late filing penalty of up to ₹5,000 may be applicable. Additionally, late filing may result in interest charges and loss of tax benefits.
You can check your ITR status on the Income Tax e-Filing portal using your PAN and acknowledgment number. DK Service also provides assistance in tracking your ITR status.
Once filed, the Income Tax Department processes the return within 30 to 90 days, depending on verification and assessment. Refunds (if any) are usually credited within this period.
Yes, if you have filed an incorrect ITR, you can revise it before the deadline of the assessment year. DK Service assists in revising ITRs accurately.
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