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Introduction and Its Compliance
Income Tax Returns (ITR) is a must for those who are earning above the limit set by the Income Tax Act, 1961. ITR filing is nothing but informing your income, expenses, exemptions, deductions and taxes paid to the Indian Government Income Tax Department. There are various ITR forms (ITR-1 to ITR-7) depending on the taxpayer's category and type of income. Filing ITR on time and accurately leads to tax law compliance and saves the individual from any legal implications or penalties. Lawfinity offers professional ITR filing services for the salaried, freelancers, businesses, HUFs, firms and companies, which comprises of claiming for maximum deductions, reporting the refunds accurately and adhering with the laws based upon the changing tax trends.
Why It Is Needed
ITR filing is legally mandatory for individuals and businesses crossing the basic income threshold. It is an official record of your income and taxes paid and it's important, you will need it to apply for loans, visas or to get your taxes back. Penalties, interest or prosecution may be incurred in the event of non-compliance. Filling for ITR also assist the government to evaluate your tax liability and to keep a tab on our finances. Lawfinity will prepare your return accurately to reduce the chances of examinations or notices and to maximize your tax savings by evaluating all relevant deductions and exemptions.
Benefits and Advantages
- Avoid Penalties and Legal Action Timely ITR filing helps you stay compliant with income tax laws and avoid penalties, interest or even prosecution for tax evasion or non-disclosure.
- Facilitates Easy Loan and Visa Approval Banks and embassies require ITR records for processing personal, home, business loans or visa applications. Filed returns improve financial credibility.
- Claim Tax Refunds If excess TDS has been deducted, ITR filing is the only way to claim legitimate refunds from the Income Tax Department.
- Carry Forward Losses Filing ITR before the due date allows you to carry forward business or capital losses for future tax adjustments.
- Acts as Proof of Income ITRs serve as official proof of income, particularly for self-employed individuals or freelancers who don’t receive Form 16.
Eligibility Criteria
You are required to file ITR if:
- Your total annual income exceeds ₹2.5 lakh (individuals below 60), ₹3 lakh (senior citizens) or ₹5 lakh (super senior citizens).
- You want to claim an income tax refund.
- You are a company or firm, regardless of income.
- You have foreign income or own foreign assets.
- You have deposited over ₹1 crore in a bank account, spent over ₹2 lakh on foreign travel or paid electricity bills exceeding ₹1 lakh.
- You are carrying forward a loss to the next financial year.
Documents Required
- PAN Card
- Aadhaar Card
- Bank account details
- Form 16 (for salaried individuals)
- Form 26AS and AIS/TIS
- Salary slips or business income details
- Details of deductions (80C, 80D, etc.)
- Capital gains statement (if applicable)
- Investment proofs and interest certificates
- Rent receipts or HRA details
- Any foreign income/assets documents (if applicable)
Steps for Applying
- Profile Assessment: Lawfinity collects your income and deduction details.
- Document Collection: Submit required documents (Form 16, bank statements, etc.).
- Form Selection: Lawfinity determines the applicable ITR form based on your income type.
- Return Preparation: Income, deductions, taxes paid and TDS are compiled.
- Client Review: Summary shared with client for final approval.
- Return Filing: Return filed on the Income Tax Portal using DSC or EVC.
- Acknowledgment: ITR-V acknowledgment generated and sent to the client.
Penalties
- Late Filing Fee Up to ₹5,000 under Section 234F (₹1,000 if income is below ₹5 lakh).
- Interest on Tax Due 1% per month under Section 234A.
- Prosecution For willful non-filing or evasion, imprisonment of 3 months to 7 years may apply.
- Loss of Deductions Certain deductions and loss carry-forward benefits are not available if ITR is filed late.
Timelines
For Individuals & HUFs (non-audit)
31st July of the assessment year
For Companies or Audited Accounts
31st October of the assessment year
For Transfer Pricing Cases
30th November
Belated or Revised Return
31st December of the assessment year
Timelines may vary depending on document verification and government approvals.
Fee
Frequently Asked Questions
Because every great business starts with the right answers.
Any individual or entity earning income above the basic exemption limit must file ITR.
The applicable form (ITR-1 to ITR-7) depends on your income source, type of entity and exemptions claimed.
While self-filing is possible, professional services like Lawfinity’s ensure error-free filing and maximum tax benefit.
You may file a belated return with a late fee. However, you lose some benefits like carrying forward losses.
Yes, revised returns can be filed until 31st December of the assessment year.
Yes, Aadhaar is required for filing and verifying your return.
Typically, 15 to 45 days, but it depends on the processing speed of the Income Tax Department.
You can file a NIL return, which is helpful for future loans, visas or income proof.
Yes, Lawfinity provides post-filing support and responds to notices on your behalf.
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