Income Tax Return

At G K B & Associates, we handle your ITR filing with precision, ensuring everything is accurate, compliant with the rules, and set up to save you as much tax as possible. Our goal is to keep you relaxed and fully in charge of your financial situation.

Benefits of Filing Income Tax Returns with GKB & Associates

Stay Legally Compliant – Avoid notices, penalties, and interest charges.

Claim Refunds – Get back excess taxes paid through TDS or advance tax.

Loan & Visa Approvals – ITRs are mandatory for many bank loans and visa applications.

Record of Income – Maintain a credible financial history for future investments.

Carry Forward Losses – Offset business or capital losses in future years as per law.

Documents Needed for ITR Filing

For Individuals:

1. PAN Card & Aadhaar Card
2. Form 16 (if salaried)
3. Salary Slips (if applicable)
4. Bank Account Details & IFSC
5. Form 26AS (Tax Credit Statement)

6. Interest Certificates from Banks/Post Office
7. Details of Investments (for deductions under Sections 80C, 80D, etc.)
8. Capital Gains details (if any)
9. Rental Income details (if applicable)

For Businesses/Professionals:

1. PAN of Business/Entity & Aadhaar of Proprietor/Partners/Directors
2. GST Returns (if applicable)
3. Books of Accounts / Financial Statements

4. Tax Audit Reports (if applicable)
5. TDS/TCS Certificates
6. Bank Statements

Our Process

Getting to Know Your Finances

We'll look into where your income comes from, any deductions you can claim, and your overall tax situation to figure out which ITR form is right for you.

Checking Your Documents and Calculating Taxes

We'll go through your documents, match them up with your Form 26AS and AIS/TIS data, and then work out whether you owe tax or are due a refund.

Preparing and Submitting Your ITR

We'll put together your ITR carefully, make sure all eligible deductions are claimed, and submit it online to the Income Tax Department.

Due Dates:

1. Individuals & non-audit cases – 31st July of the Assessment Year
2. Audit cases – 31st October of the Assessment Year
3.Transfer pricing cases – 30th November of the Assessment Year

Penalty for Late Filing: ₹5,000 (₹1,000 if income ≤ ₹5 lakh) + interest u/s 234A, 234B, 234C.

Revision Facility: Returns can be revised before 31st December of the Assessment Year.

E-Verification: Mandatory to complete ITR verification within 30 days of filing to make it valid.

Frequently Asked Questions

What is Income Tax Return (ITR) filing in India?

Income Tax Return (ITR) filing is the process of submitting details of your income, expenses, deductions, and taxes paid to the Income Tax Department. It helps calculate tax liability and claim refunds, if any.

Who is required to file Income Tax Returns in India?

ITR filing is mandatory for:

Individuals with income above the basic exemption limit
Companies, LLPs, and Firms (irrespective of profit or loss)
Residents with foreign income/assets
Those claiming tax refunds or carrying forward losses

What are the benefits of filing Income Tax Returns on time?

Benefits include:

Avoiding penalties and legal consequences
Easy access to loans and visas
Carry forward of losses
Claiming tax refunds
Maintaining financial compliance

What are the different types of ITR forms?

Common forms include:

ITR-1 (Sahaj): Salaried individuals
ITR-2: Individuals & HUFs with multiple incomes
ITR-3: Professionals & business owners
ITR-4 (Sugam): Presumptive income taxpayers
ITR-5, 6, 7: For LLPs, companies, and trusts

What documents are required for ITR filing?

Key documents include:

PAN & Aadhaar
Form 16/Salary slips
Bank statements
TDS certificates
Investment proofs (80C, 80D etc.)
Details of capital gains, rental income, and foreign income

Income Tax Return