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Income Tax Return Filing with India Company Setup
Filing an Income Tax Return (ITR) is a legal obligation for individuals, professionals, and businesses earning income in India. It ensures that your income, tax liability, and investments are disclosed to the Income Tax Department within the prescribed timelines. While ITR filing can be a complex process involving several forms, categories, and compliance requirements, India Company Setup makes it simple.
With our expert guidance and end-to-end support, you can file your returns accurately, on time, and in full compliance with the Income Tax Act, 1961—no stress, no confusion.
What is Income Tax Return (ITR)?
An Income Tax Return is a form that taxpayers submit to the Income Tax Department to report their income, expenses, deductions, and taxes paid for a financial year. Filing your ITR ensures legal compliance, helps in claiming refunds, and serves as a valid income proof for various financial activities such as loan applications, visa processing, and credit card approvals.
Whether you are a salaried individual, self-employed professional, HUF, partnership firm, LLP, or company, ITR filing is mandatory under certain conditions.
Who Needs to File an Income Tax Return?
You are required to file an ITR if:
Your gross total income exceeds the basic exemption limit.
You want to claim an income tax refund.
You are a company or firm, regardless of profit or loss.
You want to carry forward a loss under any head of income.
You hold foreign assets or have signing authority in a foreign account.
You are applying for a loan, visa, or tender that requires proof of income.
You have TDS deducted but your total income is below the taxable limit and want a refund.
Types of Income Tax Return (ITR) Forms
Different types of taxpayers are required to file different ITR forms depending on their source and amount of income.
🔹 ITR-1 (Sahaj)
For individuals being a resident (other than not ordinarily resident) having total income up to ₹50 lakh from:
• Salary or pension
• One house property
• Other sources (excluding lottery & racehorses)
🔹 ITR-2
For individuals and HUFs not having income from business or profession. Suitable if:
• Income is above ₹50 lakh
• You have capital gains or foreign assets
🔹 ITR-3
For individuals and HUFs having income from business or profession. Applicable for:
• Professionals (CA, doctors, consultants)
• Freelancers
• Business owners
🔹 ITR-4 (Sugam)
For individuals, HUFs, and firms (other than LLPs) opting for presumptive taxation scheme under:
• Section 44AD / 44ADA / 44AE
• Income up to ₹50 lakh (professionals) / ₹2 crore (business)
🔹 ITR-5
For:
• Partnership Firms
• LLPs
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Artificial Juridical Persons (AJP)
🔹 ITR-6
For companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes).
🔹 ITR-7
For persons (including trusts, political parties, research institutions, etc.) required to furnish return under:
• Section 139(4A), 139(4B), 139(4C), or 139(4D)
Why File Your ITR with India Company Setup?
✅ Expert Assistance: Our team of tax professionals ensures correct ITR selection, accurate computation, and complete documentation.
✅ Faster Refunds: We file returns quickly and error-free, minimizing delays in processing refunds.
✅ Legal Compliance: Avoid penalties and notices from the Income Tax Department with timely and correct filings.
✅ Support for All Categories: Whether salaried, self-employed, or company – we cover all ITR forms.
✅ End-to-End Filing: From data collection to uploading and verification—we handle everything.
Documents Required for ITR Filing
Here are some of the common documents you’ll need:
PAN and Aadhaar
Form 16 (for salaried individuals)
Bank account details
Investment proofs for claiming deductions (under 80C, 80D, etc.)
TDS certificates (Form 16A/26AS)
Income details from other sources (interest, rent, capital gains)
Business/profession income details
Balance sheet & P&L (for ITR-3/ITR-5/ITR-6)
Foreign asset details (if applicable)
What We Offer
At India Company Setup, we deliver a complete suite of business services to help you start, grow, and manage your company with ease. From registration to regulatory compliance, our expert support ensures your business stays legally sound and financially organized.
Daily & Monthly Bookkeeping
- Record all financial transactions.
- Maintain audit-ready books in sync with GST and Income Tax laws
- Stay prepared for MCA and statutory filings
Financial Reporting
- Preparation of Profit & Loss Statements and Balance Sheets
- Generate detailed balance sheets.
- Deliver cash flow statements.
Reconciliation Services
- Bank and credit card reconciliations.
- Ensure accuracy of all financial data.
- Maintain accuracy for timely Income Tax and MCA submissions
Secure Digital Bookkeeping
- Utilize encrypted software for data security.
- Anytime, anywhere access to your business data
- Aligned with India's data protection and compliance standards
Benefits of Our Bookkeeping Services
1. Accurate Financial Records
Our expert bookkeeping ensures every transaction is correctly recorded, reducing compliance errors and giving you a clear picture of your company’s financial health — crucial for GST, Income Tax, and MCA filings.
2. Time-Saving
Focus on growing your business while we manage your books. By outsourcing to us, you eliminate the burden of paperwork, reconciliations, and regulatory upkeep — saving you both time and effort.
3. Better Cash Flow Management
We help you monitor income and expenses in real time, so you maintain a healthy cash position, make informed decisions, and avoid last-minute cash crunches or missed tax deadlines.
ITR filing is the process of declaring your income, deductions, and tax liability to the Income Tax Department. You should file an ITR if:
Your total income exceeds the basic exemption limit (₹2.5 lakh for individuals under 60)
You want to claim a refund
You have foreign income/assets
You are a company, firm, or LLP
You meet certain prescribed financial thresholds, even if income is below the exemption limit
Common ITR forms include:
-
ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh
-
ITR-2: Individuals/HUFs with capital gains or foreign income
-
ITR-3: Individuals with business or professional income
-
ITR-4 (Sugam): Presumptive taxation scheme (Section 44AD/ADA)
-
ITR-5/6/7: For LLPs, companies, trusts, and others
Individuals (non-audit cases): 31st July of the assessment year
Audit cases (e.g., businesses, professionals): 31st October
Transfer pricing cases: 30th November
You may need:
PAN, Aadhaar, and bank details
Form 16 / Salary Slips
TDS certificates
Form 26AS and AIS/TIS
Investment proofs for deductions (80C, 80D, etc.)
Capital gain details, if any
Business or profession-related financials (if applicable)
Late fee under Section 234F (up to ₹5,000)
Interest on tax dues under Section 234A
Loss of carry forward of certain losses
Possible penalty or prosecution in severe cases
Ineligibility for loans or visas due to missing ITRs
FAQ
Get Answers to Common Financial Queries
Call Us
9915731447
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info@indiacompanysetup.com
Why Choose Us ?
At India Company Setup, we simplify the process of starting your proprietorship. Our expert team ensures hassle-free registration, timely support, and personalized guidance to help you launch with confidence.
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