Service Overview
Annual filing of income tax returns declaring income earned, taxes paid, and deductions claimed, applicable to individuals and all forms of business entities.
Who Needs It / Purpose:
Every individual and entity earning taxable income who is statutorily required (or wishes) to file returns and claim refunds/carry-forward losses.
FAQs:
Q: What is the due date for ITR filing?
A: Typically 31 July for individuals requiring to file ITR-1&2, 31st August for indivduals requiring to file ITR-3&4 and 31 October for entities requiring audit, though dates are notified/extended by the CBDT each year.
Q: What happens if ITR is filed late?
A: Late fees under Section 234F and interest on unpaid tax apply, and certain losses cannot be carried forward.