Overview
Income Tax Return filing for individuals is a legal responsibility under the provisions of the Income Tax Department governed by the Income Tax Act. Every individual whose income exceeds the basic exemption limit must file an Income Tax Return in the prescribed form. Even if income is below the taxable limit, filing ITR is beneficial for financial documentation, visa processing, loan applications, and maintaining clean tax records. Filing of ITR ensures transparency and proper reporting of income earned from salary, business, profession, house property, capital gains, or other sources.
The government has introduced different ITR forms based on the nature and source of income. Common forms applicable to individuals include ITR 1 Sahaj, ITR 2, ITR 3 and ITR 4 Sugam. Selecting the correct form is very important to avoid notices and penalties. Individuals earning salary or pension usually file ITR 1, while those having capital gains or multiple properties may require ITR 2. Business owners and professionals may need to file ITR 3 or ITR 4 depending on their tax scheme. Filing must be completed before the due date prescribed each financial year to avoid late fees under section 234F.
ITR filing also plays an important role in claiming tax refunds, carrying forward losses, and maintaining financial credibility. Many individuals receive TDS deductions from employers or banks. Filing ITR ensures that excess tax deducted is refunded directly to the registered bank account. Further, proper reporting helps in avoiding scrutiny notices and penalties from the department. With the introduction of online filing and pre filled data, the process has become easier but still requires professional verification to ensure accuracy.
At Bizglobal, we provide complete assistance for individual ITR filing with proper review of income details, deductions, exemptions, and tax computation. Our team ensures correct selection of ITR form, accurate reporting, timely filing, and e verification. We also handle tax notices and provide support in case of any discrepancies. With our professional approach, individuals can file their returns confidently and stay fully compliant with tax laws.
