Audit and Income Tax Filings

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IT Department

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.

Central Government

Income tax is a tax imposed by the Central Government on income of a person.

IT return

The form that contains information of income and tax paid of an assessee is called Income Tax Return.


PAN and Aadhaar Card

Both PAN and Aadhaar Card of all Indian Shareholders and Directors

Identity Proof

Either Voter ID, Passport, or Driving License of the Shareholders and Directors.

Proof of Address

Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors


Latest passport size photographs of all the Shareholders and Directors

Business Address Proof

Either of the latest Utility Bill (Electricity, Telephone, Gas, Water) or Property Tax Bill of the registered office address. Rent agreement and NOC from the owner in case of rented property

Benefits of Income Tax Return Filing

Allows carry forward of losses

Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.

Define financial worth

The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward for returns filed to know the capacity of the business.

Loan Processing and high risk cover

The numbers and the capital base defined by the income tax return is helpful for the loan processing. Higher the financial worth, easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regards.

Claim refund of TDS paid from salary

Salaried personnel receives the income after deduction of applicable TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if ITR is filed by the person.

Documents Required

PAN Card

PAN Card of the taxpayer

Entities PAN Card

In case of company or firm, PAN card of all directors or partners is required

Aadhar Card

In case of company or firm, Aadhar card of all directors or partners is required

Cancelled Cheque

Cancelled cheque of the taxpayer’s bank account is required

Bank Account Statement

The statement for concerned Financial Year is required to assess other incomes

Financial Statements

For business entities, except proprietorship, financial statements are required

Investment/ expenses u/s 80

Details about the investments made or expenditure u/s 80 must be provided

Form 16

The salaried person should provide the TDS Certificate, known as Form 16

Filings First

File ITR in 3 Easy Steps

  • Pick a Package that best fit your requirements
  • It takes less than 5 minutes to fill in our Questionnaires
  • Provide basic details & documents required for registration
  • Make payment through secured payment gateways
  • Assigned Relationship Manager
  • CA assisted ITR filing
  • Computation of Income Tax payable
  • Online filing of Income Tax Return
  • Acknowledgement of ITR filed

Filings First

ITR filing Process

  • Discussion and collection of basic Information
  • Consultancy for appropriate ITR form
  • Collection of required documents
  • Online filing of income tax return
  • Sharing ITR Acknowledgment

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Have Questions? Find Answers Here

All the business entities (Company, LLP, Firm) must file IT even if their total income or tax payable is zero. In case of an individual, when income exceeds the basic exemption limit, it is recommended to file IT to avoid scrutiny from the Income Tax Department. Also, if your tax liabilities is zero and have filed the IT before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

The due dates for filing IT online are mentioned below - let's take an e.g. of (F.Y. 2017 - 18 & A.Y. 2018 - 19)
1. Up to 31st July of next year (31st July, 2018) - Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
2. Up to 30th September of next year (30th September, 2018 - Companies including other entities on which Audit provisions are applicable

Yes, filing IT in case of loss would be in your interest itself. With online IT filing, you can carry forward the losses to a certain upcoming financial year to set off losses
against the future profits.

No, the income tax is paid during the financial year in which the income is earned. While filing IT, if the tax liability is more than the already paid advance tax, the due
amount must be paid with interest, if applicable.

In case you fail to file the return on a due date, there is a provision to file return up to a certain date, however with a late filing fee and reduced benefits, the belated return can be filed before the end of Assessment Year for the concerned financial year. That means, for F.Y. 2017-18, belated returns can be filed till 31st March, 2019.

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