Sidhi & Associates

Legal Requirement

Filing ITR is mandatory if your income exceeds ₹2.5 lakhs (₹3 lakhs for senior citizens). It's proof of income for loans, visas, and government tenders.

Get Tax Refunds

Claim refund of excess tax deducted (TDS). Our CAs ensure you get maximum refund by claiming all eligible deductions under various sections.

Loan Processing

ITR is required for home loans, car loans, credit cards. Banks require 2-3 years ITR for loan approval and higher amounts.

Visa Applications

ITR is mandatory for visa applications to USA, UK, Canada, Australia. Embassies verify your financial status through ITR.

Carry Forward Losses

File ITR to carry forward capital losses, business losses, and house property losses to offset against future income.

Avoid Penalties

Late filing attracts penalty up to ₹5,000. Non-filing can lead to prosecution and penalty up to ₹10,000 under Section 276CC.

For Salaried Individuals

✓ Form 16 (TDS certificate from employer)
✓ Salary slips (all 12 months)
✓ Bank statements (all savings accounts)
✓ Interest certificates from banks
✓ Form 26AS (TDS statement)
✓ PAN card and Aadhaar card
✓ Previous year ITR (if filed)

Investment & Deductions

✓ PPF, EPF, ELSS investment proofs
✓ Life insurance premium receipts
✓ Health insurance (80D) receipts
✓ Home loan interest certificate (24b)
✓ Home loan principal (80C) certificate
✓ Rent receipts (HRA exemption)
✓ Donations (80G) receipts

For Capital Gains

✓ Share sale/purchase contract notes
✓ Mutual fund statements
✓ Property sale deed
✓ Property purchase documents
✓ Capital gains statement from broker
✓ LTCG/STCG computation
✓ Indexed cost of acquisition

For House Property

✓ Rent receipts (if rented out)
✓ Municipal tax paid receipts
✓ Home loan interest certificate
✓ Property tax challans
✓ Co-ownership details (if any)
✓ Tenant PAN (if rent > ₹50,000/month)
✓ Rental agreement

For Business/Profession

✓ Books of accounts (if maintained)
✓ Sales and purchase invoices
✓ GST returns (GSTR-1, 3B)
✓ Bank statements (all accounts)
✓ TDS certificates (26AS, 16A)
✓ Profit & Loss account
✓ Balance sheet

Other Income Sources

✓ Fixed deposit interest certificates
✓ Dividend income statements
✓ Savings account interest
✓ Income from other sources
✓ Gift received (if taxable)
✓ Lottery/game winnings
✓ Foreign income (if any)

For Individuals (Non-Audit)

Deadline: 31st July

Applies to salaried individuals, pensioners, and those with income from house property, capital gains, other sources without business requiring audit.

Late Filing Penalty:
• ₹5,000 if filed after July 31
• ₹1,000 if total income below ₹5 lakhs
• Can file belated return till 31st December

For Businesses (Audit Cases)

Deadline: 31st October

Applies to businesses and professionals whose accounts require audit under Income Tax Act or other laws.

Late Filing Penalty:
• ₹5,000 if filed after October 31
• Interest on unpaid tax liability
• Can file belated return till 31st December

Revised Return

Deadline: 31st December

If you discover an error in your filed ITR, you can file a revised return before the end of assessment year or before completion of assessment, whichever is earlier.

When to Revise:
• Wrong income reported
• Missed deductions/exemptions
• Calculation errors
• Wrong ITR form used

Belated Return

Deadline: 31st December

If you missed the original deadline, you can file belated return with late fee penalty till 31st December of assessment year.

Consequences:
• Late fee applicable
• Cannot carry forward losses
• Interest on unpaid tax
• Loses certain benefits