INCOME TAX SERVICES
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WHAT IS ITR?
Income Tax Return (ITR) is a form used to report your income, expenses, tax deductions, and taxes paid to the Income Tax Department of India. Filing an ITR helps taxpayers declare their income and calculate the tax payable or refund due.
Filing ITR is an important financial responsibility and helps maintain transparency with tax authorities.
Old Tax Regime vs New Tax Regime – Which is Better?
Key Differences Between the Two Regimes
The primary difference between the old and new tax regimes lies in the treatment of deductions. The old regime allows multiple deductions and exemptions, which can significantly reduce taxable income. The new regime, on the other hand, removes most deductions but compensates with lower tax rates.
Another difference is the complexity of tax filing. The old regime requires careful planning and documentation of investments, whereas the new regime is more straightforward because it eliminates many deduction claims.
Which Regime is Better for AY 2025-26?
The choice between the two regimes depends on an individual's income structure and financial habits.
The new tax regime is generally better for taxpayers who do not invest much in tax-saving schemes or do not have significant deductions. It is also suitable for those who prefer a simple tax system without complex calculations.
The old tax regime may be more beneficial for individuals who invest regularly in Section 80C instruments, pay health insurance premiums, or have a home loan. These deductions can significantly reduce taxable income and sometimes result in lower overall tax compared to the new regime.
who Wants to file ITR?
who Wants to file ITR?
ITR-1 (Sahaj)
ITR-1 (Sahaj)
Who can file:
Resident individuals
Salary or pension income
One house property
Other income (like interest)
Total income from ₹5 lakh up to ₹50 lakh
ITR-2
ITR-2
Who can file:
Individuals or HUFs
Income from salary/pension
Capital gains (shares, property)
More than one house property
Foreign income or assets
ITR-3
ITR-3
Who can file:
Individuals or HUFs having business or professional income
Examples:
Proprietors
Freelancers
Professionals (CA, doctor, consultant)
ITR-4 (Sugam)
ITR-4 (Sugam)
Who can file:
Individuals, HUF, and firms (except LLP)
Presumptive income under Section 44AD / 44ADA / 44AE
Total income up to ₹50 lakh
Examples:
Small business owners
Small professionals
ITR-5
ITR-5
Who can file:
Partnership firms
LLPs
Association of Persons (AOP)
Body of Individuals (BOI)
ITR-6
ITR-6
Who can file:
Companies registered under the Companies Act
Except companies claiming exemption under Section 11.
ITR-7
ITR-7
Who can file:
Trusts
Charitable institutions
Political parties
Religious institutions
Entities claiming exemption under specific sections.
Documents Required for ITR Filing
PAN Card
Aadhaar Card
Form 16 (for salaried employees)
Bank statements
Investment proofs (80C, 80D, etc.)
Home loan statements
Capital gain statements (if applicable)
Benefits of Filing ITR
Filing ITR provides several benefits:
Claim income tax refunds
Easy approval for bank loans
Required for visa applications
Maintain proper financial records
Avoid penalties and notices from the tax department
Our ITR Services
✔ ITR Filing for Individuals
✔ ITR Filing for Businesses and Professionals
✔ Tax Planning and Consultation
✔ Correction and Revised Returns
✔ Income Tax Notice Handling
✔ Refund Assistance
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