What is ITR Filing Online?
ITR filing is the annual process of reporting your income, deductions and taxes paid to the Income Tax Department on the prescribed form. The return is filed on the e-filing portal and ends with an e-verification. Filing correctly helps you claim refunds, avoid notices and build a clean tax record.
Who needs it
- Salaried employees whose total income is above the basic exemption limit, or who want to claim a refund of excess TDS.
- Business owners and professionals, including those under presumptive taxation (Sections 44AD, 44ADA).
- Freelancers and consultants who receive income without full TDS.
- Investors with capital gains from shares, mutual funds or property.
- Anyone with foreign assets or foreign income, who must disclose them even if tax is nil.
- Directors of companies and people holding unlisted equity shares, who must file irrespective of income.
Benefits
- Correct form selection, so the return is not treated as defective.
- Income matched against Form 26AS, AIS and TIS before filing, which reduces mismatch notices.
- Regime comparison: we compute tax under the old and the new regime and file whichever is lower for you.
- Refund tracking until the money reaches your bank account.
- A clean computation sheet and filed return copy that banks and visa offices accept as income proof.
What you get when you file with us
The filed return is one output of several; the rest is the record that supports it if the year is ever examined.
- A computation sheet that shows each head of income, deductions and tax
- A comparison of the old and new regimes
- A copy of the filed return and acknowledgement
- A list of documents to keep and for how long
- A short note on next year's planning, such as investments and advance tax
Who should not wait
If you have capital gains, income from abroad, a notice pending, or have not filed for earlier years, start early. These cases take longer, and early action leaves room for correcting mistakes before due dates.
Official sources
The income tax e-filing portal publishes the ITR forms, instructions and utilities. Sections 139, 143 and 234A to 234F of the Income-tax Act deal with filing, processing, interest and the late fee. If you are unsure about a form, a deduction or a due date, ask us before you submit.
Documents required
- 01PAN, Aadhaar and mobile number linked to Aadhaar
- 02Form 16 from each employer (Part A and Part B)
- 03Form 26AS and Annual Information Statement (AIS)
- 04Bank statements and interest certificates for all accounts
- 05Capital gains statements from brokers and mutual fund registrars
- 06Rent receipts, home loan interest certificate and sale or purchase deeds, where relevant
- 07Investment proofs for deductions (Section 80C, 80D, 80G and others)
- 08For business income: profit and loss account, balance sheet and GST returns
- 09Foreign asset details, if any (account numbers, peak balance and income)
Due dates and penalties
| Item | Due date | If missed |
|---|---|---|
| ITR for individuals and others not requiring audit | 31 July of the assessment year | Late fee under Section 234F: up to ₹5,000 (₹1,000 if total income is up to ₹5 lakh), plus interest |
| ITR for businesses requiring audit | 31 October of the assessment year | Same late fee and interest, and loss of the right to carry forward certain losses |
| Belated return | Until 31 December of the assessment year | Late fee, interest, and some deductions and loss set-offs may be restricted |
| Updated return (ITR-U) | Within 24 months from the end of the assessment year | Additional tax on the extra income reported |
Dates can be extended by the CBDT. We track notifications and confirm the applicable date at the time of engagement.
Mistakes to avoid
- Ignoring income that shows in AIS, such as savings interest, dividends or sale of shares.
- Choosing the wrong ITR form, which can make the return defective.
- Skipping the e-verification. A return that is not verified within the permitted time is treated as not filed.
- Claiming deductions without proof, or deductions that are not available under the new regime.
- Not reporting foreign assets, even when no tax is due.
- Entering the wrong bank account for refunds. The account must be pre-validated.
Why PHMG
- Partner-led: a chartered accountant reviews your work, not only a junior team.
- Clear fee and scope in writing before we start.
- Deadlines tracked for you, with reminders well before the due date.
- Your documents and data are handled confidentially.
- Online service across India, with a single point of contact.
Fees depend on your case. Request a quote for a clear scope and fee.