Who is required to file an Income Tax Return?

You must file an ITR if your income exceeds the basic exemption limit (Rs 3 lakh under the new regime, Rs 2.5 lakh under the old regime). Companies and LLPs must file regardless of income. You should also file even below the limit if you want to carry forward losses, get a tax refund, or apply for a bank loan or visa.

What is the difference between ITR-1, ITR-3, and ITR-4?

ITR-1 is for salaried individuals with income below Rs 50 lakhs. ITR-3 is for people with business or professional income where accounts must be maintained. ITR-4 is for small businesses or professionals using the presumptive taxation scheme. Filing the wrong form is a common error. We select the correct one based on your income sources.

What is the last date to file an ITR?

For most individuals and businesses, the standard due date is July 31 of the assessment year. For businesses requiring a tax audit, the due date is October 31. A late return can be filed up to December 31 with a late fee of Rs 5,000 (Rs 1,000 if income is below Rs 5 lakh).

If I paid more tax during the year than I owe, how do I get a refund?

When you file your ITR, the system calculates if a refund is due based on TDS already deducted and advance tax paid. If a refund is owed, the Income Tax Department processes it and deposits it directly in your bank account, typically within 15 to 45 days of filing.

What are the most common tax deductions I can claim?

The most widely used deductions are Section 80C (up to Rs 1.5 lakh for PPF, ELSS, LIC, home loan principal), Section 80D (up to Rs 25,000 for health insurance), Section 24(b) (home loan interest up to Rs 2 lakh), and HRA exemption for salaried employees. We review your full profile and maximize every eligible deduction legally.

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Service Details

Income Tax Returns (ITR) Filing

Comprehensive ITR filing for individuals, companies, and organizations with proper tax deductions and credits.

Quick Navigation

Income Tax Return (ITR) filing is the annual process of reporting all income and taxes paid to the Income Tax Department. Every individual with taxable income, every company, LLP, and firm must file an ITR. Beyond legal compliance, your ITR serves as your official income certificate used by banks for loans, embassies for visas, and investors during due diligence. The key to minimizing tax legally is year-round planning, not last-minute adjustments. We identify all eligible deductions under Sections 80C, 80D, 24, and others specific to your income profile.

Who Needs This?

This service is for individuals, salaried employees, freelancers, business owners, companies, LLPs, and any person or entity that has earned income during the financial year. Filing an ITR is not only a legal obligation but also builds your financial credibility for loan applications, visa processing, and investor due diligence. It allows you to carry forward business losses, claim refunds on excess TDS already deducted, and creates an official income history that protects you from future tax scrutiny.

Key Benefits of Income Tax Returns (ITR) Filing

Reduced tax liability through deductions

We methodically identify every deduction you are eligible for across all applicable sections: 80C (PPF, ELSS, LIC, home loan principal), 80D (health insurance), 24(b) (home loan interest), HRA, and business-specific deductions. Maximizing deductions legally is the single most impactful way to reduce your tax outflow.

Full compliance with tax laws

Filing an accurate ITR on time protects you from tax scrutiny notices, penalties for non-filing (Rs 5,000), and legal action for persistent non-compliance. A clean filing history is viewed favorably by banks and investors as evidence of financial discipline.

No penalties or notices

Common ITR errors like reporting income under wrong heads, claiming ineligible deductions, or mismatching TDS data with Form 26AS are leading causes of tax notices. Our review process catches these errors before submission, keeping your record clean and notice-free.

Professional tax documentation

We provide you with a complete set of filing documents including the tax computation sheet, ITR acknowledgement (ITR-V), and a summary of income sources and deductions, all correctly formatted and ready to share with banks, visa authorities, or potential investors.

Quick refund processing

If TDS has been over-deducted during the year, filing an accurate ITR triggers a refund from the Income Tax Department. We ensure refundable returns are filed early and correctly, and track the refund status until it is credited to your bank account.

Audit-ready records

We maintain organized records of all income documents, deduction proofs, and supporting schedules for every filed return. If the income tax department selects your return for scrutiny, we provide complete and well-organized documentation support without delay.

Eligibility & Requirements

Who Qualifies?

Eligibility criteria you must meet

All individuals, companies, partnerships with income

Turnover-based filing requirements

What You Need

Key information and items to prepare

PAN card

Income details for all sources

Deduction proof documents

Investment certificates

Not sure if you qualify? Our team will assess your specific situation during a free consultation and advise the best path forward at no cost.

Documents Required

Essential Documents

Form 16 (for employees)
Business financial statements
Investment proofs (80C, 80D, etc.)
Rent receipts (if applicable)
Bank statements
Other income source proofs

What You'll Receive

Prepared and filed ITR form
Tax computation sheet
Filing acknowledgement (ITR-V)
Tax planning recommendations
Deduction optimization report

Step-by-Step Process

Here is exactly what happens from start to finish when you work with us.

Data Collection

We share a structured checklist tailored to your income profile. For salaried individuals, this includes Form 16, bank interest certificates, and investment proofs. For businesses, this includes profit and loss accounts, balance sheets, TDS certificates, and bank statements. We collect everything before starting, so there are no back-and-forth delays.

Form Selection

We determine the correct ITR form based on your income sources. The wrong form technically makes the filing defective and can trigger a notice. We select from ITR-1 through ITR-7 based on whether you are salaried, self-employed, a business with accounts, a partner in a firm, or a company or trust.

Deduction Optimization

We cross-check your investments and expenses against every applicable deduction section to confirm you are claiming the maximum legally eligible amount. We review Section 80C, 80D, 24(b), HRA, LTA, business expenses, and depreciation, and present you with a deduction summary before filing.

Tax Computation

We compute your total taxable income, tax liability, advance tax paid, and TDS already deducted to arrive at the exact amount due or refundable. For individuals, we also compare both the old and new tax regimes and recommend the one with the lower tax outcome for the current year.

Filing

We e-file your ITR on the Income Tax portal with all schedules, deduction claims, and supporting information correctly filled. For businesses requiring tax audits, we coordinate audit completion before filing and upload the audit report along with the ITR.

Acknowledgement & Archiving

We download the ITR-V filing acknowledgement and share it with you. All documents including the tax computation sheet, deduction proofs, and acknowledgement are archived in an organized format. If a refund is due, we track its processing status and confirm when it is credited to your account.

Why Choose MGA Group?

Certified Professionals

CA & CS qualified experts with 10+ years of experience

100% Compliance

Guaranteed adherence to all government regulations

Quick Turnaround

Fast processing without compromising quality

Dedicated Support

Personal account manager for your account

Digital Process

100% paperless and transparent workflow

Post-Service Care

Ongoing support and compliance guidance

Frequently Asked Questions

Ready to Get Started?

Don't let compliance and legal requirements slow you down. Our expert team is ready to handle everything while you focus on growing your business.

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