What Is an ITR and Who Needs to File It?

Income Tax Return (ITR) is a statement of income, deductions, and taxes filed with the Income Tax Department. It reflects your income sources, tax liability, and compliance. Every earning individual or entity must file it annually as per the Income Tax Act, 1961.

Since 2012, ADY & Co., led by CA Yogesh Kumar, the best Chartered Accountant in Delhi, has been simplifying ITR filing for individuals, startups, NRIs, and foreign companies.

Who Should File an ITR?

Filing ITR is mandatory if you meet any of the following conditions:

• Your gross total income exceeds ₹2.5 lakh (under 60 years).
  
  
• You are a company or firm, even with zero income.
  
  
• You seek a tax refund.
  
  
• You own foreign assets or earn foreign income.
  
  
• You want to carry forward business or capital losses.
  
  
• You are a director in a company.
  
  
• You own unlisted shares.
  
  
• You deposited ₹1 crore+ in a current account.
  
  
• You spent ₹1 lakh+ on electricity in a year.
  
  
• You made high-value credit card or foreign travel payments.
  
  

Filing is also essential for visa processing, loan applications, and government tenders.

Different Types of ITR Forms

Choosing the correct ITR form is critical. Here’s a breakdown:

ITR-1 (Sahaj)

For resident individuals earning salary, one house property, and other sources (income ≤ ₹50 lakhs).

ITR-2

For individuals or HUFs without income from business or profession.

ITR-3

For individuals/HUFs earning from proprietary business or profession.

ITR-4 (Sugam)

For presumptive income up to ₹50 lakh for businesses and professions.

ITR-5 to ITR-7

Used by firms, LLPs, AOPs, companies, and trusts based on their income structure.

Benefits of Filing ITR on Time

Filing your ITR before the due date brings several advantages:

• Avoid penalties: Late filing attracts ₹1,000–₹5,000 in fees.
  
  
• Faster refunds: Early filers receive quicker income tax refunds.
  
  
• Visa and loan approvals: ITR is accepted as valid income proof.
  
  
• Loss carry forward: Timely filing lets you carry forward business/capital losses.
  
  
• Income proof: Acts as an official record of earnings.
  
  

ADY & Co. ensures accurate and timely filing so you never miss a benefit.

Step-by-Step Guide to File Your ITR

1. Collect documents: Form 16, bank statements, capital gains reports, etc.
   
   
2. Choose the correct ITR form: Based on income and status.
   
   
3. Calculate total income: Include all earnings.
   
   
4. Claim deductions: Like 80C, 80D, and others.
   
   
5. Compute tax liability: Based on current slab rates.
   
   
6. Pay self-assessment tax: If applicable.
   
   
7. File return online: On the IT Department’s e-filing portal.
   
   
8. E-verify: Through Aadhaar OTP, net banking, or DSC.
   
   

With CA Yogesh Kumar and his expert team, ADY & Co. offers seamless filing experiences.

Why Choose a Chartered Accountant Near Me?

Hiring a Chartered Accountant in Delhi can make ITR filing hassle-free. Here’s what ADY & Co. offers:

• Personalized tax planning
  
  
• Accurate income and deduction calculations
  
  
• Updates on tax law changes
  
  
• On-time submission and verification
  
  
• Confidential data handling
  
  

Business Registration in India: First Step to Success

Thinking of starting a business? ADY & Co. provides:

• Private Limited Company registration
  
  
• Partnership and LLP formation
  
  
• GST, MSME, FSSAI, and IEC registrations
  
  
• Startup India compliance
  
  

Everything is handled end-to-end for startups and SMEs.

Register a Company in the USA from India

ADY & Co. enables Indian entrepreneurs to set up business in the U.S. effortlessly:

• Choose between LLC or C-Corp
  
  
• Get EIN, ITIN, and US address
  
  
• Open US bank accounts
  
  
• Full legal compliance with US tax laws
  
  

Grow globally with our tailored international solutions.

Foreign Company Registration in India Made Simple

Foreign businesses can easily establish a presence in India with ADY & Co.:

• Liaison and branch office setup
  
  
• Wholly Owned Subsidiary (WOS) incorporation
  
  
• RBI and FEMA compliance
  
  
• GST and Income Tax registration
  
  

We offer complete advisory and execution support.

Why ADY & Co. is the Best CA Office in Delhi

• Decade-long experience
  
  
• Tech-enabled solutions
  
  
• Expert guidance from CA Yogesh Kumar
  
  
• Transparent pricing
  
  
• Proven client satisfaction
  
  

For ITR filing or global business setup, trust the experts at ADY & Co.