Lawbridge AssociatesIncome Tax Return Filing
Income tax returns for proprietorships, partnerships, LLPs, companies and individuals — prepared from your actual books, filed correctly, and backed by the working papers if a question ever comes from the department.
What is Income Tax Return Filing?
An Income Tax Return (ITR) is the annual statement of income, expenses, deductions and tax paid that every assessee — an individual, proprietorship, partnership, LLP or company — files with the Income Tax Department for a financial year. The correct ITR form and correct figures matter: an incorrectly chosen form, a mismatch with your GST turnover or Form 26AS, or a missed deduction can each trigger a notice or cost you tax relief you were entitled to.
Who Needs This
- Individuals and salaried professionals above the basic exemption limit
- Proprietorship businesses (filed under the proprietor’s PAN)
- Partnership firms and LLPs, regardless of profit or loss
- Private limited companies and OPCs (mandatory even if inactive)
- Anyone who needs an ITR as proof of income for a loan, visa or tender
Why It Matters
Beyond the legal obligation, your ITR is often the single document a bank, an NBFC or a government tender checks first. A return that doesn’t match your GST returns, your bank credits or your Form 26AS/AIS invites scrutiny; a return filed after the due date loses the right to carry forward business losses and can attract interest and a late-filing fee. Filing on time, with figures that reconcile against your other filings, keeps that door open.
Key Benefits
- Correct ITR form selected for your entity and income type
- Figures reconciled against Form 26AS / AIS and GST turnover before filing
- Eligible deductions and exemptions claimed, not left on the table
- Filed copy and acknowledgement kept on file for loan and tender use
Our Scope of Assistance
- Income and expense computation from your books or the data you provide
- Reconciliation with Form 26AS, AIS and TDS credits
- Preparation and e-filing of the correct ITR form
- Advance tax working through the year, where applicable
- Response support if a scrutiny or reassessment notice is received
Documents Required
- PAN and Aadhaar
- Form 16 (salaried) or books of account / income-expense summary (business)
- Bank statements for the financial year
- TDS certificates (Form 16A) and Form 26AS / AIS
- Details of investments claimed under deductions, if any
- GST returns filed for the year, for businesses registered under GST
Our Process
Share documents
Send income, expense and TDS documents for the financial year.
Computation
We compute taxable income and tax payable, reconciled against 26AS/AIS.
Review with you
You review the computation and tax liability before filing.
E-filing
Return filed on the income tax portal and e-verified.
Acknowledgement
ITR-V/acknowledgement and computation shared for your records.
Government Fee & Professional Fee
Government fee
Nil for filing itself within the due date. A late fee applies under the Income Tax Act if filed after the due date — REQUIRES CONFIRMATION for the current amount applicable to your case.
Professional fee
Varies by entity type and complexity of income (salary, business, capital gains, multiple sources). Contact us for a quote.
Typical Timeline
For most non-audit cases the due date ordinarily falls by 31 July following the financial year; audit and company cases have a later statutory due date. We work backwards from the applicable due date with time built in for document collection and your review — indicative only, and confirmed against the due date notified for your category in the relevant year.
Common Mistakes to Avoid
- Choosing the wrong ITR form for your income type or entity
- Not reconciling business turnover with GST returns filed for the same year
- Missing TDS credit because Form 26AS/AIS wasn’t checked before filing
- Filing after the due date and losing the right to carry forward losses
- Skipping e-verification after filing, which leaves the return incomplete
Frequently Asked Questions
Do I need to file if my business made a loss?
Yes, and it’s important to — filing on time is what preserves your right to carry the loss forward against future years’ profits.
Is ITR filing mandatory for a private limited company with no activity?
Yes. A company must file its ITR every year regardless of whether it did business, until it is formally closed or struck off.
What if my Form 26AS doesn’t match what I actually earned?
We reconcile both figures before filing and flag any TDS deductor mismatch so it can be corrected at source where needed.
Can you also handle a scrutiny or defective return notice?
Yes — we assist with drafting and submitting the response along with supporting computation and documents.
Do proprietorship and personal income go on the same return?
Yes — a proprietorship is not taxed separately; its income is reported in the proprietor’s own ITR under the business income head.
Is a tax audit required for every business?
Only above turnover/receipt thresholds prescribed under the Income Tax Act, or in specific presumptive-taxation situations — REQUIRES CONFIRMATION for whether it applies to your turnover.