Generally, individuals with a gross total income exceeding the basic exemption limit (currently ₹2.5 lakhs for individuals under 60 years) must file an ITR. However, there are scenarios where filing is mandatory regardless of income, such as for individuals with foreign assets or those claiming tax refunds.

For most individual taxpayers, the due date is July 31st of the assessment year. However, the date may be extended for certain categories, like companies or those requiring an audit. Finocircle’s ITR filing services ensure early filing of returns to avoid errors and to provide scope for revisions if required.

Yes, anyone can file a belated return up to December 31st of the assessment year. However, late ITR filing may attract late filing fees and interest on any unpaid taxes.

Not filing an ITR can lead to penalties, inability to carry out certain losses, and difficulty obtaining loans or visas. In some cases, it may also lead to prosecution.

There is no need to hire income tax filing services if you understand the due process of ITR filing. However, professional services like Finocircle ensure accuracy, maximise tax benefits, and save time. It’s particularly beneficial if you have multiple income sources or complex investments.

The refund process is initiated automatically when you file your ITR showing excess tax paid. We’ll ensure your ITR is filed accurately to claim any refunds due.

Income from freelancing is considered as ‘Income from Other Sources’ or ‘Business Income’ depending on the nature and extent of your freelance work. Our experts will guide you on reporting this correctly and claiming appropriate deductions.

It’s advisable to keep your financial documents for at least 8 years. This covers the period for which the Income Tax Department can scrutinise your returns.

Yes, the Income Tax Department allows errors to be revised in ITR filing. You can file a revised return before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

The time can vary based on the complexity of your tax situation and the promptness in providing documents. However, we typically complete the process within 3-5 working days of receiving all required documents.

Absolutely! We have expertise in handling NRI taxation and can assist with your ITR filing, ensuring compliance with Indian and international tax laws. Even 30% of our existing clients are NRIs who trust us with their ITR filing needs.

Don’t worry. While we ensure that to file accurate ITR, if for some reason you receive a notice from the income tax department (not happened yet!), as part of our service, we provide support for handling such notices. Our experts will guide you through the process and help you respond appropriately.

Yes, we offer tax planning services to help you make informed decisions about investments and deductions for the upcoming financial year. This is how we maximize profits and tax savings for hundreds of our clients.

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