Income Tax Return (ITR) Filing Services

Filing your Income Tax Return (ITR) is not just a legal responsibility — it’s a crucial part of managing your personal and business finances. At Mundra Legal Consultants, our Chartered Accountants and tax professionals ensure your ITR filing is accurate, compliant and optimised.

Understanding Income Tax Return (ITR) Filing

An Income Tax Return (ITR) is a document submitted to the Government of India declaring your total income, deductions and taxes paid during a financial year. Filing your return annually is mandatory if your income exceeds the prescribed exemption limit or if you meet certain prescribed conditions.

Major Sources of Income

Advantages of Filing with Mundra Legal

• Refunds Made Simple: Claim excess tax paid directly to your account.
• Financial Legitimacy: ITR acts as income proof for loans, visas and mortgages.
• Avoid Penalties: Timely filing prevents fines under Section 234F and interest under 234A.
• Carry Forward Losses: Set off business or capital losses against future profits.
• Peace of Mind: Secure data handling and expert validation.

Who Needs to File ITR?

As per FY 2024–25 thresholds (examples): Individuals below 60 years: ₹2.5 lakh; Senior Citizens (60–80 years): ₹3 lakh; Super Senior Citizens (80+): ₹5 lakh; New Regime Limit: ₹4 lakh with enhanced rebate under Section 87A. You must file ITR if your income crosses the exemption limit or if you meet other specified conditions.

Documents Required

Types of ITR Forms

Step-by-Step: E-Filing with Mundra Legal

1. Document Collection: Submit Form 16, bank statements and proofs via our secure portal.
2. Expert Consultation: Dedicated tax expert reviews and recommends optimal tax regime.
3. Return Preparation: CA prepares return with applicable deductions and exemptions.
4. E-Filing & Verification: File on Income Tax portal and e-verify via Aadhaar OTP or netbanking.
5. Refund Tracking & Support: We monitor refund and handle follow-ups with IT Department.

Common Deductions & Sections (Examples)

Understanding deductions helps reduce taxable income. Key sections we review for clients:

• Section 80C: Investments up to ₹1.5 lakh (PF, PPF, ELSS, life insurance premiums, principal repayment of home loan).
• Section 80D: Medical insurance premiums (self, family and senior citizens).
• Section 80E: Interest on education loans.
• Section 80G: Donations eligible for deduction (with receipts).
• Section 24(b): Interest on home loan for self-occupied or let-out property.
• Section 115BAC / New Regime: Compare old vs new regimes — we advise on optimal choice per year.

Tax Slabs & Sample Calculation (Illustrative)

Below is an illustrative slab for individual taxpayers (example rates — for final calculation please consult current Finance Act):

Documents Checklist

Prepare these documents for a smooth filing experience:

• PAN & Aadhaar
• Form 16 (employer)
• Form 26AS & AIS (tax credit statements)
• Bank statements
• Investment proofs for deductions (ELSS, PPF, insurance receipts)
• Home loan interest certificate
• Capital gains & property sale documents
• Invoices & vouchers for business expenses (for self-employed)

Fees & Pricing (Indicative)

Notices, Scrutiny & Audit Guidance

If you receive a notice from the Income Tax Department, we provide end-to-end support:

• Notice analysis and response drafting (ITR mismatch, TDS discrepancies, income computation).
• Representation at assessing officer hearings and appellate forums.
• Assistance with income tax audits, transfer pricing reviews and documentation support for businesses.

NRIs & Foreign Assets

NRIs must disclose income from Indian sources and adhere to requirements around foreign assets and disclosures. We help with:

• Tax residency determination (residential status)
• Filing for income from India, FCNR/foreign bank interest disclosure
• Guidance on double taxation avoidance agreements (DTAA)

Example: What We Do for a New Client

1. Secure upload of documents via portal.
2. Preliminary review by tax executive to flag missing proofs and suggest optimisations.
3. CA review and final filing with e-verification.
4. Refund tracking and follow-up if required.

Deadlines & Penalties

Standard deadline: July 31 (Assessment Year). Belated returns possible until December 31. Late fee up to ₹10,000 under Section 234F and interest at 1% per month on unpaid tax dues. Timely filing ensures faster refunds and carry forward eligibility.

Post-Filing Assistance

We assist with revising returns, tracking refunds, filing belated returns or ITR-U, and responding to notices from tax authorities.

Why Choose Mundra Legal Consultants

FAQs