Income Tax Return Filing

ITR Filing Is Not Just Uploading a JSON — It Is Where Errors Become Liabilities — The filing itself is mechanical. Prepare the JSON. Upload it to incometax.gov.in. Verify with Aadhaar OTP. What the JSON contains, and whether it matches every piece of data the Income Tax Department already holds, is where the actual risk lives. A Section 234F late fee of ₹1,000 to ₹5,000 is the entry-level consequence. Section 234A adds 1% simple interest per month on the shortfall. Section 234B adds 1% per month on advance tax shortfalls. Section 271(1)(c) carries a concealment penalty of 100% to 300% of the tax sought to be evaded. None of these trigger at the time of filing. They trigger when the mismatch surfaces — months later, at year-end, when a notice arrives or a refund is delayed.

FinTax24 treats ITR filing as a year-round compliance cycle, not a year-end event. The process starts before Form 16 arrives. We pull the Annual Information Statement (AIS) to identify every TDS entry, every tax payment, every foreign remittance the department already knows about. The AIS often contains entries — a bank interest TDS, a dividend TCS, a contractor payment — that a taxpayer did not include in their books. Including those entries before filing costs nothing. Discovering them after a 143(1) intimation arrives costs time, professional fees, and in some cases a written explanation to the Assessing Officer.

Which ITR Form Applies — and Why Getting This Wrong Is Expensive

The ITR form determines what schedules the return must contain. ITR-1 SAHAJ covers salaried individuals with one house property and income up to ₹50 lakh. ITR-2 covers capital gains and multiple house properties. ITR-3 covers business and profession income under Sections 44AD, 44ADA, and 44AE, as well as income from partnership firms. ITR-4 SUGAM is the presumptive regime for small businesses and professionals. ITR-5, ITR-6, and ITR-7 cover partnership firms, companies, and trusts respectively. Using the wrong form — claiming a business loss under ITR-1 when the income actually falls under ITR-3 — invalidates the return and voids the carry-forward of losses.

FinTax24's team selects the applicable ITR form after mapping the client's income sources to the correct head: salary, house property, capital gains, business or profession. This mapping happens before any drafting begins. A Surat textile trader with both business income (fabrics) and capital gains (property sale) needs ITR-3 with Schedule CG — not ITR-4. A Jamnagar marine exports firm with 44AD presumptive income needs ITR-4 but only if its turnover qualifies. Otherwise it needs ITR-3 with full audit-compliant books.

26AS and AIS Reconciliation Before Filing — Not After

Form 26AS is the master TDS statement. AIS is its expanded successor. Between the two, the Income Tax Department holds a complete record of every TDS deduction, every TCS collection, every advance tax payment, and every refund issued to the taxpayer. If a TDS entry in 26AS does not appear in the ITR, the department flags it in the 143(1) intimation as an unclaimed credit. The taxpayer then has to file a rectification under Section 154 to claim it. This adds 30–60 days to the refund timeline.

The most common 26AS mismatch is a bank showing TDS on a fixed deposit interest under Section 194A. The deductor's TAN may be registered under an older PAN. Or the interest amount was credited but not posted in the books. FinTax24 reconciles 26AS against the client's bank statements and books before the ITR JSON is drafted. Every credit that can be claimed is claimed. The draft JSON is then shared with the client for review before e-filing. This approval step prevents post-filing corrections.

Deduction Planning and Advance Tax — Knowing the Bill Before Year-End

Section 80C (₹1.5 lakh), Section 80D (₹25,000 / ₹50,000), Section 80CCD(1B) (₹50,000), Section 80E, Section 80G, and Section 80TTA/80TTB together can reduce taxable income substantially. But only if they are claimed in the right year and supported by documentary evidence. FinTax24 plans these deductions before the year closes, not after. Knowing the estimated tax liability by September means knowing whether a Section 234B interest installment is due on September 15. Waiting until March to discover a ₹40,000 shortfall means paying interest from September along with the tax.

The ₹999 fee covers ITR-1 through ITR-7 preparation, e-filing, and Aadhaar OTP verification. Additional charges apply only where form complexity or the number of income heads requires it. These are discussed before the engagement begins, not after the filing.