Frequently Asked Questions For Income Tax Return

A: Any individual or entity with an annual income exceeding the exemption limit set by the Income Tax Department is required to file an ITR. Even if your income is below the threshold but you want to claim a refund, you should file an ITR.

A: The documents required for filing an ITR include:

Aadhaar Card

PAN Card

Form 16 or income details

Bank account details (Passbook 1st page or a canceled cheque)

Investment proofs (if applicable)

A: If all documents are complete, we can file your ITR within one business day.

A: Late filing of an ITR attracts penalties ranging from ₹1,000 to ₹10,000, depending on ur case.

A: Filing an Income Tax Return online involves logging into the Income Tax portal, uploading your income details, and submitting your return. If you need assistance, our expert team at Shree Sainath Consultancy in Rajkot can handle your Income Tax Return filing process swiftly and accurately.

A: If you miss the deadline, you can still file a belated Income Tax Return. However, you may have to pay a penalty and interest for late filing. It’s always better to file on time to avoid extra charges. We can assist you in filing belated returns in Rajkot

A: Yes, you can file an Income Tax Return without Form 16 if you have other proofs of income, such as salary slips, bank statements, or investment records. Contact us for expert assistance in filing your ITR in Rajkot.

A: If your income exceeds ₹2.5 lakhs annually and you fail to file a return, you may face a penalty of up to ₹10,000 under Section 234F. Additionally, legal action may be initiated in some cases

A: Yes, you can revise your return if you find any mistakes or omissions. The revised return must be filed before the completion of the relevant assessment year. Our team in Rajkot can help you revise your ITR efficiently.

A: Form 26AS is a consolidated tax statement that shows the tax deducted (TDS) or collected on your income by various entities. It is crucial for verifying the accuracy of your tax filings. If you need help understanding or downloading Form 26AS, feel free to reach out to us

A: You can claim deductions under sections like 80C, 80D, and 80G for investments in LIC, PPF, health insurance premiums, donations, etc. Our team can guide you in maximizing deductions during ITR filing.

A: Senior citizens with annual income above ₹3 lakhs (₹5 lakhs for super senior citizens) are required to file an ITR. If your income falls below the exemption limit but you wish to claim a refund, filing is still beneficial.

A: Typically, refunds are processed within 20-45 days after filing your ITR. Delays may occur due to incorrect bank details or mismatches. We can help you resolve refund-related issues.

A: Yes, filing a nil return is beneficial even if your income is below the taxable limit. It serves as proof of income, helps in availing loans, and creates a financial history.

A: You can pay your taxes online through the Income Tax Department’s official website using net banking or debit cards. We also assist clients in Rajkot in making tax payments seamlessly.

A: The form you use depends on your income type (salary, business, property, capital gains, etc.). For instance, salaried individuals usually file ITR-1. Our experts can guide you in selecting the correct form

A: Even if TDS is deducted, filing an ITR ensures that you report all income accurately and claim refunds, if any. It is also mandatory to declare income from other sources like interest or property

A: No, after the assessment year ends, you cannot file the return. Ensure timely filing to avoid missing out on compliance. We can assist in filing on time to avoid penalties. You can file update return with late fees.

A: Yes, when working with a trusted service provider like Shree Sainath Consultancy in Rajkot, your documents are handled with the utmost confidentiality and security.

A: You can reach us at 📞 9376642360 or email us at shreesainathconsultancy0710@gmail.com. You can also visit our office at:
Office No 532, 5th Floor, Mantra, Near Emporia Building, AG Chowk Kalawad Road, Rajkot, Gujarat 360005.