Income Tax Return (ITR) Filing
In short
Every company and firm must file an income tax return each year, as must individuals whose income exceeds the basic exemption limit or who meet other filing conditions. KNAP Advisory prepares the return on the correct form, reconciles it with your Form 26AS and Annual Information Statement (AIS), and files it before the due date.
Overview
Filing on time avoids late fees and interest, lets you carry forward losses, speeds up refunds and gives you the proof of income that banks, visa offices and lenders ask for.
Most notices from the tax department arise from mismatches between the return and the information the department already has, such as TDS, high-value transactions and capital gains reported in the AIS. We reconcile these before filing.
India's new Income-tax Act, 2025 has replaced the Income-tax Act, 1961 from 1 April 2026, which changes some terminology, section numbers and forms. We apply the law that is in force for the year being filed.
Key requirements
- Individuals and HUFs: total income above the basic exemption limit, or other prescribed conditions such as high-value deposits, foreign travel or electricity spending
- Companies, LLPs and firms: mandatory every year, even with a loss or no income
- Taxpayers with foreign assets or foreign income: mandatory regardless of income
Documents required
- PAN and Aadhaar
- Form 16 / Form 16A (TDS certificates)
- Bank statements and interest certificates
- Details of capital gains, rental income and business income
- Investment and expense proofs for deductions, where the chosen tax regime allows them
- Financial statements and tax audit report for businesses, where applicable
We share an exact checklist for your case before you start, since requirements vary with the structure and the people involved.
Process
Collect
We gather your documents and download AIS, TIS and Form 26AS.
Compute
Income and tax are computed, including the comparison between the old and new regimes where you have a choice.
Review
You review a summary of the computation before anything is filed.
File and verify
The return is filed and e-verified, and we track the processing and any refund.
What KNAP Advisory handles
- Choice of correct ITR form and tax regime
- Reconciliation with AIS and Form 26AS
- Filing and e-verification
- Tracking of processing and refunds
- Support with notices and rectifications
Frequently asked questions
What is the due date for filing an income tax return?
For most individuals not requiring an audit, the due date has been 31 July after the end of the financial year. Businesses requiring an audit have a later due date, usually 31 October. Dates can be extended by the CBDT, and the new Income-tax Act, 2025 applies from tax year 2026-27, so we confirm the applicable date each year.
What if I miss the due date?
You can usually still file a belated return within the time the law allows, but late fees and interest apply and some losses cannot be carried forward.
Should I choose the old or new tax regime?
It depends on your income and the deductions and exemptions you can claim. We compute your tax under both before you decide.