Income Tax Filing for Individuals & Firms

Filing income tax returns is a crucial responsibility for every earning individual and business in India. It not only ensures legal compliance but also helps in availing financial benefits, refunds, and maintaining a strong financial record. At AK Legal Mantra, we offer professional, accurate, and timely Income Tax Filing services for both individual taxpayers and business firms, tailored to their specific income profiles and financial goals.

 

Why is Income Tax Filing Important?

Income tax filing is not just a legal obligation—it is also an essential financial discipline. Whether you’re a salaried professional, a freelancer, or a business owner, filing your returns:

  • Ensures transparency with the Income Tax Department
  • Helps claim refunds for excess tax paid
  • Acts as valid income proof for loans or visa applications
  • Prevents penalties and legal consequences
  • Assists in financial planning and audit readiness

Who Needs to File Income Tax Returns?

  • Individuals: Salaried employees, freelancers, consultants, professionals, and pensioners
  • Businesses & Firms: Sole proprietors, partnerships, LLPs, private limited companies, and trusts
  • Non-Residents (NRIs): With income earned or received in India
  • Auditable Entities: Those required to maintain books and undergo tax audits

Our Services for Individuals

We provide personalized tax filing services to match your unique income and financial background:

  • Salaried Employees: Filing based on Form 16, HRA, and tax-saving investments
  • Freelancers/Consultants: Income calculation, TDS management, and presumptive taxation
  • Investors & Property Owners: Reporting capital gains, rental income, and exemptions
  • Senior Citizens & Pensioners: Tax reliefs, pension income, and interest income declarations

Our Services for Firms & Businesses

Business income tax filing requires careful planning and accuracy. We assist with:

  • Filing ITR-3, ITR-5, ITR-6, or ITR-7 depending on the business structure
  • Preparing and submitting audited financial statements (if applicable)
  • TDS compliance and return filing
  • Calculation of depreciation, deductions, and MAT credits
  • Filing for NGOs, Section 8 Companies, and charitable trusts

Why Choose AK Legal Mantra?

✅ Skilled Tax Professionals & Chartered Accountants
✅ Complete Documentation Support
✅ Secure & Confidential Process
✅ On-Time Filing with Follow-ups
✅ End-to-End Tax Management for Individuals & Firms

FAQs

1. Who is required to file an Income Tax Return in India?
Any individual earning more than ₹2.5 lakhs per year (₹3 lakhs for senior citizens) or any business/firm generating taxable income must file an income tax return.

2. Can I file my ITR without Form 16?
Yes. Even without Form 16, your ITR can be filed using salary slips, Form 26AS, and other income documents.

3. What happens if I miss the ITR deadline?
Missing the deadline can result in penalties, interest on taxes due, and loss of certain deductions. Late returns can be filed with a penalty before the end of the assessment year.

4. How long does it take to get a tax refund?
Once your ITR is processed and verified, refunds are usually credited within 20–45 working days by the Income Tax Department.

5. Is ITR filing mandatory for businesses with no income?
Yes, filing is mandatory even if the business has no income or reports a loss, especially to carry forward losses or comply with audit requirements.