INCOME TAX RETURN FILING

Income Tax Return Filing Services

Income Tax Return Filing is mandatory for individuals whose taxable income exceeds basic exemption limit (at present Rs. 2,50,000) during the year and in case of all other assesses other than individuals it is mandatory irrespective of whether there is any income or not during the year under review

Our team provides complete end to end guidance on Income tax filing services whether it being simple salary return or complex capital gains issues, business income, we take of each and every detail to save your taxes

We provide Tax planning and return filing services to both corporate and non-corporate clients. NRI Taxation, claiming of DTAA reliefs by NRI’s, Return filing for trading income, F&O options trading etc.

 

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Income Tax Return Filing Services in Hyderabad

Income Tax Return (ITR) filing is a statutory obligation for individuals, Hindu Undivided Families (HUFs), partnership firms, companies and LLPs whose total income exceeds the basic exemption limit. At Tirumalesh & Co, we provide end-to-end ITR filing services in Hyderabad — from computation of total income and allowable deductions to e-filing, e-verification and follow-up with the Income Tax Department.

Who Needs to File an Income Tax Return?

Filing an ITR is mandatory if your gross total income exceeds the basic exemption limit (₹3,00,000 under the new regime for FY 2025-26; ₹2,50,000 under the old regime for taxpayers below 60 years). In addition, ITR filing is compulsory if you:

  • Have deposited more than ₹1 crore in a current bank account during the year
  • Have incurred more than ₹2 lakh on foreign travel or ₹1 lakh on electricity in any year
  • Own assets or have signing authority outside India
  • Wish to claim a refund of TDS deducted on salary, FD interest or professional fees
  • Want to carry forward capital losses or business losses to future years
  • Are a company or LLP — mandatory irrespective of income

ITR Forms — Which One Applies to You?

The Income Tax Department prescribes different ITR forms depending on the nature of income and taxpayer category. Our team evaluates your income profile and ensures you file the correct form:

  • ITR-1 (Sahaj) — Resident individuals with salary, one house property and other income up to ₹50 lakh
  • ITR-2 — Individuals and HUFs with capital gains, foreign income, or more than one house property
  • ITR-3 — Individuals and HUFs with business or professional income (non-presumptive)
  • ITR-4 (Sugam) — Individuals, HUFs and firms opting for presumptive taxation under Sec 44AD/44ADA/44AE
  • ITR-5 — Firms, LLPs, AOPs and BOIs
  • ITR-6 — Companies (other than those claiming exemption under Sec 11)

Our ITR Filing Process

We follow a systematic, document-driven process to ensure accurate and timely filing. Our typical engagement involves collecting your Form 16, bank statements, investment proofs, capital gains statements and TDS certificates; computing total income under each head; optimising deductions and exemptions under the applicable regime; e-filing the return; and tracking the acknowledgement (ITR-V) and refund status.

Frequently Asked Questions — ITR Filing

What is the due date for filing ITR?The standard due date for individuals not subject to tax audit is 31 July of the assessment year. For taxpayers liable to audit, the due date is 31 October. A belated return can be filed until 31 December with a late fee of ₹1,000–₹5,000 under Sec 234F.
Can I switch between old and new tax regime every year?Individuals with only salary or other income (no business income) can switch regime every year. Taxpayers with business income can switch only once from the old to the new regime and cannot switch back, except when they opt out of the new regime.
What happens if I miss filing my ITR?A belated return filed after the due date attracts a late fee and forfeiture of the right to carry forward losses. Interest under Sec 234A may also apply. For best compliance, always file before the original due date.

Need accurate, timely ITR filing in Hyderabad? Our CA team handles all ITR forms for individuals, HUFs, firms and companies.

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