Filing your income tax return (ITR) is mandatory for individuals whose income exceeds the specified exemption limit. It ensures compliance, allows you to claim refunds, and maintain financial credibility.

Who Should File ITR?

• Individuals with annual income above the basic exemption limit
• Persons who wish to claim tax refunds
• Individuals with foreign income or assets
• NRIs earning income in India

Documents Required

• PAN Card and Aadhaar Card
• Form 16 from employer(s)
• Bank account details and statements
• Details of investments and deductions (80C, 80D, etc.)
• Details of other income sources (interest, rental income, capital gains)

Benefits of Filing ITR

• Claim tax refunds
• Acts as income proof for loans and visas
• Avoid penalties for non-compliance

Businesses are required to file income tax returns every financial year, irrespective of profit or loss, to comply with the Income Tax Act.

Who Should File?

• Companies registered in India
• Partnership firms and LLPs
• Sole proprietors having taxable income

Documents Required

• PAN of business entity and partners/directors
• Bank statements
• Profit & Loss Account and Balance Sheet
• Details of loans, advances, and investments

Why Professional Help is Needed?

• Compliance with ever-changing tax laws
• Accurate calculation of tax liability
• Maximizing eligible deductions

TDS (Tax Deducted at Source) returns are mandatory for individuals and businesses who deduct tax while making payments such as salaries, rent, or contractor payments.

Types of TDS Returns

• Form 24Q: Salary payments
• Form 26Q: Non-salary domestic payments
• Form 27Q: Payments to non-residents

Penalties for Late Filing

• Late fee of ₹200 per day under section 234E
• Additional penalty for non-compliance

Blootax ensures accurate TDS and other return filings with compliance to avoid penalties and interest.