Income Tax Return Filing

Income tax return (ITR) filing is a statutory obligation under Section 139 of the Income-tax Act, 1961 for every person whose income exceeds the basic exemption limit or who falls within specified categories (owning foreign assets, incurring certain expenditures or claiming refunds). Beyond the compliance angle, a properly filed ITR is the foundation of loan applications, visa applications, credit-card underwriting, insurance underwriting, MSME registrations, government tender bids, and every conversation with a bank or investor. It is one of the most important documents an Indian individual or business owns.

The Exim Roof runs a full-service tax practice that files ITR-1 through ITR-6, computes advance tax and self-assessment liability, responds to intimation notices under Section 143(1) and adjustment notices under Section 143(1)(a), handles Section 139(9) defective-return notices and Section 143(2) scrutiny selections, and represents assessees in appeals before the CIT(A) and the Income Tax Appellate Tribunal.

Choosing the right ITR form

• ITR-1 (Sahaj) — for resident individuals with salary, one house property and total income up to ₹50 lakh.
• ITR-2 — for individuals and HUFs not having income from business or profession.
• ITR-3 — for individuals and HUFs having income from business or profession.
• ITR-4 (Sugam) — for presumptive-income assessees under Sections 44AD, 44ADA or 44AE.
• ITR-5 — for firms, LLPs, AOP, BOI and cooperative societies.
• ITR-6 — for companies other than those claiming exemption under Section 11.
• ITR-7 — for trusts and political parties claiming specified exemptions.

Old regime vs new regime — the big planning question

The new tax regime under Section 115BAC (default from FY 2023-24 for individuals and HUFs) offers lower slab rates but disallows most deductions including 80C, 80D, HRA and standard set of Chapter VI-A deductions. The old regime allows deductions but taxes at higher slab rates. Choosing the right regime — either at the beginning of the year for salary-planning or at the time of filing for non-salary income — can save ₹50,000 to ₹2,00,000 per year depending on the deduction profile. We run the comparison every year and file under the optimal regime.

Advance tax and self-assessment planning

Under Section 208 of the Income-tax Act, every assessee whose tax liability exceeds ₹10,000 in a financial year must pay advance tax in four instalments (15%, 45%, 75% and 100% of the liability by 15 June, 15 September, 15 December and 15 March respectively). Missing an instalment attracts interest under Sections 234B and 234C. Our advance-tax module projects liability at each due date and issues a challan-ready summary.

Notices we handle every day

• Section 143(1) intimation — auto-processing of the ITR by CPC Bengaluru. We verify the adjustment and file rectification if the auto-computation is wrong.
• Section 143(1)(a) proposed adjustment — the assessee has 30 days to respond to a proposed adjustment for arithmetic or claim mismatches.
• Section 139(9) defective return — response is time-bound (usually 15 days).
• Section 143(2) scrutiny selection — the assessee has been picked for detailed examination and must produce documentary evidence.
• Section 148 reopening — an old assessment is being reopened and requires careful legal representation.

How The Exim Roof helps

• ITR-1 to ITR-6 filing for salaried, self-employed, business, LLP and company assessees.
• Regime comparison and tax planning across salary structuring, capital gains and business income.
• Advance-tax computation and challan support.
• Response to Section 143(1) / 143(1)(a) / 139(9) / 143(2) / 148 notices.
• Section 154 rectification and Section 264 revision applications.
• Appeals before the CIT(A), ITAT and beyond where required.
• Refund follow-up with the CPC Bengaluru and Assessing Officer.