Income Tax Return (ITR) Filing in Ahmedabad

QDo I need to file an ITR if my income is below the taxable limit?

Often yes. Filing is required in several situations regardless of income level — for example high-value deposits, large electricity spend, foreign travel expenditure or foreign assets. Beyond the legal position, a filed return is what lenders ask for when you later apply for finance, so it is usually worth filing even where it is not strictly required.

QWhich ITR form applies to me?

It depends on the nature of your income, not on how much you earn. Salary alone usually means ITR-1 or ITR-2; business or professional income means ITR-3, or ITR-4 under a presumptive scheme; firms and LLPs file ITR-5 and companies ITR-6. Filing the wrong form can make the return defective, so we confirm it before starting.

QOld regime or new regime — which is better?

There is no universal answer. The new regime has lower rates but removes most deductions; the old regime rewards people with housing loan interest, insurance, PPF and similar claims. We compute both on your actual figures and file under whichever leaves you better off.

QWhat is advance tax and do I have to pay it?

Advance tax is tax paid during the year rather than at the end of it, in instalments, once your estimated liability crosses the prescribed limit. Missing instalments attracts interest, so we schedule them rather than leaving it to March.

QCan I revise a return I have already filed?

Yes, a return can be revised within the time allowed, and there is also a mechanism for filing an updated return in certain cases. Bring the original acknowledgement and we will tell you which route applies.