Income Tax Return Filing & Consultancy Services in Rajkot

An Income Tax Return (ITR) is a prescribed form in which a taxpayer reports their income, deductions, and tax liability to the Income Tax Department of India. Filing ITR is mandatory for individuals and entities with income above the basic exemption limit. It is also essential for claiming tax refunds, applying for loans, obtaining visa approvals, and maintaining a compliant financial record.

The correct ITR form depends on your sources of income, residential status, and total income. Salaried individuals with income up to ₹50 lakh typically file ITR-1. Those with capital gains or multiple house properties file ITR-2. Business owners and professionals file ITR-3 or ITR-4. Our team at V & V Associates helps you identify and file the correct form.

Under Section 234F of the Income Tax Act, a late filing fee of up to ₹5,000 is applicable if the return is filed after the due date. If total income is below ₹5 lakh, the maximum penalty is ₹1,000. Additionally, interest at 1% per month is charged under Section 234A on the outstanding tax amount from the due date until the actual filing date.

Yes. Even if your employer has deducted TDS from your salary, filing an ITR is recommended. It helps you claim refunds for excess TDS deducted, report additional income (interest, rental, capital gains), claim deductions not considered by the employer, and serves as documented proof of income for loans, credit cards, and visa applications.

The key documents include PAN card, Aadhaar card, Form 16 or 16A (TDS certificates), bank statements, interest certificates, investment proofs (for deductions under Section 80C, 80D, etc.), capital gains statements, home loan interest certificate (if applicable), and Form 26AS or Annual Information Statement (AIS). For business income, Profit & Loss Statement and Balance Sheet are also required.

Yes. While our office is based in Rajkot, Gujarat, we provide income tax return filing, tax audit support, advisory, and representation services to clients across India through secure online processes. Clients from any city can avail our professional income tax services remotely.

The New Tax Regime (default from FY 2023-24 onwards) offers lower tax rates with a basic exemption of ₹4 lakh, standard deduction of ₹75,000, and Section 87A rebate of ₹60,000 — making income up to ₹12.75 lakh effectively tax-free for salaried individuals. However, it does not allow most deductions (80C, 80D, HRA, etc.). The Old Tax Regime retains all deductions and exemptions but has higher base rates and a basic exemption of ₹2.5 lakh. The optimal choice depends on your deduction profile. We help clients compare both regimes and select the one that results in the lowest tax liability.

If you receive a notice from the Income Tax Department — whether for scrutiny assessment, demand notice, rectification, or reassessment — our experienced professionals assist in drafting appropriate responses, preparing documentation, computing correct tax liability, and representing your case before the assessing officer or appellate authorities.

You can file your ITR online through the official Income Tax e-Filing portal at incometax.gov.in. The process involves: (1) logging in with your PAN, (2) selecting the correct ITR form, (3) filling in income, deduction, and tax details, (4) computing and paying any tax due, (5) submitting the return, and (6) e-verifying via Aadhaar OTP, net banking, or DSC. Alternatively, you can engage a Chartered Accountant like V & V Associates for expert-assisted filing.

Yes. If you miss the original due date, you can file a Belated Return under Section 139(4) up to 31st December 2026 for AY 2026-27. However, late filing attracts a penalty of up to ₹5,000 under Section 234F, interest under Section 234A, and you lose the ability to carry forward certain losses (capital gains, business losses). You can also file an Updated Return (ITR-U) within 4 years from the end of the assessment year by paying additional tax.

Even if your income is below the basic exemption limit, filing ITR is beneficial for: claiming refund of TDS deducted by banks or employers, building a documented income history for loan and credit card applications, visa processing where embassies require ITR receipts, establishing proof of income for legal and financial purposes, and avoiding potential notices from the Income Tax Department due to mismatches in AIS data.

Form 26AS is a consolidated tax statement that shows all TDS/TCS deducted against your PAN, advance tax and self-assessment tax payments, and high-value transactions reported by specified entities. AIS (Annual Information Statement) is a more comprehensive statement introduced by the Income Tax Department that captures additional financial data — including savings account interest, dividends, securities transactions, and property purchases. It is essential to reconcile both AIS and Form 26AS with your ITR data before filing to avoid notices.

Presumptive taxation is a simplified scheme that allows eligible taxpayers to declare income at a prescribed percentage of turnover without maintaining detailed books of accounts. Under Section 44AD, businesses with turnover up to ₹3 crore (if digital receipts exceed 95%) can declare 6-8% of gross receipts as income. Under Section 44ADA, professionals (doctors, lawyers, architects, CAs, etc.) with gross receipts up to ₹75 lakh can declare 50% of receipts as income. Taxpayers opting for presumptive taxation file ITR-4 (Sugam).