ITR Filing – Mayank Hoiyani & Co.

OUR SERVICESITR Filing

ITR (Income Tax Return) Filing refers to the process of submitting a formal declaration to the Income Tax Department of a country (such as India) about an individual's or entity's income, expenses, taxes paid, and other relevant financial information for a specific financial year. The purpose of filing an ITR is to ensure that the taxpayer complies with tax laws and regulations, calculates their tax liability, and either pays the taxes due or claims a refund if excess taxes were paid.

Who Needs to File?

Individuals, businesses, and entities that earn income above a certain threshold are required to file their ITR.
It is mandatory for people with income from salary, business, property, capital gains, and other sources.

What are the Purposes of ITR Filing?

To compute the final tax liability.
To report the income earned during the year.
To claim any deductions or exemptions as per tax laws.
To claim a refund if excess tax has been paid through deductions, advance tax, or TDS.