Every July, our office in Transport Nagar fills up with salaried employees, shopkeepers, doctors, contractors and pensioners who all ask the same question: “Which ITR do I file, and what do you need from me?” This guide answers it. Whether you file yourself or look for the best tax consultant in Gorakhpur to do it for you, here is what income tax return filing involves and how to get it right the first time.
Who must file an income tax return
You must file if your total income before deductions is above the basic exemption limit. You must also file — whatever your income — if in the year you:
- deposited more than ₹1 crore in current accounts, or ₹50 lakh or more in savings accounts;
- spent more than ₹2 lakh on foreign travel, or more than ₹1 lakh on electricity;
- had TDS or TCS of ₹25,000 or more deducted (₹50,000 for senior citizens).
Even when filing isn’t compulsory, it often pays: it is the only way to get a TDS refund, and banks ask for ITRs before a home, car or business loan. Our article on why you should file an ITR even below the taxable limit explains the benefits.
Which ITR form is right for you
| Form | Who uses it |
|---|---|
| ITR-1 (Sahaj) | Resident individuals with salary or pension, one house property and interest income, total income up to ₹50 lakh |
| ITR-2 | Individuals and HUFs with capital gains, more than one house property, foreign assets or income above ₹50 lakh — but no business income |
| ITR-3 | Individuals and HUFs with business or professional income who keep regular books of account |
| ITR-4 (Sugam) | Resident individuals, HUFs and firms (other than LLPs) using presumptive taxation for business or profession |
Traders and professionals: presumptive taxation
Most small traders in Gorakhpur don’t need a full audit. Under presumptive taxation, a business with turnover up to ₹2 crore (₹3 crore if cash receipts are no more than 5%) can declare profit at 8% of turnover, or 6% of receipts that come through banking channels or UPI. Doctors, lawyers, architects and other professionals with receipts up to ₹50 lakh (₹75 lakh with mostly digital receipts) can declare 50% of receipts as profit. You still need to keep basic records — our piece on why small businesses need proper bookkeeping explains why.
Documents to keep ready
- PAN and Aadhaar (linked), and bank account details for the refund;
- Form 16 from your employer, and Form 16A for other TDS;
- Annual Information Statement (AIS) and Form 26AS from the income tax portal;
- interest certificates from banks and post office schemes;
- proof of deductions if you use the old regime — LIC, PPF, ELSS, health insurance, home-loan interest, rent receipts;
- for business income: sales and purchase figures, bank statements and your GST returns.
Due dates and late fees
- 31 July — individuals and businesses that don’t need an audit.
- 31 October — businesses whose accounts must be audited.
- 31 December — last date for a belated or revised return.
Filing late costs a fee of up to ₹5,000 (₹1,000 if your total income is up to ₹5 lakh), plus interest on any tax due, and you lose the right to carry forward most losses. After 31 December, an updated return can still be filed up to four years from the end of the assessment year, with additional tax.
Old or new tax regime?
The new regime is now the default, and with the rebate, income up to ₹12 lakh — ₹12.75 lakh for salaried people after the standard deduction — is effectively tax-free. The old regime can still win if you have large deductions. Our old vs new tax regime comparison shows the break-even points, and our income tax planning tips help you plan before the year ends, not after.
Common mistakes that lead to notices
- Ignoring the AIS — savings-bank interest, dividends and share sales are reported to the department. If they’re missing from your return, expect a mismatch notice.
- Choosing the wrong form — a return on the wrong ITR form can be declared defective.
- Turnover that doesn’t match GST — for businesses, the turnover in your ITR should agree with your GST returns.
- Forgetting to e-verify — a return is not complete until it is e-verified, within 30 days of filing.
ITR filing with Atulya in Gorakhpur
Our income tax services cover ITR filing for salaried people, pensioners, traders, professionals, firms and companies, as well as TDS returns and replies to income tax notices. We check your AIS before filing and compare both tax regimes for you, so you pay only what you owe. For businesses, our accounting and bookkeeping service keeps the numbers ready all year, so filing is never a last-minute scramble.
Frequently asked questions
Can I file my ITR myself?
Yes, and for a simple salary return it is straightforward. It is worth getting help if you have business income, capital gains, a notice from the department, or you are unsure which regime to choose.
How long does an income tax refund take?
Most refunds for correctly filed, e-verified returns arrive within a few weeks. Delays usually come from a mismatch with the AIS or a bank account that isn’t pre-validated on the portal.
I missed the 31 July deadline. What now?
File a belated return by 31 December. You will pay the late fee and interest, but it is far cheaper than a notice for not filing at all.
Want it done right the first time? Book your ITR filing — your first consultation is free.
This article is general guidance based on the rules in force on its publish date, not professional advice for your specific case. Tax and company rules change often — check your situation with us before you act.
