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Income Tax Return Filing

Income Tax Return Filing in Chennai

Filing your Income Tax Return (ITR) Filing is not just a legal requirement—it’s a vital step for anyone who wants to maintain a clean financial record and avoid penalties under Indian tax law. Whether you’re a salaried professional, freelancer, business owner, or startup founder, timely ITR filing ensures you stay compliant with the Income Tax Department and avail benefits like tax refunds, loan approvals, and visa processing.

At Laams Tax Consultancy Private Limited, we provide Income Tax Return Filing services in Chennai and across Tamil Nadu. As a trusted Chennai, we offer complete support—from choosing the correct ITR form to filing and verification—ensuring stress-free and accurate returns every year. We also assist with related services like TAN Registration Online, and Private Limited Company Registration, making us your one-stop compliance partner.

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Mandatory Documents

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Requirements and Eligibility for Income Tax Return Filing in Chennai

1. Salaried Individuals

Salaried Individuals earning above ₹2.5 lakh annually must file an ITR to declare income and claim deductions under Sections like 80C and 80D.

2. Self-employed Professionals & Freelancers

Self-employed Professionals & Freelancers with receipts over the basic exemption limit are required to file under the presumptive or regular scheme.

3. Businesses

Businesses (including proprietors and partnerships) are required to file returns regardless of profit/loss to report income and claim depreciation.

4. Investors

Investors with capital gains, foreign assets, or dividends need to file for disclosure and taxation.

5. Senior Citizens

Senior Citizens may have exemptions but still benefit from filing for tax refunds or financial documentation.

Documents Required for Income Tax Return Filing in Chennai

PAN Card

PAN is your identity on the Income Tax portal and is mandatory for ITR filing.

Aadhaar Card

Required for e-verification and must be linked with your PAN as per government norms.

Form 16 / Salary Slips

Issued by your employer, it shows your income and TDS deducted during the year.

Bank Statements

Useful to report interest income, capital gains, and verify transactions.

Investment Proofs / Loan Statements

Claim deductions under 80C, 80D, home loans, or education loans.

Document Checklist

  • PAN Card (copy)
  • Aadhaar Card (copy)
  • Form 16 / Salary Slips
  • Bank Statements (6 months)
  • LIC Premium / ELSS Receipts
  • Home/Education Loan Certificates
  • Capital Gain Statements
  • Rent Receipts (if applicable)
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Income Tax Return Filing Online Process in Chennai

STEP 1: REGISTRATION / LOGIN

We register or log in to the official Income Tax e-filing portal.

STEP 2: DOCUMENT VERIFICATION

Laams tax experts collect and verify salary slips, investment proofs, and bank data.

STEP 3: DATA ENTRY & FORM SELECTION

We select the correct ITR form based on your income source—like ITR-1 for salary or ITR-3 for business—and enter details accurately.

STEP 4: TAX CALCULATION & FILING

After ensuring deduction claims are properly applied, we compute final tax liability or refund and file the return securely.

STEP 5: E-VERIFICATION & ACKNOWLEDGEMENT

Return is e-verified through Aadhaar OTP or net banking, and the acknowledgement (ITR-V) is sent for your records.

Benefits of Income Tax Return Filing in Chennai

Ensure Full Legal Compliance: Avoid penalties, notices, and scrutiny from the Income Tax Department.

Enable Loans & Visa Applications: Most banks and embassies ask for your last 2–3 ITRs as income proof.

Claim Tax Refunds: Recover excess TDS or advance tax paid.

Set Off Business or Capital Losses: Proper return filing allows loss carry forward for up to 8 years.

Better Financial Recordkeeping: Maintain clean and accessible financial records for long-term planning.

Common Mistakes or Compliance or Penalties

Late Filing Penalty: Filing after the deadline can result in fines up to ₹10,000 under Section 234F.

Incorrect ITR Form: Filing under the wrong category may cause your return to be marked defective.

Unreported Income: Missing out on interest or capital gains often leads to mismatches in Form 26AS.

Mismatch with TDS Certificates: Discrepancies in Form 16/26AS can trigger notices.

Non-verification of Filed ITR: If e-verification isn’t done within 30 days, the return becomes invalid.

Why Choose Laams Tax Consultancy for Annual Compliance for Private Limited Company

Laams is a professional tax planning and advisory firm with deep expertise in ITR filing, investment guidance, and business registrations. Whether you’re a salaried professional or managing a startup, we help you avoid errors and penalties with precise, on-time filings.

With dedicated consultants and digital processes, we make online ITR filing, GST Return Filing, and FSSAI Registration efficient and affordable. We are trusted by clients across Tamil Nadu for offering top accounting services in Chennai that are reliable, responsive, and affordable.

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