Growthlink Tax Filings
Quick Summary
Income Tax is one of the most crucial aspects of financial responsibility for individuals, businesses, and professionals in India. Yet, many taxpayers still find the process confusing, overwhelming, or intimidating. At Growthlink Tax Filings, our mission is to simplify tax compliance - making it str
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FAQ :
Income Tax in India is a direct tax levied by the Government on the income earned by individuals, HUFs, firms, companies, and other entities during a financial year (April-March). It is administered by the Income Tax Department.
You must file an ITR if your gross annual income exceeds the exemption limit (Rs 2.5 lakh for individuals below 60), you wish to claim a refund, have foreign assets/income, are a company or firm, or have carried forward losses.
Under the new tax regime, the slabs are: Nil for Rs 0-3 lakh, 5% for Rs 3-6 lakh, 10% for Rs 6-9 lakh, 15% for Rs 9-12 lakh, 20% for Rs 12-15 lakh, and 30% for income above Rs 15 lakh.
Essential documents include your PAN Card & Aadhaar Card, Form 16 (if salaried), Form 26AS/AIS-TIS, bank statements, investment proofs, home loan interest details, rent receipts (if claiming HRA), and capital gains summary.
The last date to file ITR for individuals and non-audit cases is July 31, 2025. For audit cases, it's October 31, 2025, and for revised/belated ITRs, it's December 31, 2025.
Filing an ITR allows you to claim refunds on TDS, apply for loans or visas, build financial credibility, avoid penalties, claim deductions, and carry forward losses.
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