What ITR filing involves and who needs to file
An income tax return reports your total income, deductions, taxes paid and any refund due for a financial year. You must file if your income is above the basic exemption limit. You may also have to file in certain other situations, such as holding foreign assets, high electricity spending or large bank deposits, as notified in the rules. Companies, LLPs and partnership firms must file every year whether they make a profit or a loss.
Filing also has practical benefits. It lets you claim TDS refunds, carry forward losses, and provide proof of income for loans and visas. The Income-tax Act, 2025 came into force from 1 April 2026. Returns for financial year 2025-26 are still filed under the Income-tax Act, 1961.
Step-by-step process and documents
We start by downloading Form 26AS, the AIS and the Taxpayer Information Summary, then compare them with your Form 16, bank interest certificates, capital gains statements and business books. Next we choose the correct form. ITR-1 and ITR-2 cover most individuals without business income, ITR-3 and ITR-4 cover business or professional income, and ITR-5 and ITR-6 are for firms, LLPs and companies.
We compare tax under the old and new regimes where you have a choice, apply eligible deductions, calculate any balance tax and interest, and share a computation for your approval. After filing, the return must be e-verified, usually through Aadhaar OTP, within the time allowed. Otherwise it is treated as not filed.
Income tax filing for Surat taxpayers
In Surat, a large share of returns involve business income: textile traders and commission agents, weaving and embroidery unit owners, diamond traders and polishers, and professionals. These returns often depend on the choice between presumptive taxation and full books of account, on whether a tax audit is required, and on correctly reporting partner remuneration and interest from firms.
Many Surat families also have capital gains from shares, mutual funds or property, rental income from shops and flats, and income from family HUFs. Reconciling high-value transactions shown in the AIS, such as property purchases, large cash deposits or securities trades, before filing helps prevent mismatch notices from the Centralised Processing Centre.
Why work with Finaccle's Surat office
Finaccle prepares returns through a two-step process. A team member prepares the return and a Chartered Accountant reviews the computation, regime choice and reconciliation before filing. You share documents digitally and receive a clear summary of income, tax and refund before you approve the return.
Because the firm also does bookkeeping, GST and tax audits, business returns are prepared with full knowledge of your books, not just bank statements. If you receive an intimation under section 143(1), a defective return notice or a scrutiny notice, the same team prepares the response. Visit us on Udhana-Magdalla Road or call +91 78788 77748.
Income Tax Return Filing in Surat: FAQs
Which ITR form should a Surat textile trader file?
It depends on how the trader declares income. An individual trader who opts for presumptive taxation and meets the eligibility conditions can generally use ITR-4. A trader who maintains regular books, is a partner in a firm, or has capital gains or foreign assets will generally need ITR-3. Partnership firms and LLPs file ITR-5, and companies file ITR-6.
Should I choose the old or the new tax regime?
The new regime is the default for individuals, with lower slab rates but most deductions removed. The old regime may still work out cheaper if you have substantial deductions, such as home loan interest, 80C investments and health insurance. Salaried taxpayers can generally choose each year, while people with business income face restrictions on switching back and forth, so compare both before you file.
What should I do if the AIS shows income I did not receive?
Check the entry carefully first, because it could be a duplicate, a joint account, or income that belongs to another year. If it is genuinely wrong, submit feedback on the AIS through the compliance portal, choosing the right option such as 'information is incorrect'. Keep supporting documents, and make sure the return reflects your actual income.
What happens if I miss the ITR due date?
You can usually still file a belated return within the time allowed under the law, but you will pay a late filing fee and interest on any unpaid tax. You may also lose the right to carry forward certain losses. If the window for a belated return has passed, an updated return may be possible, which comes with additional tax.
Talk to Finaccle
Read more about our Income Tax Return Filing services, or book a free consultation with our Surat team. You can also browse our FAQs.
Income Tax Return Filing support is also available in Mumbai and Delhi.