Filing income tax returns (ITR) is mandatory for individuals and businesses in India. This comprehensive guide covers everything about income tax filing in Bengaluru - from choosing the right ITR form to maximizing deductions. Balu Associates, the trusted tax consultant in Singasandra, has helped thousands file their returns accurately.

Who Should File Income Tax Return?

You must file ITR if:

• Gross income exceeds ₹2.5 lakhs (₹3 lakhs for senior citizens, ₹5 lakhs for super senior citizens)
• You want to claim tax refund
• You have foreign assets or income
• You want to carry forward losses
• You need ITR for visa application or loan
• You have deposited ₹1 crore+ in bank accounts
• You have spent ₹2 lakhs+ on foreign travel
• Your electricity bill exceeds ₹1 lakh

ITR Forms - Which One to Choose?

ITR Form	Who Should File
ITR-1 (Sahaj)	Salaried individuals with income up to ₹50 lakhs from salary, one house property, other sources
ITR-2	Individuals/HUFs with income from capital gains, multiple house properties, foreign income
ITR-3	Individuals/HUFs with business or professional income
ITR-4 (Sugam)	Individuals/HUFs with presumptive business income (44AD, 44ADA, 44AE)
ITR-5	Partnership firms, LLPs, AOPs, BOIs
ITR-6	Companies (other than those claiming exemption under Section 11)
ITR-7	Trusts, political parties, institutions

Income Tax Slabs for FY 2024-25 (AY 2025-26)

New Tax Regime (Default)

Income Slab	Tax Rate
Up to ₹3,00,000	Nil
₹3,00,001 - ₹7,00,000	5%
₹7,00,001 - ₹10,00,000	10%
₹10,00,001 - ₹12,00,000	15%
₹12,00,001 - ₹15,00,000	20%
Above ₹15,00,000	30%

Old Tax Regime (Optional)

Income Slab	Tax Rate
Up to ₹2,50,000	Nil
₹2,50,001 - ₹5,00,000	5%
₹5,00,001 - ₹10,00,000	20%
Above ₹10,00,000	30%

Tax Deductions to Maximize Savings

Section 80C - Up to ₹1.5 Lakhs

• PPF (Public Provident Fund)
• ELSS (Equity Linked Savings Scheme)
• Life Insurance Premium
• NSC (National Savings Certificate)
• 5-Year Fixed Deposit
• Home Loan Principal Repayment
• Children's Tuition Fees
• EPF (Employee Provident Fund)

Section 80D - Health Insurance

• Self & Family: Up to ₹25,000 (₹50,000 for senior citizens)
• Parents: Additional ₹25,000 (₹50,000 for senior citizen parents)
• Preventive Health Checkup: ₹5,000 (within overall limit)

Other Important Deductions

• Section 80E: Education loan interest - No limit
• Section 80G: Donations - 50% to 100% deduction
• Section 80TTA: Savings account interest - Up to ₹10,000
• Section 80TTB: Interest for senior citizens - Up to ₹50,000
• Section 24(b): Home loan interest - Up to ₹2 lakhs
• HRA Exemption: Based on rent paid and salary
• Standard Deduction: ₹75,000 (New Regime) / ₹50,000 (Old Regime)

Documents Required for ITR Filing

• PAN Card
• Aadhaar Card
• Form 16 (from employer)
• Form 16A (TDS on other income)
• Bank statements
• Investment proofs (80C, 80D)
• Home loan interest certificate
• Rent receipts (for HRA)
• Capital gains statements
• Form 26AS (Tax Credit Statement)
• AIS (Annual Information Statement)

ITR Filing Due Dates 2025

Category	Due Date
Individuals (non-audit)	July 31, 2025
Businesses (audit required)	October 31, 2025
Transfer pricing cases	November 30, 2025
Belated/Revised return	December 31, 2025

Penalty for Late Filing

• Income up to ₹5 lakhs: ₹1,000
• Income above ₹5 lakhs: ₹5,000
• Interest on tax due: 1% per month under Section 234A

Why Choose Balu Associates for ITR Filing?

• ✅ 7+ years of experience in tax filing
• ✅ Maximize your refund with expert deduction planning
• ✅ Affordable pricing starting ₹499
• ✅ Quick processing - Same day filing
• ✅ 100% accuracy guaranteed
• ✅ Local presence in Singasandra, Bengaluru