Streamlined Success: Precision Income Tax Return (ITR) Preparation & Filing Services
Mandatory Applicability
- All Corporate Entities (Domestic & Foreign) and Partnership Firms/LLPs — every year
- Individuals/HUFs/AOPs if gross income exceeds basic exemption limit
- High-Value individuals: ₹1 Cr+ bank deposits / ₹2L+ foreign travel / ₹1L+ electricity
- Residents holding Foreign Assets or foreign account signing authority
Consequences of Non-Compliance
Section 234F
Late filing fee up to ₹5,000
Loss carry forward
Cannot carry forward business or capital losses
Interest
Interest under Sections 234A, 234B, 234C
Assessments
Best-judgment assessments, bank account freezing, prosecution
Other impacts
Inability to secure bank loans, visas, or high-value insurance