Introduction

Filing your Income Tax Return (ITR) is more than a statutory obligation — it’s a financial health statement that reflects your income, deductions, and taxes paid.

Whether you are a salaried individual, freelancer, or business owner, timely ITR filing ensures smooth refunds, easier loan approvals, and full compliance with the Income Tax Act, 1961.

In this guide, Bisways Consulting Group walks you through the step-by-step process for accurate and hassle-free ITR filing for Assessment Year 2023-24, including forms, documents, and expert tips.F

Understanding Annual ROC Filings

ROC filings act as a formal declaration of your company’s financial position, ownership structure, and operational status.

There are two main categories of annual filings:

1.For Companies (Private / Public / OPC):

• Form AOC-4 / AOC-4 XBRL – filing of audited financial statements.

• Form MGT-7 / MGT-7A – annual return capturing shareholding, directors, and governance details.

2. For LLPs (Limited Liability Partnerships):

• Form 8 – Statement of Accounts and Solvency.

• Form 11 – Annual Return of Partners and basic business information

These forms must be digitally signed using a valid Director’s DSC and certified by a practising professional (CA / CS / CMA).

Know Which ITR Form Applies to You

📝Tip: Choosing the wrong form may lead to defective-return notices under Section 139(9).

Collect Documents Before You Start

Prepare these documents in advance:

• Form 16 / 16A – issued by employer for TDS on salary.

• Form 26AS and AIS / TIS – verify tax credits and income reported to CBDT

• Bank statements & passbooks.

• Investment proofs (PPF, ELSS, LIC, NPS, etc.) for Section 80C and 80D deductions.

• Loan interest certificates (Home / Education Loan).

• Capital gains statements (if applicable).

Keeping these handy reduces errors and ensures a smooth filing process.

Step-by-Step Process to File ITR Online

• 1. Login to the Income Tax Portal – https://www.incometax.gov.in

• 2. Hold the Board Meeting to approve financials and the notice for AGM.

• 3. Conduct the AGM (for companies) within 6 months of financial year end.

• 4. Prepare and attach documents — auditor report, directors’ report, and balance sheet with notes.

• 5. File AOC-4 followed by MGT-7 through the MCA portal using valid DSCs.

• 6. Pay filing fees and additional fees (if delayed).

• 7. Maintain proof of submission — SRN acknowledgements for each filing.

For LLPs, partners should review Form 11 and Form 8 before submission and cross-verify figures with books.

Verification and Acknowledgement

After submission, you must e-verify within 30 days.

Options include:

• Aadhaar OTP via mobile number.

• Net banking login.

• Digital Signature Certificate (for companies).

• Sending a signed ITR-V to CPC, Bengaluru (by post).

Only verified returns are processed for refunds and acknowledgements.

Common Mistakes to Avoid

• Using the wrong ITR form.

• Missing income from interest or secondary sources.

• Claiming incorrect deductions or double-claiming 80C investments.

• Failing to report foreign income or assets.

• Not reconciling TDS as per Form 26AS and AIS.

• Ignoring advance tax / self-assessment liability.

A review by a tax professional can help prevent mismatches that delay refunds or trigger notices.

Post-Filing Checklist

• ✅ Check acknowledgement number (ITR-V).

• ✅ Monitor refund status on the portal.

• ✅ Respond promptly to any CPC communication.

• ✅Preserve ITR copy and supporting documents for six years as per law.

Why Filing ITR on Time Matters

• Enables quick refunds and loan processing.

• Helps build creditworthiness and visa eligibility.

• Avoids interest u/s 234A & 234F late fee.

• Ensures loss carry-forward for future tax benefits.

• Maintains good standing with Income Tax Department records.

Conclusion

ITR filing is no longer just a once-a-year ritual — it’s a key part of responsible financial planning. By understanding the forms, matching your TDS records, and claiming deductions wisely, you can stay compliant and optimise your tax outgo.