Income Tax Return Filing in Koyambedu

Multiple income sources in Koyambedu? Let’s sort out your tax

Koyambedu is home to one of Asia’s largest wholesale markets for fruits, vegetables and flowers, and to Chennai’s main bus terminus. Income rarely comes from a single salary. Wholesale traders in Koyambedu often run partnerships with relatives and friends. Wholesale fruit, vegetable and flower traders operate from thousands of shops in the Koyambedu market. Filing the right income tax return, on time, ensures you pay only what you owe and get back every rupee of excess TDS.

What is income tax return filing?

An Income Tax Return (ITR) is the form in which you report your income, deductions, tax paid and tax payable to the Income Tax Department for a financial year. Returns are filed online on the income tax e-filing portal. The correct ITR form depends on who you are and how you earn:

• ITR-1: salaried individuals with simple income up to the prescribed limit
• ITR-2: individuals with capital gains or multiple house properties, but no business income
• ITR-3: individuals and HUFs with business or professional income
• ITR-4: individuals, HUFs and firms opting for presumptive taxation
• ITR-5: partnership firms and LLPs
• ITR-6: companies

Who in Koyambedu should file an income tax return?

• Individuals whose income exceeds the basic exemption limit
• Freelancers and consultants with TDS deducted on their payments
• Shop owners, firms, LLPs and companies, regardless of profit or loss
• Anyone claiming a TDS refund or carrying forward losses
• People applying for loans or visas, where ITRs serve as income proof

Who should file an income tax return?

• Individuals whose income exceeds the basic exemption limit
• Freelancers, professionals and consultants with TDS deducted on their payments
• Proprietors, partnership firms, LLPs and companies, regardless of profit or loss
• Anyone who wants to claim a TDS refund or carry forward losses
• People with foreign income or assets, or high-value transactions
• Anyone applying for loans, visas or tenders, where ITRs serve as income proof

Benefits of filing on time

• Faster refunds of excess TDS deducted by clients and employers
• Carry forward losses from business or capital gains to future years
• Avoid late fees and interest charged on delayed filing
• Income proof for home loans, business loans, credit cards and visa applications
• Peace of mind with fewer notices and smoother assessments

Documents required

• PAN, Aadhaar and bank account details
• Form 16 from employers and Form 16A from clients, if issued
• Form 26AS and Annual Information Statement (AIS), which we download for you
• Bank statements and interest certificates
• Invoices, expense bills and books of account for business or professional income
• Investment proofs for deductions such as insurance, PPF, ELSS and health insurance
• Capital gains statements for shares, mutual funds or property

Keep your rent receipts, medical insurance and investment proofs in one folder through the year. It makes filing faster and helps us find every deduction you are entitled to.

Our ITR filing process

1. Data collection: you share your documents on WhatsApp or email.
2. Income review: we match your income with AIS and Form 26AS and identify missing TDS.
3. Tax planning: we compare the old and new regimes and apply eligible deductions.
4. Computation: you receive a clear tax computation for approval.
5. Filing and verification: we file your ITR and help you e-verify with Aadhaar OTP.
6. Refunds and notices: we track your refund and respond to any notices from the department.

Why choose us in Koyambedu

Our chartered accountants file returns for employees, professionals, shop owners and companies across Koyambedu. We explain your tax position in simple Tamil or English and remind you before every deadline.