ITR Filing in Hyderabad: A Simple Guide for Salaried and Business Owners

If you work in Gachibowli or the Financial District, tax season usually means a Form 16, a vague memory of last year regime choice, and a nagging worry about the ESOPs or mutual funds you sold. Filing your return is not hard — but filing it well, so you do not overpay and do not invite a notice, takes a little know-how.

Do you even need to file a return?

If your income is above the basic exemption limit, yes. But you should also file even if it is not, when any of these apply: you want a refund of TDS deducted, you have capital gains from shares or property, you hold foreign assets or ESOPs, or you have had high-value spends the department already sees in your AIS.

Old regime vs new regime — which one saves you more?

The new regime is now the default, with lower slab rates but almost no deductions. The old regime has higher rates but lets you claim deductions like 80C, HRA and home-loan interest.

The rule of thumb: if you have a home loan, pay rent, and invest in 80C, the old regime often wins. If you do not, the new regime is usually simpler and cheaper. Run both before you file.

What documents will you need?

Keep these ready: Form 16 from your employer, your AIS/TIS from the income-tax portal, bank interest details, capital gains statements from your broker or mutual fund, proof of 80C/80D and home-loan payments if you are on the old regime, and your bank account for the refund.

When is the deadline?

For most salaried individuals and others not requiring an audit, the due date is usually 31 July of the assessment year. Business owners whose accounts need audit get a later date. Deadlines do get extended some years — but planning around 31 July keeps you safe. Miss it, and you can still file a belated return with a late fee.

Salaried vs business owner — what is different?

A salaried return is largely built from your Form 16 and AIS. A business owner or professional has more moving parts: books of account, expenses, and often the option of presumptive taxation, subject to turnover limits.

FAQ

TDS is already deducted from my salary — do I still need to file? Yes. TDS is not the same as filing. You file to report income, claim any refund, and stay compliant.

Which regime applies if I do not choose? The new regime is the default. You must actively opt for the old regime if it benefits you.

I sold shares or mutual funds this year. Does that change my return? Yes — capital gains must be reported, and the tax depends on how long you held them.

What if I miss the 31 July deadline? You can file a belated return with a late fee (up to ₹5,000 under section 234F), but file as soon as possible.

Want your return filed right, in the regime that actually saves you the most? ComplianceKart files ITRs for salaried professionals and business owners across Hyderabad. Call or WhatsApp +91 99595 36391.