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ITR stands for Income Tax Return. The Income Tax Act, 1961 governs all the ITR forms and procedures to be followed. Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc.
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It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
|For individuals below 60 years||Rs 2.5 Lakh|
|For individuals above 60 years but below 80 years||Rs 3.0 Lakh|
|For individuals above 80 years||Rs 5.0 Lakh|
Following are the benefits of filing Income Tax Returns:
|ITR Form||Applicable to||Salary||House Property||Business Income||Capital Gains||Other Sources||Exempt Income||Lottery Income||Foreign Assets/Foreign Income||Carry Forward Loss|
|ITR 1 / Sahaj||Individual, HUF (Residents)||Yes||Yes(One House Property)||No||No||Yes||Yes (Agricultural Income less than Rs 5,000)||No||No||No|
|ITR 2||Individual, HUF||Yes||Yes||No||Yes||Yes||Yes||Yes||Yes||Yes|
|ITR 3||Individual or HUF, partner in a Firm||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|
|ITR 4||Individual, HUF, Firm||Yes||Yes(One House Property)||Presumptive Business Income||No||Yes||Yes (Agricultural Income less than Rs 5,000)||No||No||No|
|ITR 5||Partnership Firm/ LLP||No||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|
As per the Income Tax Department the entities required to file IT returns annually are:
1. Every company, be it Private limited, LLP or partnership irrespective of the income or loss must file IT returns.
2. Individuals enjoying income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property,etc.
3. Individuals receiving income from property under charitable trusts, religious trusts or income from voluntary contributions.
4. Individuals or companies who want to claim tax refunds.
5. Salaried persons whose gross income before deductions under section 80C to 80U exceeding the exemption limit.
6. All individuals with foreign income, foreign assets, NRI's and tech professionals on onsite deputation.
7. People who have opted for one job from another are also eligible.
To fulfill IT filing in India, the following documents are necessary :
To file your IT returns, gather all documents like bank statements, last year's return and Form 16:
Due dates for filing IT return :
Some of the best reasons to choose us are:
1. 3 Working Days: Just share your bank statement and cash transaction details and we'll create the financial statements. In three working days, you'll get your ITR filed.
2. Customer Score: We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
3. Strong Legal Team: Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.
Yes, you need to file. There is a difference between filing income tax return and deducting TDS. You file a tax return as a proof of the payment of all the taxes due. The IT return would also help you while applying for a visa or a loan.
You can make the payment directly to the Government on the official website of the IT Department. You may pay through net banking, along with Challan 280.
Yes, You can file delayed IT returns for all the years lapsed so far.
Income Tax Return (ITR) forms are known as attachment less forms. It means, the taxpayers do not need to attach any supporting document (such as TGS certificates, investment proofs etc.). You do not need to attach these documents whether you file your return electronically or manually. However, you must retain these documents with you in proper order. You may need to submit these to the authorities in certain situations like inquiry, assessment, audit and so on.
You can claim for refund of your excess tax amount while filing your IT Return. Your refund will be credited into your specified bank account via ECS transfer. Please check that no mistakes are made while mentioning your bank details (IFSC code, account number etc) on the ITR form.
It's necessary for you to file a return in time even if you do not have any positive income. If you have incurred a loss in any financial year, you may want to carry it forward for adjusting with the positive income in the subsequent years. This will be allowed only if you file your IT return on time, with a mention of the loss incurred.
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