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Overview

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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Checklist for Income Tax Returns

It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:

  • 1. If your gross annual income is more than the basic exemption limit as specified below-
    Particulars Amount
    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
  • If you want to claim an income tax refund from the department.
  • If you have earned from or have invested in foreign assets during the FY.
  • If you wish to apply for visa or a loan.
  • If the taxpayer is a company or a firm, irrespective of profit or loss.
  • Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:
    1. Have deposited an aggregate amount of more than Rs.1 crore in one or more current bank accounts; or
    2. Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or any other person; or
    3. Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity consumption

Benefits of filing Income Tax Returns

Following are the benefits of filing Income Tax Returns:

  • Hassle-Free Loan Processing
  • Refund of TDS
  • Visa Processing
  • Carry Forward Losses
  • Avoiding Additional Interest Rates
  • Avoid Penalities

Types of Income Tax Return

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 / SahajIndividual, HUF (Residents)YesYes(One House Property)NoNoYesYes (Agricultural Income less than Rs 5,000)NoNoNo
ITR 2Individual, HUFYesYesNoYesYesYesYesYesYes
ITR 3Individual or HUF, partner in a FirmYesYesYesYesYesYesYesYesYes
ITR 4Individual, HUF, FirmYesYes(One House Property)Presumptive Business IncomeNoYesYes (Agricultural Income less than Rs 5,000)NoNoNo
ITR 5Partnership Firm/ LLPNoYesYesYesYesYesYesYesYes
ITR 6CompanyNoYesYesYesYesYesYesYesYes
ITR 7TrustNoYesYesYesYesYesYesYesYes

Who should file for Income Tax Returns

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.

Documents Required for Income Tax Return Filing

To fulfill IT filing in India, the following documents are necessary :

  • Bank statements
  • Proof of investments
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Documents on purchase and sale of investments/assets
  • Challan of tax paid such as advance tax or self-assessment tax
  • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
  • In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
  • For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
  • Statement of receipts and payments when no regular books are maintained
  • Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions

How to file Income Tax Returns

To file your IT returns, gather all documents like bank statements, last year's return and Form 16:

  • Register at the website(www.incometaxindiaefiling.gov.in) using the PAN number. It becomes your ID.
  • View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
  • Download the ITR Form that is applicable to you. If you do not know the right form, apply with Filemydoc.com.
  • Complete the entire form by filling in the required details and then submit it.
  • Click the Calculate Tax button, to know your payable amount.
  • If applicable, pay the required tax.
  • Enter the challan details on the tax return section of the form.

Due dates for filing IT return :

  • July 31: A firm or individuals who are not liable for audit.
  • September 30: A company or other who is liable to audit.
  • March 31: All individuals and companies filing belated returns.

Why Filemydoc.com for Income Tax Returns

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.

FAQs on Income Tax Returns

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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