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What is Income Tax Return Filing?

Income Tax Return (ITR) filing is the process of submitting financial information of income and taxes paid to the Income Tax Department.

It is mandatory for individuals and businesses earning above a certain income to report income, claim deductions, and pay taxes.

ITR Filing

Who Needs to File ITR?

You must file ITR if you fall under any of these categories:

Individuals

  • Annual income exceeds ₹2.5 lakh (below 60 years).
  • Income from salary, property, capital gains, etc.

Businesses/Professionals

  • Proprietorships, partnerships, LLPs, or companies.
  • Must file based on income or turnover thresholds.

Other Cases

  • Claiming a tax refund (if TDS was deducted).
  • Have foreign income or assets.
  • Claiming tax deductions or exemptions.

Documents Required

  • PAN card
  • Aadhaar card
  • Bank statements and interest certificates
  • Form 16/16A (for salaried individuals)
  • Form 26AS (tax credit statement)
  • Investment proofs for deductions (Section 80C, 80D, etc.)
  • Business/professional income details (books of accounts, invoices, etc.)
  • Capital gains statements (shares, mutual funds, property sales)

Steps to File ITR

1

Choose the Correct ITR Form

Select the form (ITR-1 to ITR-6) based on your income sources.

2

Collect Financial Documents

Gather Form 16, bank statements, investment proofs, TDS certificates, etc.

3

Login to Income Tax e-Filing Portal

Access the official portal: https://www.incometax.gov.in/

4

Fill in the ITR Form

Provide personal, income, deduction, and tax details accurately.

5

Verify Tax & Pay if Required

Pay any outstanding self-assessment tax if needed.

6

Submit and E-Verify

  • Submit the return online.
  • E-verify using Aadhaar OTP, net banking, or other available methods.
7

Acknowledgment

Once verified, you will receive an ITR acknowledgment (ITR-V).

Common ITR Forms

  • ITR-1 (Sahaj): For salaried individuals with total income up to ₹50 lakh.
  • ITR-2: For individuals and HUFs with income from capital gains or foreign assets.
  • ITR-3: For individuals and HUFs with income from business or profession.
  • ITR-4 (Sugam): For presumptive income schemes for small businesses/professionals.
  • ITR-5 / ITR-6: For Firms, LLPs, and Companies.

Benefits of Filing ITR

Legal Compliance

Legal compliance and avoids penalties or notices from the IT Department.

Claim Tax Refunds

Helps in claiming tax refunds if excess tax was paid.

Proof of Income

Serves as proof of income for loans, visas, or government schemes.

Financial Credibility

Maintains a financial record and credibility for individuals and businesses.

Financial Planning

Facilitates smooth financial planning and tax-saving strategies.