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As per the income tax Act and Rules, the return must be mandatorily filed every year by an individual or business that earns any income during a financial year. The income may be in the form of a income from house property salary, business profits or through dividends, capital gains, interests or various other sources. An Income tax return (ITR) refers to a form which is used to file information about the income earned and the tax paid/payable to the Income Tax Department.
Balance Sheet and Profit & Loss statement.
Entity Account Bank account statement for the period.
Other additional documents including investments and donation.
Login ID & Password of Income Tax Portal.
| Form | Applicability |
|---|---|
| ITR 1 | Resident Indian individuals and HUFs |
| ITR 2 | HUFs and individuals |
| ITR 3 | Partner in a firm, HUF, or individuals |
| ITR 4 | Firm, HUF, or individual |
| ITR 5 | LLPs or Partnership Firms |
| ITR 6 | Companies |
| ITR 7 | Trusts |
One can claim tax deductions under various sections of the Income Tax Act order to reduce your tax outgo.
Claim refunds of the excess tax payments made or, when TDS is subtracted from your income exceeds the total taxes to be paid.
Adjustment of capital gains and losses and also to carry forward capital loss for the next 8 consecutive financial years.
Avail loans and opt for a credit card easily.
It smoothen the visa process as many countries require proof of applicant’s regular income.
By filing of ITR return timely one can avoid the risk of penalty and interest over the tax to be paid after assessment by IT department.
As per the income tax Act and Rules, the return must be mandatorily filed every year by an individual or business that earns any income during a financial year. The income may be in the form of a income from house property salary, business profits or through dividends, capital gains, interests or various other sources. An Income tax return (ITR) refers to a form which is used to file information about the income earned and the tax paid/payable to the Income Tax Department.
LLP has to file income tax return using form ITR-5.
| Annual turnover | Capital contribution | |
|---|---|---|
| Less Than Rs. 40,00,000 | Less Than Rs. 25,00,000 | before 31st July every year |
| More Than Rs. 40,00,000 | More Than Rs. 25,00,000 | 30th September of the corresponding years along with tax audit |
Yes, it is mandatory to file income tax returns in case the income is more than the basic exemption limit. The rate of income tax is pre-decided for taxpayers.
Filing of tax returns is an annual activity for each previous year. It is seen as a social and moral duty of every responsible citizen of the country.
A delayed return can be filed by payment of interest. However a delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes.
