What Is Income Tax Return

An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any.

This is called ITR Filing Procedure. All citizens need to file returns with the Income Tax Department at the end of every financial year.

These returns should be filed before the specified due date. It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year

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Individuals and NRIs are required to file an income tax return if their income exceeds the exemption limit. Filing ITR in India is completely online and paperless. There is no need for you to submit physical return at the local income tax offices. All documents, wherever necessary need to be submitted online.

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Types Of Income Tax Return

1ITR 1
This return is for individuals whose income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.
2ITR 3
This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).
3ITR 5
This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP).
1ITR 2
This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.
2ITR 4
This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme.
3ITR 6
This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company.

Who Should File Income Tax Return

  • Proprietors below the age of 60 years with a total income exceeding Rs. 2.5 lakh.

  • Proprietors over the age of 80 years and above are required with total income exceeding Rs.5 lakh.

  • Proprietors over the age of 60 years but below 80 years with total income exceeding Rs.3 lakh.

  • All Partnership Firms, Companies, LLPs irrespective of income or loss.

Process Of Income Tax Return

  • Submit the Form

  • Verify the Documents

  • Select the Appropriate Form

  • Donation receipts, if any.

  • Generation of ITR & Acknowledgement

Documents Required For Income Tax Return

  • PAN Card

  • Form 16

  • Details of other Income Source, if any

  • Donation receipts, if any

  • Bank Statement

Businesses

Due Dates For Filing Income Tax Return

Inclusions In The Income Tax Return Package

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FAQ

1What is Income Tax
Income tax is a tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.
2What is Income Tax Return?
An Income Tax Return is a statement of income earned to calculate tax liability and payment or refund of taxes. Thus, the purpose of filing the return is to report our income and taxes paid thereon to the government.
3What happens if the Income Tax is not filed on time?
If the Income Tax is not filed on time, then the payer is liable to pay a penalty amounting to INR 5000
4What if the Income Tax Return is filed incorrectly?
. It can be filed again with the revised return & the mistakes can be rectified. The revised return can be filed at any time before the expiry of 1 year from the end of the relevant assessment year.
5Is PAN Card necessary for filing the Income Tax Return?
Yes, a person must have PAN in order to proceed for the filing of income tax return.

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