ITR Filing
What is ITR (Income Tax Return)?
Income Tax Returns, often known as ITRs, are forms that are used to record net taxable income, claim tax deductions, and declare net tax liabilities. Individuals who make a particular amount of money are required to file IT returns.
What is ITR Filing?
ITR filing is the process by which taxpayer has to file a report of his total income earned on financial year. Hindu Undivided Families (HUFs), businesses, and self-employed or salaried people all need to file ITRs with the Indian Income Tax Department. Individuals can complete their return filing through the official portal of the Income Tax Department. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7 are the seven different forms that it has notified with.
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Types of ITR Filing
There are up to 7 types of Income Tax Return Forms, currently. We have divided them into 2 parts:
| ITR Forms for Individuals | ITR Forms for Non-Individuals |
|---|---|
| ITR - 1(Sahaj) - For individuals earning income from salaries, one house property, interest income, agriculture, other sources, ect. | ITR - 5 - Entities other than, -(i) individual, (ii) HUF, (iii) company and (iv) person filling Form ITR-7 |
| ITR -2 - For individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foregin assets, etc. | ITR - 6 - All companies except those that claim tax exemption as per Section 11. |
| ITR - 3 - For individuals and HUF with income form profits of a business or profession. | ITR - 7 - Persons incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. |
| ITR - 4(Sugam) - For individuals, HUFs and Firms(ohter than LLP) having presumptive business income tax returns. This is computed under section 44AD, 44ADA or 44AE. |
Benefits of Filing Income Tax Returns
Following are the benefits of Income tax Return: -
- Assists in Loan and Visa Processing
- Assists with Income Tax Refund Claims
- Required for Carrying Forward the Losses
- Important Insurance Cases in Compensation Cases
- Necessary for getting term plan insurance
- Self-Employed Income Document
Documents Required to Fill ITR
For Filing IT returns Online, the following documents are needed:
- Pan card
- Form 26AS
- Form 16A, 16B, 16C
- Salary Pay slips
- Bank statements
- Interest certificates
- TDS certificate
- TDS certificate