What is Income Tax Return (ITR)?
Income Tax Return (ITR) is a document submitted to the Income Tax Department, reporting income, deductions, and taxes paid in a financial year. Filing ITR is essential for individuals, businesses, and professionals to stay compliant and claim refunds.
Who Needs to File ITR?
- Individuals with annual income above ₹2.5 lakh.
- Businesses and professionals exceeding the taxable income limit.
- NRIs earning in India.
- Individuals seeking tax refunds.
- Companies and LLPs, even with zero income.
Types of ITR Forms
| ITR Form | Applicable For |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals (Income up to ₹50L) |
| ITR-2 | Individuals/HUFs (Capital gains, multiple sources of income) |
| ITR-3 | Business professionals (Freelancers, self-employed) |
| ITR-4 (Sugam) | Presumptive taxation scheme (Small businesses) |
| ITR-5, 6, 7 | Partnerships, LLPs, Companies, Trusts |
Benefits of Filing ITR
- Claim Tax Refunds – Get back excess TDS deducted.
- Easy Loan Approvals – ITR proof helps in securing loans.
- Avoid Penalties – Late filing attracts heavy fines.
- Carry Forward Losses – Set off losses against future income.
- Visa & Financial Credibility – Essential for international travel and investments.
ITR Filing Process
Step 1: Gather necessary documents (PAN, Form 16, Bank Statements).
Step 2: Choose the correct ITR form based on income type.
Step 3: Calculate taxable income and deductions.
Step 4: Submit ITR on the Income Tax portal.
Step 5: Verify the return using Aadhaar OTP, DSC, or ITR-V.
Documents Required for ITR Filing
- Form 16 (For salaried employees).
- PAN Card & Aadhaar.
- Bank Account Statements.
- Investment & Insurance Proofs.
- Business Income Statements (If applicable).
Why Choose Us?
- Expert Tax Consultants – Accurate and timely ITR filing.
- Maximize Tax Savings – Claim deductions and exemptions.
- Affordable Pricing – Transparent and budget-friendly services.
- Fast & Secure Processing – Hassle-free online filing.
FAQs on Income Tax Return Filing
When is the last date to file ITR?
July 31st (for individuals), October 31st (for companies).
What happens if I don’t file ITR?
You may face penalties and legal consequences.
Can I file a late ITR?
Yes, with a late fee, but only up to a certain period.