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ITRs (Income Tax Returns) are a type of tax return that is used to declare a net tax liability, claim tax deductions, and record gross taxable income. Firms or corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals are all required to file ITRs with the Indian Income Tax Department.
ITR filing is the process by which taxpayer has to file a report of his total income earned on financial year. Through Income Tax Department official portal individual can complete their filing of returns. It has notified with seven various forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
It is mandatory for one to file income tax returns in India, if he comes under any of the following conditions:
Depending on the type of income that is generated by the taxpayer, the form that must be submitted will be different. The various forms can be downloaded from the official website of the income tax department https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns The different types of ITR forms that are available are mentioned below:
| ITR Form Name | Applicability |
| ITR-1 | The form must be used by individuals who make an annual income of less than Rs.50 lakh via pension or salary and from only one house property. |
| ITR-2 | The form must be used by shareholders of private companies, Directors of Companies, Non-Resident Indians (NRIs), or individuals who make an income via capital gains, from two or more house properties, and from foreign sources. However, the income of the individual must be more than Rs.50 lakh. |
| ITR-3 | The form must be used by individuals who run a proprietorship or are professionals in India. |
| ITR-4 | Individuals who are under the presumptive taxation scheme must use this form. In order for individuals to join the scheme, they must earn less than Rs.50 lakh from professional income or less than Rs.2 crore from business income. |
| ITR-5 | In order for association and body of individuals, Limited Liability Partnerships (LLPs), and partnership firms to report their income and tax computation, this form must be used. |
| ITR-6 | Companies that are registered in India must use this form. |
| ITR-7 | In case entities are claiming an exemption as universities or colleges, scientific research institutions, political parties, and religious or charitable trusts, this form must be used. |
You can file an ITR by visiting to the official website of the Income Tax Department. However, before you can file the IT Return online, you must first complete the registration process. The Government of India's Income Tax Department (ITD) has modified its web platform for e-filing income tax returns. The redesigned portal simplifies the e-filing process, which can be completed by following the steps below:
In case the returns are not filed by the due date, huge penalties are levied on the taxpayer. Apart from penalties, there could be other inconveniences and consequences that the individual would face in case the returns are not filed. Depending on when the returns are filed after the due date, individuals could face penalties ranging from Rs. 1,000 to Rs. 10,000.
Yes, you can file your Income Tax Return after the due date. However, a penalty will be levied in case the ITR is filed after the due date.
No, it is mandatory to file your ITR. The government get a complete record of how your income is distributed with the help of the ITR.
Yes, it is useful to file your tax returns. In case you wish to apply for a loan, the ITR may be considered as a mandatory document that must be submitted.
E-filing your Income-tax return is nothing but filing your Income-tax return online. As per the latest announcement by the income tax department, at present income tax returns can be filed through the online method only. However, the super senior citizens who are filing ITR 1 or ITR 4 are allowed to use the offline paper mode.
Income from FD (Fixed Deposits) is categorized and should be shown as Income from Other Sources.
You don’t need to pay taxes on your mutual fund income if you have not sold them up to one year of holding. Even if the income earned by selling mutual funds after one year is below 1 lakh, the taxpayer is not required to pay any tax on it. However, it should be shown in ITR 2 under capital gain taxes.
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