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Income Tax Return Filing
Every responsible Indian citizen is required by law to file income taxes with the government. However, you may file your income tax online using today’s technologies. This procedure is quick and precise, with no time limits.
However, submitting an income tax return in India via the official website necessitates the completion of ITR forms. Individuals must complete a different ITR form than salaried employees. This is an important activity since the income tax agency has a variety of documents designated ITR 1 through ITR 7. Each form serves a unique purpose and belongs to a distinct category.
Documents Required for ITR Filing Online
To fulfil IT filing in India, the following documents are necessary
For Salary Income
✓ PAN Card
✓ Form 16
✓ Salary Slip for each month
✓ Detail of any investment or exemption left to be reported in form 16
For CG Income
✓Pan Card & Aadhaar
✓ Bank Statement.
✓Details of Capital Gain.
For Business Owner
✓Trading Report.
✓ Account information for a business.
✓If applicable, a profit and loss statement.
For Trust
✓ Form 10A
✓ Copy of Trust Deed
✓ Documents Evidenced for Incorportation of trust
✓ Account copy for last 3 years immediately preceding the year of applicable is deposited(If Applicable)
Others
✓ Proof of the Investment.
✓ Sale Documents.
✓ TDS Certificates.
✓ Statements of Interest Income.
✓ Receipt regarding mutual funds and other investments.
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Process of Income Tax Return Filing Online
File your ITR online in these simple steps:
- Step 1: Go to the official site of the Income Tax Department.
- Step 2: Create a PAN account, which will serve as your user ID. Registered users can log in by clicking 'Login Here.'
- Step 3: Go to e-file and choose 'Income Tax Return.'
- Step 4: Select the ITR form number and AY from the drop-down menu. You must choose "Original/Revised Return" as your filing type and "Prepare and Submit Online" as your submission option.
- Step 5: Select 'Continue.'
- Step 6: Fill in the required information on the ITR form.
- Step 7: Determine the amount of tax due.
- Step 8: Select the appropriate option from the 'Taxes Paid and Verification' menu.
- Step 9: After that, click 'Preview and Submit.'
- Step 10- Complete the verification procedure using Aadhaar OTP, electronic verification code (EVC) through bank account details, bank ATM, and Demat account details, or send a completed ITR-5 (either quick post or regular mail) to the IT Department.
- Step 11- To complete the submission, enter the OTP/EVC that was issued to your registered cellphone number during its validity time and follow the instructions.
Benefits of Filing Income Tax Return
The benefits of filing income tax returns are:
Paying taxes promptly enhances your financial record and elevates credit scores. This indicates to creditors that you are dependable and reliable, amplifying the likelihood of being approved for loans and financial services.
Visitors need proof as immigration centers check paperwork and tax returns.
Failing to file tax returns can lead to large penalties, so it's wise to file to avoid legal issues.
Filing your taxes on time can improve your financial history and boost credit scores. It shows lenders that you are responsible and trustworthy, increasing your chances of approval for loans and financial products.
Types of ITR Filing Forms
Types of ITR Filing forms are:
ITR 1 (Sahaj)
Individuals with income from a salary, a single-family home, agriculture, or other means. Individual inhabitants with total revenue of up to Rs. Fifty lakhs and agricultural income of up to Rs. 5,000 must complete this form.
ITR 2
This form is intended for individuals and HUFs generating income from sources other than PGBP (profits and gain of business or profession). It might be from a financial gain, a lottery, overseas assets, or anything else, as long as the total income exceeds Rs. 50 lacs. Agriculture revenue should be greater than Rs. 5,000. It is also filed by people who purchased unlisted equity shares during the fiscal year.
ITR 3
Individuals & HUFs earn money via company or professional profits and gains. Therefore, it must also be reported by persons with income as a firm partner.
ITR 4 (Sugam)
Individuals, HUFs, and Firms (other than LLP) with a total income of Rs.50 lakhs from business or profession are considered residents. It also applies to persons who have chosen the presumptive income plan under Sections 44AD, 44ADA, and 44AE of the Income Tax Act.
ITR 7
It must be submitted by those who fall under section 139(4A), section 139 (4B), section 139 (4C), or section 139 4(D), which might be an individual or a corporation.
ITR 5
Firms, LLPs, the Association of Persons, Bois (Body of Individuals), and other entities file ITR 5.
ITR 6
Companies other than those demanding exemption u/s 11 submit ITR 6. (Income from property held for charitable or religious purposes).
Tax Filing Deadlines for Different Taxpayers
Types of ITR Filing forms are:
| Category of Taxpayer | Due date of furnishing of audit report | Due date of flings ITR | Penalty |
|---|---|---|---|
| Individual & HUF (Non Audit case) | 31st July, 2024 | Upto 10,000/- | |
| Individual & HUF (Audit case) | 30th September, 2024 | 31st October, 2022 | Upto 10,000/- |
| Partnership firms (inc LLPs)(Non Audit case) | 31st July, 2024 | Upto 10,000/- | |
| Partnership firms (inc LLPs)(Audit case) | 30th September, 2024 | 31st October, 2022 | Upto 10,000/- |
| Trustm colleges & political parties (Non Audit case) | 31st July, 2024 | Upto 10,000/- | |
| Trustm colleges & political parties (Audit case) | 30th September, 2024 | 31st October, 2022 | Upto 10,000/- |
| Companies including private limited companies & OPC | 30th September, 2024 | 31st October, 2022 | Upto 10,000/- |
Which tax form should be submitted?
The following details will help you find out which type of income tax return is applicable to you for Financial Year:
ITR 1(Salary+other Income)
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs 5000.
ITR 2(Salary+Stock Market+ other Income)
- Income from Salary/Pension
- Income from House Property
- Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
- If you are an Individual Director in a company
- If you have had investments in unlisted equity shares at any time during the financial year
- Being a resident not ordinarily resident (RNOR) and non-resident
- Income from Capital Gains
- Having any foreign income
- Agricultural income more than Rs 5,000
- Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
- If tax has been deducted under Section 194N
- If in case payment or deduction of tax has been deferred on ESOP
- If you have any brought forward loss or loss needs to be carried forward under any income head
The income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
The total income can be more than Rs 50 Lakhs.
ITR 3(Salary+Stock+F&O+Intraday+other Income)
- Carrying on a business or profession
- If you are an Individual Director in a company
- If you have had investments in unlisted equity shares at any time during the financial year
- The return may include income from House property, Salary/Pension and Income from other sources
- Income of a person as a partner in the firm
ITR 4(Business Income+other Income)
- Business income according to the presumptive income scheme under section 44AD or 44AE
- Professional income according to presumptive income scheme under section 44ADA
- Income from salary or pension up to Rs 50 lakh
- Income from one house property, not more than Rs 50 lakh (excluding the amount of brought forward loss or loss to be carried forward)
- Income from other sources having income not more than Rs 50 Lakh (excluding income from lottery and race-horses )
- Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs 50 lakhs.
- A presumptive income scheme under sections 44AD, 44AE and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i.e. when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR-3.
ITR 5(Partnership/LLP)
ITR-5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
ITR 6(Companies)
For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes), this return has to be filed electronically only.
ITR 7(Trust)
For persons including companies required to furnish returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).
- Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
- Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount, not chargeable to income-tax.
- Return under section 139(4C) is required to be filed by every –
- Scientific research association;
- News agency;
- Association or institution referred to in section 10(23A);
- Institution referred to in section 10(23B);
- Fund or institution or university or other educational institution or any hospital or other medical institution.
- Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish a return of income or loss under any other provision of this section.
- Return under section 139(4E) must be filed by every business trust which is not required to furnish a return of income or loss under any other provisions of this section.
- Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish a return of income or loss under any other provisions of this section.
Penalties for Non Filing ITR
| E-filing Date | Income Below Rs 5,00,000/- | Income Above Rs 5,00,000/- |
|---|---|---|
| Upto 31 stJuly 2024 | 0 | 0 |
| Between 31 st July to 31 st December 2024 | 1000/- | 5000/- |
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FAQs
Income tax returns or ITR are the tax forms used to declare the details of your income to the Income Tax Department to assess the amount you need to pay as income tax in a financial year.
Every Indian citizen whose gross total income exceeds the taxable limit must file an ITR. This implies, individuals and Hindu Undivided Families (HUFs) with total annual income exceeding Rs. 2,50,000 are required to file the income tax returns. For senior citizens (individuals between 60 years and 80 years of age) the threshold is Rs 3,00,000, and that for very senior citizens (aged above 80 years) it is Rs 5.00,000.
No, it is not mandatory to file an income tax return if your annual income is below Rs 2,50,000.
There are many advantages of filing ITR online. Some of the benefits are as follows:
- Quick processing: You will get the acknowledgement of ITR promptly. Refunds, if any, are processed faster online than paper-filed returns.
- Accuracy: E-filing software minimizes errors
- Convenience: E-filing facility is available and can be done at your convenience
- Privacy: The data entered by you are safe as they cannot be accessed by anyone
- Record of past ITRs: It is easier to access previous data, should you need them at any time in future.
Yes, in case of Income Tax Return filing, it is mandatory for every source of income you have to maintain proof of earning as specified under the Income-tax Act 1961.
It is easy to file your income tax returns online using the Income Tax e-Filing system. You only need a few documents to file your income tax return online. If you search for "how to apply for ITR", you will find that e-filing is an easier process.
If you don't file your tax statements on time, you could be charged a penalty ranging from Rs. 10,000 to Rs. 1,00,000. In addition, there is a daily fee of Rs. 200 until you pay your taxes. This is under Section 234E.
- Anyone with a valid PAN can file an IT return.
- Companies and enterprises are required to file ITRs.
- Individuals whose taxable amount exceeds the maximum amount not subject to taxation must file an income tax return
Forms 15G and 15H are self-declaration forms that an individual sends to the bank to request that TDS on interest income not be deducted since their income falls below the basic exemption level.
Yes, it is necessary to attach documents while filing for ITR.