INCOME TAX RETURN
FOR SALARIED INCOME
For Individual earning from salary as their main source of income.
FOR BUSINESS INCOME
For Individual earning from business profits as their main source of income.
Documents Required are:
For Salaried Income
PAN Card, Mobile Number, Form 16 (if Available).
For Business Income
PAN Card, Mobile number, One Year Bank Statement from 1st April to 31 March.
Income Tax Return (ITR) filing in India is the process by which individuals, businesses, and other entities report their annual income, deductions, and taxes paid to the Income Tax Department. It is a legal requirement under the Income Tax Act, 1961, for anyone whose income exceeds the prescribed exemption limit.
What is Income Tax Return (ITR)?
An Income Tax Return (ITR) is a formal document submitted to the Income Tax Department.
It declares total income earned, taxes paid, and deductions claimed during a financial year.
Filing ITR ensures compliance with tax laws and acts as proof of income for various financial and legal purposes.
Why is ITR Filing Important?
Legal Requirement: Mandatory for individuals and entities whose income exceeds the exemption threshold.
Proof of Income: Serves as official documentation of earnings.
Tax Refunds: Enables taxpayers to claim refunds if excess tax has been paid.
Loan & Visa Applications: Banks and embassies often require ITRs as proof of financial stability.
Loss Carry Forward: Allows taxpayers to carry forward business or capital losses to offset future gains.
Who Needs to File ITR?
Individuals earning above the basic exemption limit.
Companies and Firms, regardless of income.
NRIs (Non-Resident Indians) with income in India.
Entities claiming tax refunds or deductions.
Types of ITR Forms
Different forms are prescribed for different categories of taxpayers:
ITR-1 (Sahaj) – For salaried individuals with income up to ₹50 lakh.
ITR-2 – For individuals/HUFs with income from capital gains, foreign assets, or more than one property.
ITR-3 – For individuals/HUFs with business or professional income.
ITR-4 (Sugam) – For presumptive income taxpayers (small businesses/professionals).
ITR-5, ITR-6, ITR-7 – For firms, companies, and trusts.
⚖️ Deadlines & Penalties
Due Date: Generally, 31st July of the assessment year for individuals.
Late Filing Penalty: ₹1000 to ₹5,000 under Section 234F.
Interest on Late Payment: Charged under Section 234A/B/C.
✅ In summary: Filing an ITR in India is not just about paying taxes—it’s about maintaining financial credibility, ensuring compliance with the law, and unlocking benefits like refunds, loans, and visas.