Description

🧾 Income Tax Return (ITR) Filing – What Every Taxpayer Must Know

Filing an Income Tax Return (ITR) is the process of reporting your income, deductions, and taxes paid to the Income Tax Department through prescribed forms. It is a legal obligation and an essential step to remain tax compliant.

✅ What is ITR?

An Income Tax Return (ITR) is a form in which a taxpayer declares:

• Income earned during a financial year
• Deductions and exemptions
• Tax paid or refund claim

Filing ITR helps in determining the tax liability or refund for that financial year.

📋 Types of ITR Forms (As per Assessment Year 2020–21 onwards)

ITR Form	Applicable To	Key Conditions
ITR-1 (Sahaj)	Resident Individuals (not Ordinarily Resident)	Income up to ₹50 lakh, income from salary, one house property, other sources, and agricultural income up to ₹5,000
ITR-2	Individuals & HUFs	Not having income from business or profession
ITR-3	Individuals & HUFs	Having income from business/profession
ITR-4 (Sugam)	Individuals, HUFs, Firms (excluding LLPs)	Income up to ₹50 lakh under presumptive taxation (44AD, 44ADA, 44AE)
ITR-5	Firms, LLPs, AOPs, BOIs, etc.	Not eligible to file ITR-1 to ITR-4 or ITR-7
ITR-7	Trusts, political parties, institutions, etc.	Required to file under sections 139(4A)-(4D)

📌 Who Must File Income Tax Returns?

Category	Threshold (Annual Income)
Individuals < 60 years	₹2.5 lakh
Senior Citizens (60–80 years)	₹3 lakh
Super Senior Citizens (>80 years)	₹5 lakh

Other mandatory cases:

• If tax has been deducted (TDS)
• If income exceeds exemption limits after deductions
• If you want to claim a refund or carry forward losses
• If you hold foreign assets or income
• If you are a company, LLP, or firm

📤 How to File ITR?

You can file your ITR in 2 ways:

1. Online (Direct Entry on Portal) – For ITR-1 & ITR-4
2. Offline Upload (XML Upload) – For all ITRs

Steps to File:

1. Visit www.incometaxindiaefiling.gov.in
2. Register/Login with PAN
3. Choose appropriate ITR form
4. Fill details, upload and submit
5. e-Verify your return within 120 days

🔍 How to View Filed Returns?

1. Log in to e-Filing portal
2. Go to ‘My Account’ → ‘View e-Filed Returns/Forms’
3. Select return type and assessment year

🔁 Can I file ITR for previous years?

As per the current law, you cannot file ITR for more than 1 previous year. The belated return can be filed only up to 31st December of the assessment year with a late fee.

🧾 What If You Don’t File ITR?

• Penalty up to ₹5,000 under section 234F
• Interest on tax due
• Ineligible to carry forward losses
• Notice or legal action by the Income Tax Department

📅 Last Date for ITR Filing

• For Individuals/Non-Audit Cases: 31st July
• For Audit Cases: 31st October

🛠 Benefits of Filing ITR

• ✔ Avoid penalties and legal notices
• ✔ Essential for bank loans and financial credibility
• ✔ Required for visa applications
• ✔ Claim refunds on excess TDS
• ✔ Carry forward business or capital losses

Required Documents

• PAN Card
• Form 16 ( for salaried employee)
• Form 26 AS
• Details of savings
• Bank Statement for all bank
• PAN Card
• Aadhar Card
• Income Tax portal log in Credential
• Mobile no
• Email id

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