ITR stand for Income Tax Return Filing. It’s a form that is required to be filed by the person for declaring Income earned by him in the preceeding FY. Person includes Individual, LLP, Company, AOP, BOI, Trust, Artificial Judicial Person, HUF etc. as per the deadlines prescribed under the Income Tax Act, 1961.
Filing an ITR ensures that Person is complying with the annual obligation and Govt. also ensure and check whether the tax paid by the person is appropriate.
Various ITR FORMS to be filed are mentioned below
ITR-1: For salaried individuals with income up to ₹50 lakh
ITR-2: For individuals with income from salary, house property, capital gains
ITR-3: For individuals having income from business or profession
ITR-4 (Sugam): For individuals opting for the presumptive taxation scheme
ITR-5, 6, 7: For companies, firms, LLPs, and other entities
Steps Involve in Filing of ITR
Accumulate all the documents
Check the documents and accordingly prepare the form according to the status of the person.
After preparation file it on ITR Portal
Then E verification will be done either by Aadhar OTP, DSC or sending physical copy to the Centralized Processing Centre (CPC) in Bengaluru.
Important Points
Due Dates
For individual, and other person whose book of account not being audited under section 44AB then the due date for filing of the return is 31st July.
For Company and person whose books of account being audited under section 44AB then the Due date for ITR is 30th October.
If the company fall under the provision of Transfer pricing then the due date of the same is 30th November.
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Eligibility
Individuals:
Must be above 18 years
Residential Individual- Total income generated within or outside the India will be taxable in India. If the Individual is non resident then the income sourced from india will be taxable in India.
Companies and Firms:
Domestic Companies: Must file ITR irrespective of income or loss.
Partnership Firms and LLPs: Required to file ITR regardless of profit or loss.
Other Entities:
Hindu Undivided Families (HUFs): Must file ITR if the total income exceeds the basic exemption limit.
Trusts and Societies: Required to file ITR if they have taxable income.
Artificial Juridical Persons: Entities like associations, bodies, or clubs must file ITR.
Documents Required for ITR Filing
The following documents are required for the Filing of ITR:
Pan Card & Aadhar card
Bank statement
Form 16/16A in case of Salaried individual
Form 26AS for TDS receivable
Investment proof for deduction calculation
Rent Agreement & receipt in case of House Property
Sale Deed, Ownership Transfer Certificate in case of Capital Gain
COI of company
DEED in case of Partnership, LLP, Firm, etc.
Pan Card of Company
Audited Financial statement of Company, LLP, Individual etc.
Benefits Of Getting Itr Filing
Enables you to carry forward losses to subsequent years for set-off against future income, potentially reducing your tax liability in the upcoming years. liability.
Acts as official documentation of your income, which can be served as proof for various financial transactions and verifications.
Allows you to claim refunds for any excess taxes paid, ensuring you get back what you owe.
Ensures you can claim all eligible deductions and tax credits, optimizing your tax savings.
Regular and accurate filing reduces the likelihood of scrutiny or audit by tax authorities.
FAQs
ITR filing is the process of submitting details of your income, deductions, and taxes paid to the Income Tax Department to calculate your tax liability.
The due date for filing ITR is usually July 31st of the assessment year and for Companies and persof of whom books are audited under section 44AB is 30th October and in case of Transfer Procing the Due date is 30th November.
Yes, you can revise your ITR if you discover any errors or omissions after filing. The revision must be done before the due date or before the assessment year, whichever is earlier.
The due date for filing a belated return is December 31st of the assessment year.
