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The Income Tax Return is a form that contains information about an assessee's earnings and taxes paid. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7 are all forms used by the Indian Income Tax Department.
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Income Tax Return Filing

An Overview- Income Tax Return E-Filing

The Income Tax Return is a form that is used to file income tax with the Income Tax Department. The income tax is a tax levied by the government on a person's earnings.

Every citizen is responsible for filing income taxes. The IT department examines these income declarations, and if any sum has been paid in error, the excess is refunded to the assessee's bank account. To avoid penalties, all entities must file their taxes on time.

The Income Tax Return is a form that contains information about an assessee's earnings and taxes paid. ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, and ITR 7 are all forms used by the Indian Income Tax Department.

Income Tax Return Forms Issued by Income Tax Department

Here is the list of Income tax Return forms.

  • ITR-1

    It is also known as SAHAJ. It is applicable for those individuals who are having total income upto Rs. 50 lakhs, having salary/ pension income/ income from one house property or income from other sources (not lottery, horse race etc.) and agriculture income upto Rs. 5 thousand.

  • ITR-2

    ITR-2 form is applicable for those individuals or HUFs, who are not having taxable income in the profit and gain of business or profession.

  • ITR-3

    This form is meant for Individuals and HUFs having income from profit and gain of business or profession.

  • ITR-4

    For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

  • ITR-5

    This form is applicable for persons other than Individual, HUF, Company, and Person filing Form ITR-7, i.e. it is applicable to a firm, LLPs, Association of Persons (AOP), Body of Individual (BOI), artificial juridical person, cooperative society, local authority.

  • ITR-6

    This form can be used by a company except religious/ charitable trusts or companies claiming exemption under section 11.

  • ITR-7

    It is applicable for persons including companies required to file return under section 139(4A), 139(4B), 139(4C), 139(4D) like trusts, colleges, institutions and political parties.

Benefits of Income Tax Return Filing

Filing a return is your responsibility, and it gives you the honour of consciously contributing to the nation's development. Apart from that, your tax returns establish your creditworthiness in the eyes of financial institutions, allowing you to obtain a variety of financial benefits such as bank credits and so on.

Loans facility

You can easily get loans from banks by submitting your three years income tax returns. You can avail loans like educational, personal and vehicles loans easily.

Visa

At the time of VISA application income tax returns of past 3 years must be submitted in embassies and consulates.

Avoid penalties

If you failed to file your tax returns in accordance with the Income Tax Act, the tax officer has the authority to levy a penalty of up to Rs.5,000.

Obtain a Tax Refund

Even if your total taxable income is less than the basic exemption limit and you have no tax liability for the year, tax may have been deducted (TDS) from your earnings. You will have to claim TDS refund in this scenario, and you will be required to file an Income Tax Return.

A detailed process- How to file Income Tax Return Online

For hassle free ITR filing, you can get Startup Club India help and guidance. Here is the detailed process for Income Tax Return filing.

  • Gather all the documents and details (like-bank statement, Last year returns and form 16).
  • Check and download 26AS.
  • Correct any inaccuracies on Form 26AS that you find.
  • Calculate the total revenue for the financial year.
  • Determine the final amount of tax due, if any.
  • After all taxes have been paid, file your income tax return.
  • Verification of ITR.
  • Acknowledgement of e-verification.

Get Connected to Startup Club India expert team and Get your Income Tax Retrun filed before due date

Due dates for Income Tax Returns filing

The due date for filing income tax returns is the last day to file returns without incurring a late fee or penalty. Taxpayers who file their returns after the due date must pay interest and a penalty under section 234A and 234F.

It is critical for all taxpayers to keep in mind the deadline for completing their income tax returns. The due date varies depending on the taxpayer. Salaried people, for example, are normally required to file their income tax returns by July 31st, whereas companies subject to audit can file their returns by October 31st of the assessment year.

Here is the list for due date of FY 2021-22

  • For individuals/ HUF/ AOP/ BOI (books of accounts not required to be audited), due date of ITR filing is 31st July
  • For businesses (requiring audit), due date is 31st October
  • For businesses (requiring TP Report), due date is 30th November

Stay connected with us for more updates as it keeps on changing from time to time.

Documents required for online Income tax Return filing in India

If you have income from salary and capital gains, these documents should be kept handy while ITR filing online in India:

  • Form-16
  • Salary slips.
  • Interest certificates from banks and post office
  • Form-16A/Form-16B/Form-16C
  • Form 26AS
  • Tax-saving investment proofs
  • Deductions under section 80D to 80U
  • Home loan statement from bank/NBFC
  • Capital gains Statement
  • Aadhaar card

Who should file Income Tax Returns?

Following individuals or persons are required to file income tax returns as per income tax law:

  • If the total of one's earnings exceeds the basic tax exemption ceiling, one must file an ITR.
  • Any individual who owns an asset (including a financial interest in a company) outside of India.
  • A person with signing authority over any account outside of India.
  • A person who is the beneficiary of any asset (including a financial interest in a company) located outside of India.
  • An individual has deposited more than Rs 1 crore in a current account with a bank or a co-operative bank in a financial year.
  • An individual has spent more than Rs 2 lakh on foreign travel in a financial year.
  • In a financial year, an individual has spent Rs 1 lakh or more on electricity.
  • Filing an income tax return may be required when obtaining tax treaty relief, claiming a refund of excess withheld taxes, or applying for a personal loan, among other things.

Why Startup Club India?

Income Tax Return filing is now very simple with an online process. You can get your income tax return filing without leaving your home. We, Startup Club India provide excellent service to taxpayers with all documentation procedures.

We will help you in

  • Computation of total income
  • Tax Calculation
  • Payment of taxes
  • Filing Income tax Return
  • Suggest investment options to save taxes

200+ Excellent Team

We are having a professional team for your help and guidance across India.

Most Rated

We are the most valued professionals team. We have brought a new and excellent way to provide ITR service.

FAQs on ITR filing online

The Income Tax Return is a form that is used to file income tax with the Income Tax Department. The income tax is a tax levied by the government on a person's earnings.
Go to the E- filing portal and follow the procedures mentioned above. For any help contact Startup Club India support team.

ITR-1 SAHAJ form can be used by the individuals whose income is from

  • Salary or pension
  • House property
  • Other sources

Taxpayers who file their returns after the due date must pay interest and a penalty under section 234A and 234F.

The different types of form issued by the Income Tax Department are - ITR-1, ITR-2, IT-3, ITR-4, ITR-5, ITR-6, ITR-7.
The following precautions should be taken while filing ITR
  • File your returns before the due date.
  • Download form 26AS to confirm the actual TDS/TCS.
  • Carefully read the documents required for filing income tax.
  • Check the validity of personal details.
  • Check whether it is submitted with DSC and verified electronically. If not then send a copy of acknowledgement to CPC Bangalore within 120 days.

Government collects taxes in three ways-

  • Advance and Self Assessment tax
  • TDS (Taxes Deducted at source)
  • TCS (Taxes Collected at source)

You can contact Startup Club India for any issue relating to ITR filing. Our experts are just one call away from you.

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