Income Tax Returns Filling


Income Tax Returns Filling

  1. Types of Income Tax Return Forms: The Income Tax Department of India provides several types of income tax return (ITR) forms, each designed for different types of taxpayers and sources of income. The most commonly used forms include:

    • ITR-1 (Sahaj): For individuals having income from salary, one house property, other sources (excluding winnings from lottery and racehorses), and having total income up to ₹50 lakh.
    • ITR-2: For individuals and Hindu Undivided Families (HUFs) not carrying out business or profession, having income from more than one house property, capital gains, and other sources.
    • ITR-3: For individuals and HUFs having income from business or profession.
    • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) having presumptive income from business or profession.
    • ITR-5: For persons other than individuals, HUFs, companies, and persons filing ITR-7.
    • ITR-6: For companies other than those claiming exemption under Section 11 (charitable/religious trust, etc.).
    • ITR-7: For persons including companies required to furnish return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D).
  2. Online Filing: The Income Tax Department encourages online filing of income tax returns through their official website (https://www.incometax.gov.in/). Taxpayers need to register on the website to file their returns electronically.

  3. Gathering Information: Collect all the necessary documents, such as Form 16 (provided by employers), Form 26AS (which contains details of taxes deducted on your behalf), details of bank accounts, investment statements, and other relevant financial information.

  4. Filling the Form: Fill in the required information in the selected ITR form. This includes personal details, income details, deductions, and tax payments.

  5. Verification: After filling the form, verify the information provided. Review all details to ensure accuracy.

  6. Submitting the Form: If filing online, submit the form electronically on the official income tax e-filing portal. You can use your digital signature, Aadhaar-based OTP, or electronically verify the return using the Electronic Verification Code (EVC).

  7. Acknowledgment: After successful submission, an acknowledgment (ITR-V) is generated. You should download, print, sign, and send it to the Income Tax Department within 120 days of filing as a physical verification.

  8. E-Verification: If you choose to e-verify your return using Aadhaar OTP or EVC, you do not need to send the physical ITR-V.

  9. Response: Upon successful processing of your return, you will receive an intimation from the Income Tax Department regarding any discrepancies or the status of your refund, if applicable.

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