Personal Tax return filing for an individual with salary income.Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during the year.The Income Tax Department has prescribed 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.
| Type | Applicability |
|---|---|
| ITR-1 | ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. |
| ITR-2 | ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs. |
| ITR-3 | ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India. |
| ITR-4 | ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income. |
| ITR-5 | ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax. |
| ITR-6 | ITR-6 form must be filed by companies registered in India. |
| ITR-7 | ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities. |
Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. IndiaFilings provides income tax E-filing services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.
Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:
| Link Aadhaar with PAN |
| Application Form |
| Bank statement/passbook for interest on a savings account. |
| TDS certificate issued by banks and others. |
Document required for Business Tax Filing
Document required for TDS Filing
Document required for GST Registration
Document required for GST Return Filing
Document required for Trademark Registration
Document required for company Registration
Document for private Limited Registration
Partnership company Registration
1. When am I supposed to file my income tax returns?
Individuals, NRIs, partnership firms, LLPs, companies and Trusts are supposed to file Income Tax Returns every year.
2. Is there a penalty if I fail to file my Income Tax Returns?
Yes, taxpayers who do not file their Income Tax Return on time are subject to penalty and charged an interest on the late payment of income tax. The penalty for late filing has been increased recently.
3. Why is ITR-5 filed?
ITR-5 form is filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
4. Who is supposed to file ITR-2?
ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs. 50 lakh.
5. Who is supposed to file ITR-3?
ITR-3 form must be filed by professionals or people who are operating a proprietorship business in India.
