Income Tax Return Filing
ITR Filing is the annual process of declaring your income, deductions, and tax paid to the Income Tax Department through a prescribed form. It's mandatory for individuals and businesses whose income exceeds the basic exemption limit, and confirms your tax compliance for the financial year needed for loans, visas, and refund claims too.
WHAT YOU NEED
Types of ITR Forms
- 1. ITR-1 (Sahaj) Salaried individuals with income up to ₹50 lakh
- 2.ITR-2 — Individuals with capital gains or multiple properties
- 3.ITR-3 — Individuals/HUFs with business or professional income
- 4.ITR-4 (Sugam) Presumptive income for small businesses/professionals
- 5.ITR-5 — Firms, LLPs, and AOPs
- 6.ITR-6 — Companies (other than those claiming exemption under Section 11)
Who must file
- 1.Individuals with income above the exemption limit
- 2.Businesses, firms, and companies regardless of profit/loss
- 3.Those seeking to claim a tax refund
Documents Required
For Individuals:
PAN Card & Aadhaar Card- Form 16 (for salaried individuals)
- Bank statements
- Investment proofs (for deductions under 80C, 80D, etc.)
- Business income/expense records (for business owners)
