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All responsible Indian citizens are required to file an income tax return with the government. According to the tax laws established in India, if your income exceeds the basic deduction limit, you are required to file an income tax return. The taxpayer's income tax rate is predetermined. However, filing of Income Tax Return can be done through the official website of Govt. But this has various types of complexities related to ITR forms. And each ITR form has its own requirement related to suitable category.
This complexity of the ITR form requires the help of a Professional. You can easily fill your ITR with Law Samadhan.
| ITR FORM | CATEGORY OF TAXPAYER |
|---|---|
| ITR 1 | For individuals being a resident having total income upto Rs.50 lakh , having Income from Salaries, Agriculture ( < Rs.5000) |
| ITR 2 | For Individuals and HUFs having income from capital gain, lottery, foreign assets, etc. And having total income of more than 50 lakhs [HUF – Hindu Undivided Family] [ Agriculture income more than 5000] |
| ITR 3 | For Individuals and HUFs having income from a proprietary business or is carrying on a profession |
| ITR 5 | ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), Bois (Body of Individuals) ,Artificial Juridical Person (AJP)etc. |
| 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 6 | For Companies other than companies claiming exemption under section 11 |
| ITR 7 |
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)or section 139(4E) or section 139(4F) *Persons/Companies fall under ITR 7 - Trust or other Charitable Organization - Political Party - News agency, Scientific research association - Association or Institution or University or other educational institution - Any Hospital or Other Medical Institution - Business Trust and Investment Fund |
| TAXPAYER CATEGORY | Due Date for Tax Filing- FY 2021-22 * |
|---|---|
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2022 |
| Businesses (Requiring Audit) | 31st October 2022 |
| Businesses (Requiring TP Report) [TP- Transfer Pricing] | 30th November 2022 |
For individuals
• Aadhar card
• PAN card
• Bank statement
• Proof of Investment(s)
FOR SOCIETY/TRUST/AGENCY
• Pan of Institution
• Details of Members
• Income and Expense Statement
• Previous Statement/Audit Report, If Any
For Partnership Firms/LLP
• PAN card of Firm and Partners
• Aadhar of Partners
• Balance sheet
• Profit or Loss statement
For Company (Pvt. Ltd. /OPC)
• Details of Directors and Shareholders
• PAN and MOA of Company
• Balance sheet
• Profit or Loss statement
Additional Document Requirement
• If Income from salary – Slip of Salary
• If Income from House Property – Rent Receipt
• If Income from Business
>> Business Details
>> Financial Statements
• If Income from Capital Gain – Sale/Purchase Document of Asset
In India, income tax return filing refers to the process of submitting financial information to the government regarding a person's or business' income and taxes paid. It is important as it ensures compliance with Indian tax laws and regulations and can help to avoid penalties and fines.
Individuals, businesses, and organizations whose income exceeds the threshold set by the Indian government are typically required to file income tax returns.
In India, income tax returns can typically be filed online through the Income Tax Department's e-filing portal or through an authorized tax professional.
Not filing income tax returns in India can result in penalties and fines, as well as the potential cancellation of business registration.
Yes, income tax returns in India can be revised or corrected within a specified time frame as per the laws and regulations of the Indian government.