Updated on April 24, 2025 10:17:43 AM
As per Section 139(1) of the income tax act, 1961, any individual earning more than Rs 2.5 lakhs and crosses this specified exemption limit is liable to pay income tax return. It is mandatory for individuals to file income tax return if they are earning from the following sources –
Form ITR 1 or Professional Utilities is used for filing tax return by taxpayers whose earnings are up to Rs 50 Lakhs.
Filing of business tax return depends upon the type of business you are doing – whether it is Sole Proprietorship,Partnership Firm , Private Limited Company or Limited Liability Partnership (LLP). It is mandatory for businesses to file books of accounts, if they meet any of the following conditions mentioned below –
As per Section 44AD and 44AE of the income tax act, Form ITR 4 is used by the businesses to file income tax return in case they opt for the presumptive income scheme.
Any HUF having income of more than Rs 50 Lakhs needs to file ITR 2 while filing income tax return. It is mandatory for individuals and HUF’s to file income tax return if they are earning from the following sources –
Any trust earning income of more than Rs 25 Lakhs and crosses this specified exemption limit set by the income tax department is liable to pay income tax return. Following trusts are needed to file income tax return mandatorily to the income tax department –
Form ITR 5 or ITR 7 is used by trusts to file income tax return. ITR 5 is filed when the income earned by trust is more than the basic exemption limit whereas form ITR 7 is used when ITR is filed under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) mandatorily as per income tax act.
Form ITR 5 is used by the partners in a partnership firm to file income tax return. You must maintain all your business records and share the same with income tax department, as and when required. The rate of income tax charged from a partnership firm is 30%. Partnership firms are also liable to pay 12% income tax surcharge in case their total income goes beyond Rs 1 Crores. Along with this, education cess and secondary higher education cess is also paid by the partnership firm.
NRI tax return filing is basically a tax return filed by the individual who is a citizen of India or a person of Indian origin but not a resident of India. It is filed by NRI’s living in other countries of the world. NRI’s should file the return or not depends upon its taxable income which they earn in India.
Before filing NRI return, NRI’s identify their residency status to know whether they are eligible for paying income tax or not. For example – An NRI earning from a house property in India as a landlord must pay income tax to the tax department, if he or she is earning rental income from property in India and the amount is also exceeding the exemption limit specified by the tax department. NRI needs to pay tax on the following types of income –
The following persons can file income tax returns to the income tax department –
An individual has to mandatorily file income tax return in India in the following conditions –
The benefits of filing ITR returns are as follows -
| Type of income | Name of document |
|---|---|
| Salary Income |
|
| Income from business or profession |
|
| Income from other sources |
|
| Capital gains income |
|
| Tax saving investments |
|
| Trust |
|
| Taxpayers | ITR Filing Date |
|---|---|
| All individuals, HUF’s, Association of persons, body of individuals who needs to file ITR return and not liable for accounts audit lies into this category | 30th Nov of the relevant assessment year |
| All individuals, companies (sole proprietorship firms, partnership firms), persons of firms who needs to file IT returns and liable for accounts audit lies into this category | 31st October of the relevant assessment year as per Finance Bill 2020 (Previously it was the 30th Day of September) |
| Taxpayers who required to furnish reports u/s 92E | 30th November of the relevant assessment year |
| Deadline for filing late income tax return for all individuals & companies | 31st march of the immediate next year |
In order to file your income tax return offline, the procedure for the same is given below –
Step 1 - In the first step, visit the income tax department website www.incometaxindia.gov.in and choose e-filing option.
Step 2 - After selecting the option, you will be redirected to another website where you easily select and even download the ITR form required by you.
Step 3 - For particular assessment year, IT department contains two utilities – Excel utility and Java facility. You can easily choose any of them.
a) In Case You Choose Excel Utility
b) In Case You Choose Java Utility
The procedure of filing income tax return is as follows –
Step 1 - Go to Income tax department portal www.incometaxindia.gov.in and register yourself. Your PAN will be your User ID and you have to make unique password online to login your account.
Step 2 - Check your tax credit statement - Form 26AS which gives you information about all the taxes deducted by the income tax department in the previous financial year.
Step 3 - Ensure that the calculated TDS shown in form 16 should match with the ones in 26AS statement.
Step 4 - In the fourth step, click on income tax return forms and choose the current financial year. You can easily download the ITR form from the income tax website. One more option is there to complete the process on the e-portal itself by clicking on “E-file ITR” link.
Step 5 - You can use spreadsheet through MS-office, open office or other online spreadsheet application. It can be filed easily by filling details taking the help of form 16.
Step 6 - Click on “Calculate tax” to calculate the amount of tax you need to pay. If applicable, pay the calculated tax and fill the challan details in the tax return after paying the same to the income tax department.
Step 7 - Check all information by clicking on “validate” tab
Step 8 - Generate the “XML file” and save the same on your computer.
Step 9 - Upload the return by selecting the previous XML file you saved into your computer. You will also get an option to digitally sign the file. In case you are having digital signature, click yes, else no.
Step 10 - After submitting the application, you will get the acknowledgement in the form of ITR-V. You can download the acknowledgement form and keep it with you for future reference.
Step 11 - In the last step, Send the printed copy of ITR-V to the income tax department via normal or speed post within 120 days from the date of submitting the return. You can also e-verify your tax return. After e-verifying the tax return, there is no need to send the copy of ITR-V to the income tax department via post. You can also contact Professional Utilities for filing your returns online accurately.
You can carry forward losses against house property and depreciation.
You can claim tax refund; the earlier you file the sooner you will get the refund.
Most embassies and consulates require you to submit IT returns for the last 3 years.
Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.
Taxpayers are often served notices from the IT department for delayed & missed return submissions.
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
As per Section 139(1) of the income tax act, 1961, any individual earning more than Rs 2.5 lakhs and crosses this specified exemption limit is liable to pay income tax return. It is mandatory for individuals to file income tax return if they are earning from the following sources –
Filing of business tax return depends upon the type of business you are doing – whether it is Sole Proprietorship,Partnership Firm , Private Limited Company or Limited Liability Partnership (LLP). It is mandatory for businesses to file books of accounts, if they meet any of the following conditions mentioned below –
As per Section 44AD and 44AE of the income tax act, Form ITR 4 is used by the businesses to file income tax return in case they opt for the presumptive income scheme.
Form ITR 5 is used by the partners in a partnership firm to file income tax return. You must maintain all your business records and share the same with income tax department, as and when required.
At Professional Utilities, we leverage our industry knowledge and expertise to help businesses navigate complex regulations, minimize risks, and optimize operations for maximum efficiency and profitability.
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Yes, deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you've paid all the tax you needed to pay. The income tax return is also a very useful document when it comes to applying for a loan or visa.
You can pay tax to the government directly on the Income Tax Department website using your netbanking account with challan 280.
Great question! There are nine forms - ITR 1, 2, 2A, 3, 4, 4S, 5, 6 and 7 for each type of tax situation. Honestly, choosing the correct income tax form is a lot of work. Which is why if you are e filing with ClearTax, we automatically decide the correct income tax return form.
Yes, you can file income tax returns for the years you have missed. However, you can file previous year returns manually after contacting your Assessing Officer. For F.Y 2017-18, you can only e-file the income tax returns up to 31 March 2019. No past years' returns can be e-filed.
ITR-V is a 1-page document that you receive after e-filing your income tax return. You must print, sign and send it to the Income Tax Department within 120 days from e-filing your tax return.
You can file ITR 1 if the agricultural income is up to Rs 5,000. For agricultural income exceeding Rs 5,000, you have to file ITR 2.To know about ITR 2.Click here.
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
The excess tax paid can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. Don’t make mistakes in mentioning bank details such as account number,IFSC code etc in the ITR form.
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