ITR Filing

Income Tax Return (ITR) Filing

Income Tax Return (ITR) filing is a process by which individuals and businesses report their income and taxes to the government. Income tax is levied by the Central Government on the earnings of individuals and businesses, with taxes paid in advance during the financial year. The actual calculation of income and tax liability, however, is submitted in the Assessment Year through an ITR. Different taxpayers need to file specific ITR forms, and deadlines vary based on the criteria.

The recent changes in ITR forms have simplified the process, but they also require taxpayers to substantiate claims for expenses, exemptions, and deductions. Hence, seeking assistance from professionals ensures accurate and timely filing.

Documents Required for ITR Filing

• PAN Card (for individual or company)

• Aadhar Card (for individual or company directors/partners)

• Cancelled Cheque (for bank account details)

• Bank Account Statement (for the relevant financial year)

• Financial Statements (for business entities, excluding proprietorship)

• Investment/Expenses under Section 80 (details of deductions claimed)

• Form 16 (for salaried employees to claim TDS deductions)

Types of ITR Forms

• ITR 1 (Sahaj) – For income from salary and interest.
• ITR 2 – For income other than business income.
• ITR 4 – For income including business income.
• ITR 4S (Saral) – For presumptive tax, where 8% of turnover is deemed income.
• ITR 5 – For partnership businesses reporting all types of income.
• ITR 6 – For companies reporting all types of income.

Benefits of Filing Income Tax Returns