Income Tax Return
Income Tax Return (ITR) is a form a person should 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. Income from salary, Profits, and gains from business and profession. Income from house property.
Income Tax Form:-
Types of Income Tax Return Forms: – To file tax returns Income Tax Department issued a series of forms applicable to different of assesses:
- ITR 1: For Individuals having Income from Salaries, one house property, other sources (interest, etc.), and having total income up to Rs.50 lakh.
- ITR 2: This form is applicable For individuals & HUFs not carrying out business or profession under any proprietorship.
- ITR 3: This form is applicable For Individuals & HUFs having income from a proprietary business or profession.
- ITR 4: This form is applicable For presumptive income from Business & Profession.
- ITR 5: This form is applicable for For persons other than – (i) individual,(ii)HUF, (iii) company, and (iv)person filling ITR-7
- ITR 6: This form is applicable For Companies other than companies claiming exemption under section 11
- ITR 7: This form is applicable For persons including companies required to furnish returns under section 139(A) or section (1394B) or section 139(4C) or section 139(4D) or section 139(4E)
Benefits of Income Tax Return
- Save interest. Not filing ITR on time may lead to an interest in the tax payable.
- Avoid penalties up to Rs 10,000. There is a cost of filing a belated ITR.
- Avoid notice from the Income Tax department.
- Loan approval becomes easy.
- Carry forward losses.
Documents for Income Tax Return:-
- Pan Card
- Aadhar Card
- Address Place of Business
- E-mail ID
- Mobile No.
- Bank Statement
- Business Details