The Income Tax Return or ITR is a form that indicates the net tax liability, claims for tax deductions, and reports gross taxable income. Individuals earning a certain amount of money are required to file an IT Return. ITRs must be filed by firms, companies, Hindu Undivided Families (HUFs), self-employed individuals, and salaried individuals.
This year, you will be able to file your taxes through the new income tax portal. This portal contains a plethora of features to make the process as simple as possible.
How Does ITR Filing Work?
A taxpayer has to file an ITR to indicate his total income for the financial year. An individual can complete his or her ITR filing via the Income Tax Department’s official portal. In addition to ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, it has notified seven different forms.
ITR filing: why should you do it?
The following conditions must be met for one to file an income tax return in India:
- A person who falls within one of the tax slabs.
- The profit or loss made in a financial year does not matter if it’s a company or firm.
- Tax refunds can be claimed if necessary.
- A loss under a head of income needs to be carried forward.
- Any entity outside of India can be owned by an Indian resident if he or she owns an asset or has a financial interest in it.
- Indians are signing authorities in foreign accounts if they are residents.
- An income derived from property held by a charity or religious trust, a political party, a research association, a news agency, an educational or medical institution, a trade union, a not-for-profit university or educational institution, a hospital, an infrastructure debt fund, or any authority, body or trust is tax-deductible.
- A loan application or a visa application.
- In the event that an NRI earns any or all of his/her income from India, that income will be taxable in the country, and income tax returns will be required for that income.
Income Tax Returns will be required to be e-filed in the following cases with the implementation of efiling:
- Refunds will be issued if necessary
- Whenever the gross total annual income exceeds Rs.5 lakh
- If you are entitled to a refund of income tax
- E-filing of ITR 3, 4, 5, 6, and 7 is mandatory
ITR Form Download: How To Do It?
To download ITR forms from the Income Tax Department of India’s website, follow these steps
1. Visit the official income tax department’s website at https://www.incometaxindia.gov.in
2: Click on the ‘Forms/Downloads’ option on the home page and select the ‘Income Tax Returns’ option.
3. Click on the ‘PDF’ option next to each form to download it. Step 3: You will be redirected to a new page with all the ITR forms.
Frequently Asked Questions about Income Tax Returns
- Is it possible to file the ITR myself?Yes, you can file the ITR on the official Income Tax Department website.
- Is it mandatory to file an ITR?If you fall within a government tax bracket, you are required to file your ITR.
Read More:-
- What Are the Best Ways to Save Income Tax?
- The Status of a Refund of Income Tax
- How to Save Income Tax Under Sections 80D, 80DDB, 80DD and 80U?