The document explains the Income Tax Return (ITR) forms required for filing income tax in India, detailing the different types of ITR forms available based on taxpayer categories and income sources. It outlines the mandatory requirement to file tax returns for individuals earning above the exemption limit, as well as necessary documents and the online filing process. Additionally, it emphasizes the repercussions for delayed filing and the implications for non-compliance, especially regarding loans and visas.

1. IncomeTaxReturns​
IncomeTaxReturn(ITR)isaformthatanindividualsubmitstotheIncomeTaxDepartment
ofIndiatofileinformationaboutanindividual'sincomeandtaxespayableduringthat
financialyear.InformationfiledinanITRshouldbeapplicableforaparticularfinancialyear
between1stAprilto31stMarchofthenextyear.​
TheIncomeTaxDepartmenthasprescribed7typesofITRforms,whicharetobeusedby
taxpayersaccordingly.TheseformsareITR-1,ITR-2,ITR-3,ITR-4,ITR-5,ITR-6andthenew
form,ITR-2S.Thesuitabilityofeachformwilldependonthenatureandamountofincome
andthetypeoftaxpayer.​
IsFilingITRnecessary​
IfyouearnmorethanthelimitthatisexemptedfrombeingtaxedbytheGovernment,then
youarecompulsorilyrequiredtofilethetaxreturn.IncomeTaxrulesdictatethatifyouearn
morethanthelimitthatisexemptedfrombeingtaxedbytheGovernment,youare
compulsorilyrequiredtofileyourtaxreturnaccordingtoeveryyear.FilingyourITR,postthe
duedatemayattractapenaltyandalsobecomeadeterrentingettingaloanorvisa
approvedinthefuture.​
Thegovernmenthasnowmadeitmandatoryforanindividualtofileincometaxreturnsif
his/hertotalTDS/TCSduringthefinancialyearisRs25,000ormoreeveniftheindividual's
incomeisbelowthebasicexemptionlimit.Theminimumamountthatanindividualneeds
topayasincometaxdeductionatsource(TDS)hasbeenincreasedfromRs10,000toRs
15,000.​
TypesofITRForms​
1. ITR-1​
AlsoknownastheSahajForm,thisisanincometaxreturnformthatistobefiledbyan
individualtaxpayer.Anyotherassesseewhoisliabletopaytaxisnoteligibletoavailofthis
formforfilingtheirreturns.​
2. ITR-2A​

2. TheITR-2Aformisforpeoplewhosesourceofincomeisthroughsalary.Itisalsousedby
Hinduundividedfamiliesandindividualswhoearnadditionalincomefrommultiplesources
suchascapitalgains,residentialpropertysalesandotherinvestments.​
3. ITR-2​
ITR-2Formismeantforindividualswhoearnincomefromsalaryorcapitalgains.Thisform
isusefultopeoplewhosesourceofincomeisfromthesaleofassetsorpropertyinIndiaor
fromanybusinessventure.​
4. ITR-3​
TheITR-3FormisusefulforindividualtaxpayersoraHinduUndividedFamily,whosolely
operateaspartnersinafirmbutwhodonotconductanybusinessunderthefirm.Thisis
alsoapplicableforindividualswhodonotearnanyincomefromthebusinessconductedby
thefirm.​
5. ITR-4​
TheITR4Sisanincometaxreturnformwhichcanbeusedbyanindividualwhoconductsa
businessorearnsincomethroughaprofession.Thisformisapplicableforalltypesof
businesses,undertakingorprofession.AnyindividualwithanyprofessioncanfiletheirITR
usingthisform.​
6. ITR-4S​
TheITR-4SformisapplicableforanindividualorHUF.ItcanbeusedbyindividualsorHindu
UndividedFamilywithincomebasedonapresumptivemethodofcalculation.Thisformis
usefulinspecialcircumstancesandapplicabletobusinesseswhereanyincomeearnedis
basedonapresumptivemethodofcalculation.​
7. ITR-5​
ITR-5formsareusedbylimitedliabilitypartnerships,artificialjudicialpersonsand
associationsofpersons,amongothers.​
8. ITR-6​
TheITR-6formisusedbyallcompanies.Organisationsthatclaimtaxexemptionasper
Section11oftheActarethoseinwhichtheincomereceivedisaccumulatedfromthe
propertywhoseuseisexclusivelyforreligiousandcharitablepurposes.Thisreturncanonly
befiledonline​
9. ITR-7​
Section139(4A)-Underthissection,returnscanbefiledbyindividualswhoreceiveincome
fromanypropertythatisheldforthepurposeofcharityorreligionintheformofatrustor
legalobligation​

3. WhoisrequiredtofileanITR?​
1. Individualtaxpayerswithanincomeofmorethan2.5lakhsperyeararerequiredtopay
taxatthetimeoffilingthereturn.Seniorcitizentaxpayersoftheagegroup60to79years
andsuperseniorcitizens(80yearsandabove)whoarenotabletoclaimexemptions
undersection91formedicaltreatment,transportallowanceetc.areexemptfrompaying
taxes.​
2. Aregisteredcompanywithyearlyincome,evenifithasnotmadeanyprofitduringthe
period.Theprofitabilityofacompanyismeasuredbythecompany’sabilitytogenerate
revenueandmakeaprofit.​
3. Apersonwhohasfiledhistaxreturnsandinformedthegovernmentabouthisincome,he
canclaimarefundonsurplusincometaxortaxthatwasdeductedfromtheannual
income.
4. Anindividualwithanassetorotherfinancialinterestinacountrydifferentfromtheir
residence.​
5. AcompanyoutofIndiaisofferingatreatybenefittocompaniesintheUSformaking
transactionswithinIndia.​
6. NRIswhoearnabovethebasicyearlyexemptionlimitofRs2.5lakh,willfaceaforeigntax
onincomefromcapitalgainsexceedingRs2.5lakh. Thisincludessaleofproperty,equity
mutualfundsandnon-equityfunds,sharesanddebenturesandunitsofbusinesstrusts
thatareheadquarteredinIndia.​
WhatarethedocumentsrequiredtofileITR​
1. PanCard​
2. Aadharcard​
3. Form16​
4. Form-16A/Form-16B/Form-16C​
5. BankAccountdetails​
6. Form26AS​
7. HomeLoanStatement​
8. Taxsavinginstument​
9. CapitalGainDetails​
10. RentalIncome​

4. 11. Foreignincome​
12. DividentIncome​
HowtofileITRonline​
Step1:Visitthee-filingwebsitehttps://www.incometax.gov.in/iec/foportal​
Step2:RegisterorLogintoe-fileyourreturns​
•Incaseyouhaveregisteredyourselfontheportalearlier,clickonthe‘Login’Here’
button.​
•Incaseyouhavenotregisteredyourselfontheportal,clickonthe‘Register’Yourself’
button.​
Step3:Clickon‘Taxpayer’andthenenterthedetailsofyourPANandclickon
‘validate’.Next,clickon‘Continue’.​
Step4:Providedetailssuchasyourname,address,gender,residentialstatus,dateofbirth,
etc.​
Step5:ProvideyourEmailIDandregisteredmobilenumber.​
Step6:Oncetheformhasbeenfilledup,clickon‘Continue’.​
Step7:Youwillhavetoverifythedetailsfollowingwhicha6-digitOneTimePassword(OTP)
willbesenttoyourregisteredmobilenumberandEmailaddress.​
Step8:EntertheOTPfollowtheinstructionsgiventocompletetheregistrationprocess
successfully.​
Step9:OncetheOTPhasbeenverified,anewwindowwillopenwhereyouwillhaveto
verifythedetailsprovidedbyyou.Incaseanydetailgivenisincorrect,youcanchangeit,
followingwhichanotherOTPwillbesenttovalidatethechange.​
Step10:Thefinalstepwillbesetupapasswordandsecureloginmessage.​
Step11:Clickon‘Register’followingwhichyouwillreceiveanacknowledgmentmessage
statingthattheregistrationprocesshasbeencompletedsuccessfully.​
WiththeIncomeTaxRefundfeature,themoneythathasbeenpaidwillberefundedtothat
particularindividualbytheGovernment.Thismeansthat,ifthereisanytaxleftover,thenit
willbegivenback.Itcanbeclaimedundersection80CofIncomeTaxAct,1961.Theeligible
taxesincludeallkindsofinvestmentsmadewithpostofficedepositsandbankfixed
depositsalongwithmutualfundsandequityinvestments.​