ONLE FILLING OF INCOME TAX RETURN (ITR)

Complete Step by Steps process for file your online Income Tax Return:

Phase-I : Just visit via Log on to the official website portal of Income Tax e-filing – incometaxindiaefiling.gov.in.

Phase-II : tap on New to e-filling if you are registering for the first time, else click on the registered user.

Phase-III : Select the Type of User.

Phase-IV: Write/Enter your Permanent account number card information like a surname, Residential status, middle name, first name & DOB.

Phase-V: Complete Fill the Income-tax return registration form online.

Phase-VI: After that Verify your registration of Income-tax login.

Phase-VII: After successfully registering Login and file your Income-tax return, providing all the required documents in the correct format.

Kind of Income-tax Form For filling of Income Tax return:

ITR-1 (SAHAJ)	Individuals with Salary & interest Income only
ITR-2	Individuals and HUF not having income from business/profession
ITR-3	Individuals/ Hindu Undivided Families being partners in firms & not carrying out business or profession under any proprietorship
ITR-4	Individuals & Hindu Undivided Families having a proprietary business or profession income
ITR-4S (SUGAM)	Individuals or Hindu Undivided Families having presumptive business Income
ITR-5	In order for AOP & BOI, LLP, & Partnership firms to report their income and tax computation.
ITR-6	Co that are registered in India uses this form.
ITR-7	In case entities are claiming an exemption as colleges, scientific research institutions, political parties or universities, and religious or charitable trusts, this form must be used.

The income tax return is a form in which taxpayers declare their taxable income, deductions, and tax payments in accordance with the form applied. Form ranges from ITR 1 to ITR 7. The process of filling out the income tax return form and submitting it to the revenue tax office is known as income tax filing.

Document Checklist for ITR Filing

Notes:

• Supporting documents (Form 16, challans, rent receipts, etc.) are needed only if applicable.

• Capital gains up to ₹1.25 lakh under Section 112A are allowed only in ITR 1 and 4.

kind of documents do you need to acquire

• Normal details: Enrolment ID, PAN number, or Aadhaar number if you don’t remember your Aadhaar number
• Income from Salary/Pension: Form 16 from your employer or different employers if you have changed your job during the year.
• Home property income : rent receipts, housing loan for the interest deduction
• Other sources Income: In order to do so, you will need to have a bank statement or a bank account or a bank account bank account bank account, fixed deposits, time deposits, post office savings passbook, lottery details, clubbed income details.

For whom it is mandatory to file ITR: –

If a person come under any of the following conditions, then he has to file the income tax returns: –

• If the gross total income (before allowing any deductions under section 80C to 80U) exceeds the basic exemption limit i.e. Rs.2,50,000 (for individuals below 60 years) or Rs. 3,00,000 (for individuals of 60 years and above but less than 80 years old) or Rs. 5,00,000 (for individuals of 80 years and above) as the case may be.
• In case you hold any asset including financial interest in any entity located outside India or has signing authority in any account located outside India as a beneficial owner or otherwise.
• If you are a beneficiary of any asset located outside India.

Various documents required to claim deductions in The ITR

In order to claim the deduction under different sections, you will need the following documents or numbers ready before filing your income tax return:

• Details of Principal repayment of your home loan
• Receipt of Payment of Mediclaim insurance premium
• Payment receipt of Stamp duty and registration fees
• In case the Payment of Contribution to the Provident Fund, NPS
• Payment of Tuition fee of children school fees paid during the financial year
• Acknowledgment of mutual fund investment or Equity-linked savings scheme
• All the Receipts containing details of the donation eligible for 80G
• Complete Payment of insurance premium

When Taxpayer submitting ITR then he/ she needed to report his / her total income, including all sources of income, deductions, and exemptions. When filing ITR-1, Taxpayer should include his / her total salary income, even if he/ she don’t have a Form 16.

While Taxpayer submitting ITR-1, you need to provide details of your income from salary, which includes both gross salary and net salary. Gross salary is the total salary earned before any kind of deductions, while net salary is amount Taxpayer receive after deducting allowances or expenses.

In the ITR-1 form, you will find particular ITR fields to enter his / her salary details, such as allowances, perquisites, basic salary, & profits in lieu of salary. Taxpayer should provide gross salary figure in these fields.

Additionally, you can claim deductions for certain expenses or investments under various sections of the Income Tax Act, such as Section 80C for investments in specified instruments like life Public Provident Fund (PPF), insurance premium, etc. These deductions help in reducing taxpayer  taxable income.

So, when Taxpayer submitting ITR-1, he / she should include his / her  total salary income (gross salary) & claim income tax deductions as per their applicable to arrive at the net taxable income as per income tax law. We should remember to keep necessary supporting documents &  records for verification if needed by income tax authorities as and when it is required to us.

The due date of tax filing of all type of taxpayer is given below: –

Category of Taxpayer	Due Date for Tax Filing
Individual	Aug  31st (extended date )
Body of Individuals (BOI)	Aug  31st (extended date)
Hindu Undivided Family (HUF)	Aug  31st (extended date )
Association of Persons (AOP)	Aug  31st (extended date )
Businesses (Requiring Audit)	September 30th
Businesses (Requiring TP Report)	November 30th

You have to calculate the total income tax you owe to the government while filing an income tax return. So, if you have paid more tax than is necessary for the financial year, the Income-tax dept will refund the extra money to your verified/pre-validated bank account. And if you have underpaid taxes for the financial year, you will have to pay the balance while submitting your income tax return.

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