Itr Form - Page 2
What is ITR Form?
An ITR form, or Income Tax Return form, is a document that individuals and businesses use to file their income tax returns with the tax authorities. It is important to accurately fill out the ITR form to comply with tax regulations and avoid penalties.
What are the types of ITR Form?
The types of ITR forms vary based on the source and amount of income, as well as the residential status of the taxpayer. Here are some common types of ITR forms:
ITR-For individuals with income from salary, one house property, other sources, and total income up to INR 50 lakhs.
ITR-For individuals and Hindu Undivided Families (HUF) having income from sources other than income from business or profession.
ITR-For individuals and HUFs having income from a proprietary business or profession.
ITR-For individuals, HUFs, and firms (other than Limited Liability Partnership) having presumptive income from business or profession.
ITR-For persons other than individuals, HUFs, companies, and persons filing Form ITR-7.
ITR-For companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes) of the Income Tax Act, 1961.
ITR-For persons including companies, required to furnish return under sections 139(4A), 139(4B), 139(4C), 139(4D), or 139(4E) of the Income Tax Act, 1961.
How to complete ITR Form
Completing the ITR form can be a bit overwhelming, but with these steps, you can easily file your income tax return:
01
Gather all necessary documents like PAN card, Form-16, bank statements, etc.
02
Select the appropriate ITR form based on your income sources and residential status.
03
Carefully fill out all the sections of the ITR form, ensuring accuracy and completeness.
04
Double-check all the entered information before submitting the form.
05
If required, attach the supporting documents along with the ITR form.
06
Submit the completed ITR form either electronically or by physically mailing it to the tax authorities.
07
Keep a copy of the submitted ITR form for future reference.
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Questions & answers
How can I File ITR at home?
Log on to the Income Tax Department portal (www.incometaxindiaefiling.gov.in) for filing returns online. Register using your Permanent Account Number (PAN), which will serve as the user ID. Under 'Download', go to e-filing under the relevant assessment year and select the appropriate Income Tax Return (ITR) form.
Can I fill my own ITR myself?
The process to e-file ITR is quick, easy, and can be completed from the comfort of an individual's home or office. E-filing ITR can also help in saving money as you would not have to hire an individual to file ITR. Note: You can now file your taxes through the New income tax portal.
How can I get ITR form?
Step 1: Go to the income tax India website at www.incometax.gov.in and log in. Step 2: Select the 'e-File'>'Income Tax Returns'>'View Filed Returns' option to see e-filed tax returns. Step 3: To download ITR-V click on the 'Download Form' button of the relevant assessment year. The ITR-V will be downloaded.
What is the minimum amount to file ITR?
Yes, as per section 139(1) of the Income Tax Act, 1961, every individual is required to file an income tax return if their income exceeds INR 2,50,000. So, if your income is INR 5 lakhs, then you are required to file ITR, even if no taxes are required to be paid.
How can I File my ITR first time?
Here are the steps for income tax e-filing: Visit the official e-filing website. Click on 'Login' Click on 'Continue' and enter your Password. Once you enter the portal, click on 'e-file'. Select the Assessment Year and click on 'Continue' Click on 'Online' as the mode of filing.
Can I file my ITR myself?
The process to e-file ITR is quick, easy, and can be completed from the comfort of an individual's home or office. E-filing ITR can also help in saving money as you would not have to hire an individual to file ITR. Note: You can now file your taxes through the New income tax portal.
