Income Tax Return (ITR) is a form that must be submitted to the Income Tax Department of India. It contains information about the individual's income and the taxes that must be paid on it throughout the year. The information filed in ITR should be for a specific fiscal year, beginning on April 1st and ending on March 31st of the following year.
Online filing of income tax returns has become very simple and convenient in recent years, allowing individuals to do it themselves rather than relying on a tax practitioner. Filing an income tax return is a requirement for everyone.
However, no filing is required for individuals under the age of 60 whose gross total income before deductions are less than Rs. 2.5 lakhs. This limit is Rs. 3 lakh for resident senior citizens (aged 60 to 80 years) and Rs. 5 lakh for resident super senior citizens (aged above 80).
Follow the steps listed below to download income tax return:
The Income Tax Department has prescribed seven types of ITR forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7, and the form's applicability is determined by the nature and amount of income as well as the type of taxpayer.
|ITR Form type||Applicability|
|The interest rate is higher.||The interest rate is lower.|
|ITR- 1||To be filed by residents with a total income of up to 50 lacs from the following sources:
|ITR-2||Individuals and HUFs who are not eligible to file form ITR-1 and do not have income from profits and gains from business or profession must file this form.|
|ITR-3||Individuals and HUFs with profits and gains from a business or profession must file this form.|
|ITR-4||To be filed by resident individuals, HUFs, and firms (other than LLP) with total income up to 50 lacs and income from business or profession computed under section 44AD, 44ADA, or 44AE.|
The assessee can now check his return with the computation sheet to see the variance and respond to the department accordingly. Where demand is raised manually outside the system, the assessee must request a resend of the intimation through the portal or contact the jurisdictional Assessing Officer.
Given below is the detailed procedure
ITR-V is the acronym for Income Tax Return Verification, and it is generated by the IT department for taxpayers to verify the legitimacy of their e-filing.
It only applies to those who file without using a digital signature. It is now simpler than ever to obtain your ITR-V from the convenience of your own home or office.
The process to download ITR-V is summarised in the steps below:
To e-verify, go to the ‘Click here to view your returns pending for verification’ option.
Every Indian citizen whose gross total income exceeds the taxable limit in a fiscal year is required to file an income tax return, as is common knowledge (ITR). According to tax experts, filing income tax returns is required where an individual's gross total income exceeds Rs. 2,50,000. The importance of filing the ITR on time cannot be overstated, given the consequences of failing to do so. Filling out ITR also has several long-term benefits, so it is recommended for all wage earners to do so.