ITR stands for Income Tax Return. It's a form or set of forms used to report your income, expenses, deductions, and
other tax-related information to the tax authorities, such as the Internal Revenue Service (IRS) in the United States or the Income Tax Department in India.
Many investors have very low or zero tax liability and therefore this section does not have to file returns mandatorily. Even though they have some sort of income occurring.And there is another section that only file returns when something urgent requirement comes up asking for their last few years of ITR. They approach a nearby CA and file their old tax returns.
There has been low-Income Tax filing Compliance in India. However, in recent years, the Govt. of India has taken some stringent measures to enforce the Income Tax Law by linking various benefits for prompt tax filers.
98%
96%
There could be some TDS cut on some investment. And you will have to file the ITR to claim a refund of the same. Or you may have paid excess tax on your income. To get this refund, you must file ITR. Many salaried individuals don’t file ITR as they think that the tax on their income has already been deducted and they have Form 16. But your employer may have paid more tax on your behalf. Not taking into consideration your actual house rent, children’s school fees, tax-saving investments, or insurances. So, the filing of ITR will enable you to get a refund from the IT department.
Aadhaar
PAN
Phone number and Email address
Valid Bank account number
Bank Statement
Form 16/16A
ITR-1 should be filed by Resident Individuals having Income less than or equal to ₹50 Lakhs from:
Salary/Pension, One House Property, Other Sources
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ITR-2 should be filed by persons having Income from:
Every Income from ITR-1> 50 lakhs,Captial Gains,More than one house property, Foreign Income/Foreign Asset,Income from Crypto(if reported as Captial Gains),Holding directorship in a company, Holding unlisted Equity shares
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ITR-3 should be filed by persons having Income from:
Every Income from ITR-2,Business/Profession,Income from Crypto, As a Partner in any firm,Holding directorship in a company,Holding unlisted Equity shares
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ITR-4 should be filed by Resident Individuals or HUFs having total Income less than or equal to ₹50 Lakhs from:
Every Income from ITR-1,Salary/Pension,one house Property,Other Sources
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ITR-6 is to be filed by the Companies not claiming exemption under section 11
ITR-7 is to be filed by Person/Companies under:
Section 139 (4A,4B,4C,4D)
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