Income Tax Return - Bankvala

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    Income Tax Return

    ITR stands for Income Tax Return. It is the form filled by the taxpayer about his income and tax details with the Income Tax Department. An ITR has to be filed before the last due date. It comprises your earnings, expenditures, and other tax-related details. Income tax returns (ITRs) simplify you to determine your tax liability, pay your taxes, and claim refunds in case you have paid excess tax.

    It involves a number of Forms starting from ITR1 to ITR7 and is filled as per the category of the taxpayer. The form depends on your income and in certain instances, whether you hold assets in other foreign countries or have international earnings.

    Is it mandatory to file an Income Tax Return?

    According to the tax laws in India, it is compulsory to file your income tax returns if your income exceeds the basic exemption limit. The rate of income tax is pre-decided for tax-payers. A delay in filing of returns will attract late filing fees but also affect your chances of getting a loan or a visa for travel purposes in future.

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      Who should file Income Tax Returns?

      According to the Income Tax Act, income tax needs to be paid only by individuals or businesses who fall within certain income brackets. Given below are entities or businesses that are required to compulsorily file their ITRs in India:

      • All individuals, with income for a financial year exceeding Rs 2.5 lakh and are up to the age of 59. The limit increases to Rs. 3 lakh for senior citizens ranging between 60 to 79, and for super senior citizens, age from 80 and above the limit is Rs. 5 lakhs.
      • Every registered company generates income, regardless of whether they’ve made any profit or not through the year.
      • For individuals who wish to receive a refund on the excess tax deducted/income tax they’ve paid.
      • People having assets or financial interest entities that are located outside India.
      • Companies of foreign origin that enjoy treaty benefits on transactions made in India.
      • NRIs who earn or accrue more than Rs. 2.5 lakh in India in one financial year.

      Documents required to fill ITR