Office Address

123/A, Miranda City Likaoli
Prikano, Dope

Phone Number

+0989 7876 9865 9

+(090) 8765 86543 85

Email Address

[email protected]

[email protected]

ITR Filing

Types of ITR Forms:

  • ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.
  • ITR-2: For individuals and HUFs not having income from business or profession.
  • ITR-3: For individuals and HUFs having income from a proprietary business or profession.
  • ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with presumptive income from business and profession.
  • ITR-5: For partnerships, LLPs, AOPs, BOIs, and other entities.
  • ITR-6: For companies other than those claiming exemption under section 11.
  • ITR-7: For persons including companies required to furnish returns under sections 139(4A) to 139(4F).

Required Documents:

Personal Information

  • PAN Card
  • Aadhaar Card
  • Bank account details
  • Form 16 (for salaried individuals)

Income Details:

  • Salary slips
  • Rental income details
  • Income from investments (interest, dividends)
  • Capital gains information
  • Income from other sources

Deductions and Exemptions:

  • Section 80C to 80U deduction proofs (e.g., LIC, PPF, NSC)
  • Home loan interest certificate
  • Education loan interest certificate
  • Medical insurance premium (Section 80D)

Other Documents:

  • TDS certificates (Form 16A/16B/16C)
  • Form 26AS (Tax Credit Statement)
  • Proof of tax-saving investments
  • Proof of expenses (if claiming deductions)

Steps to File ITR:

  • Gather all documents and information mentioned above.
  • Register/Login to the Income Tax e-filing portal (https://www.incometax.gov.in).
  • Select the appropriate ITR form based on your income source.
  • Fill in personal and income details:
  • Enter personal details (name, address, PAN, etc.)
  • Report income from all sources (salary, house property, capital gains, etc.)
  • Claim deductions under various sections (80C, 80D, etc.).
  • Compute tax payable and check for any tax dues.
  • Pay the tax dues, if any.
  • Verify the ITR before submitting it.
  • Submit the ITR form online.
  • E-verify the return using options like Aadhaar OTP, EVC, or by sending a physical ITR-V to CPC, Bengaluru.

Common Mistakes to Avoid:

  • Selecting the wrong ITR form.
  • Not reporting all sources of income.
  • Not claiming eligible deductions.
  • Errors in bank details.
  • Incorrect personal information.
  • Not verifying the ITR after filing.

Post Filing:
  • Acknowledgment: After successful submission, an acknowledgment (ITR-V) is generated.
  • Verification: E-verifying or sending the signed ITR-V to the Centralized Processing Centre (CPC) within 120 days.
  • Refund: If you are eligible for a refund, it will be processed after verification.

ITR Filing for Different Taxpayers
  • Salaried Individuals: Primarily need Form 16, Form 26AS, and details of other income sources.
  • Self-employed/Professionals: Need to provide details of income, expenses, and profits along with Form 26AS.
  • Businesses: Require detailed financial statements, audit reports (if applicable), and GST details.

Deadline and Penalties:

  • Due Dates: Typically, July 31st for individuals and September 30th for businesses.
  • Penalties: Late filing attracts a penalty under Section 234F, which can go up to ₹10,000 depending on the delay and total income.

Filing ITR correctly ensures compliance with tax laws and avoids potential penalties. For complex situations, consulting a tax professional may be beneficial.

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