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Who Must File An Income Tax Return

Income tax return

Filing your income tax return is not only something you have to do by law, but it also gives you a chance to get deductions, exemptions, and tax benefits that the Income Tax Act allows. It’s important to do your taxes properly so you don’t get penalties and you follow the tax laws of your country

  • Individuals: Any Indian resident whose total income exceeds the specified threshold set by the government in a financial year.
  • Salaried Employees: Individuals receiving salary income from an employer, regardless of the income amount.
  • Self-Employed Individuals: Including freelancers, professionals, and business owners earning income from various sources.
  • Companies: Both domestic and foreign companies, including private limited companies, public limited companies, partnerships, and LLPs.
  • Trusts, Associations, and Institutions: Certain entities, regardless of income, may be required to file income tax returns to maintain compliance with tax regulations.
  • Tax Benefits: Filing income tax returns not only fulfills legal obligations but also allows individuals and entities to claim deductions, exemptions, and tax benefits available under the Income Tax Act.

What are forms of Income Tax Return in India?

In India, the Income Tax Act, 1961 governs the taxation of income. The Income Tax Department of India uses various forms like:

  1.  ITR-1 (Sahaj),
  2.  ITR-2,
  3.  ITR-3,
  4.  ITR-4 (Sugam),
  5.  ITR-5, 
  6. ITR-6,
  7.  ITR-7

commonly known as Income Tax Return (ITR) forms, for taxpayers to file their income tax returns.

Filing of Income Tax Return Due Date.

Filing Income Tax Return Due Date

July 31st: A firm or individuals who are not liable for audit.

 

September 30th: A company or other who is liable to audit.

 

December 31st: All individuals and companies filing belated returns.

Documents for Income Tax Return?

  • Pan card.
  • Aadhar card.
  • Bank statements.
  • Statement of loans and interest certificate in case of any types of loan availed.
  • Details of the life insurance, tuition fees, PPF, ELSS, mediclaim policy premium or any other investments.
  • Form 16 in case of salaried person.
  • Property documents in case of property purchased/sold.
  • Statements/Ledgers in case of mutual fund/shares transactions.
  • Rent agreement in case of rented shop/flat.

These are list of all basic documents. Any other documents depends on Types of Assesse and Nature of Business/Profession.

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