Income Tax Return Filing
Income Tax Return (ITR) filing is a mandatory process for individuals and businesses in India to declare their income and tax liability to the Income Tax Department. It involves submitting a form containing details of your income from various sources, deductions, and taxes paid.
Types of ITR Forms:
There are several ITR forms designed for different categories of taxpayers based on their income sources and financial complexity. Some common ITR forms include:
- ITR-1: For individuals having income from salary, pension, and other specified sources.
- ITR-2: For individuals and Hindu Undivided Families (HUFs) having income from capital gains, house property, other sources, etc.
- ITR-3: For individuals and HUFs having income from business and profession.
- ITR-4: For individuals and HUFs opting for the presumptive taxation scheme.
- ITR-5: For firms, LLPs, and other entities.
- ITR-6: For companies.
- ITR-7: For trusts, societies, and other non-corporate entities.
How to File Income Tax Return:
- Log in to the Income Tax e-Filing Portal:
- Visit the official Income Tax e-Filing portal and log in using your PAN and password.
- Select the ITR Form:
- Choose the appropriate ITR form based on your income sources and financial situation.
- Fill in the Details:
- Provide accurate information about your income, deductions, and tax payments.
- Verify and Submit:
- Review the details carefully and verify the calculations.
- Digitally sign the return using your Digital Signature Certificate (DSC) or Aadhaar OTP.
- Submit the return.
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