Taxmitr-What is ITR?

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What is ITR?

• First, let us understand what filing ITR means.
  When you file your Income Tax Return, it is a
  proof that you have an income for which you have
  paid tax. According to the Income Tax Act, 1961,
  you have to file ITR every year. Filing it
  provides legality to what you are earning. Not
  filing it means that you as a person have not
  disclosed your income. The ITR gives a standard
  proof of income to a person and helps to
  establish a record with the tax department.
• WHAT IS INCOME TAX RETURN?
• Income Tax Return includes various forms
  prescribed by Income Tax Department, Government
  of India, for declaring its total income earned
  during the year ended 31st March.
• WHO IS REQUIRED TO FILE INCOME TAX RETURN?
• As per Section 139(1) of Income Tax Act, 1961
• a) Companies Firm-Every Company Partnership
  Firm should (MUST) furnish Return of Income in
  respect of its income or loss for every previous
  year.
• b) Others Every other person being Individual
  or HUF or an AOP or BOI or Artificial Judicial
  Person, where the Total Income of any other
  person in respect of which he is assessable under
  the Act during the previous year, without giving
  the effect of Sec. 10A/10AA/10B/10BA or Chapter
  VI-A exceeds the max amount not chargeable to
  Income Tax, should also furnish a Return of
  Income.
• WHAT ARE THE DUE DATES FOR FILING INCOME TAX
  RETURN (ITR)?
• 1. Company -30thSeptember
• 2. Non Corporate Assessee who accounts are
  required to be audited-30thSeptember
• 3. Working Partner of Firm whose accounts are
  required to be audited.-30thSeptember
• 4. Any other Assessee (like Individual, HUF etc)
  31st July
• 5. Assessee who is required to Furnish a Report
  u/s 92E -30thNovember

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• Income tax return Forms for Filing
• ITR 1 For the Individual having Income from
  Salary interest.
• ITR 2 For Individual/HUF not having Income from
  Business Profession.
• ITR 3 For Individuals/HUFs being partners in
  firms and not carrying out business or profession
  under any proprietorship
• ITR 4 For individuals and HUFs having income from
  a Proprietory business or profession
• ITR 4S For individuals and HUFs having
  Presumptive Business Income
• ITR 5 For firms, AOPs and BOIs
• ITR 6 For Companies other than companies claiming
  exemption under section 11
• ITR 7 For persons including companies required to
  furnish return under section 139(4A) or section
  139(4B) or section 139(4C) or section 139(4D)
• Documents mostly required at every type of
  Return.
• Bank Account No. with IFSC Code.
• TDS Certificate(Form 16/16A)
• Balance Sheet Profit loss Account(Business
  Assessee)
• Saving Certificate
• PAN Details/Assessee Details
• Also, if you have paid tax more than what is
  required, you will have to file the return to get
  a refund for the excess amount paid.
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