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INCOME TAX RETURN (ITR FILING)

If you are a salaried or self-employed individual, you must have heard about ITR. Every year, during the time of ITR filing, a lot of people confused about how to file it. It is indeed a complicated procedure for a layman and also for businessmen to understand.

This is why we at easeURbusiness provide complete help related to ITR Filing. Now, you do not need to run around with your paperwork. Let us do the entire tax filing for you in a hassle-free manner.


WHO NEEDS TO FILE INCOME TAX RETURN ONLINE (ITR FILING)

ITR Filing is mandatory for any individual whose total income in the said FY is above the limit. This exemption limit set by the government. For example, income up to Rs. 2.5 Lakh exempted from the financial year 2019-2020. So, any salaried or self-employed individual whose income in the year exceeds Rs. 2.5 Lakh would have to file IT Returns.

Companies or businesses must file ITR even if they are incurring no profit. Through ITR, they can declare the loss they incur which carried forward to the next year. Apart from that, the following individuals need to file their ITR:

  • An NRI who has income sources in India
  • An Indian Resident who has an income source is outside the country
  • Any senior individual whose income in the year exceeds the tax exemption limit


TYPES OF INCOME TAX RETURN ONLINE FORMS (ITR Filing)

Different types of taxpayers need to use different Income Tax Return Forms. Given below are the types of ITR Forms in India:

  • SAHAJ (ITR 1) – Popularly known as the SAHAJ Form. Used by individuals whose main source of income is salary, earnings from one house property, pension, interests, and income from other sources. Also, the total income should be up to Rs. 50 Lakh in order to use this form.
  • ITR 2 – Used by HUF or Individuals who are earning income apart from the profits of their business/profession.
  • ITR 3 – This ITR Form is for both Individuals and HUFs. But use to declare their income from the profits/gains of their business/profession.
  • SUGAM (ITR 4) – This form used to declare presumptive income from a business/profession.
  • ITR 5 – Any assessee other than individual, HUF, company, or an entity declaring tax through ITR-7 will have to use this form.
  • ITR 6 – There are companies that can avail exemption under Section 11 of the Income Tax Act. Companies that are not claiming this exemption need to file their ITR using this form.
  • ITR 7 – Individuals/enterprises who are require to file ITR under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E) or 139 (4F) will use this form.


HOW TO FILE INCOME TAX RETURN ONLINE AND OFFLINE (ITR FILING)


ITR Filing Online


ITR Filing Offline

  • Visit the e-filing portal and register/login
  • Select the assessment year and the right kind of ITR form
  • Fill out the form that usually divided into many categories
  • Review the form and submit
  • Once submitted, you will have to verify it using Aadhaar OTP or EVC method

After your ITR Filing processed, you will get an acknowledgment for the same on your email.

  • Go to the e-filing portal and click on IT Return Preparation Software
  • Download the MS Excel or Java software as per your preference
  • Fill your details in the downloaded form
  • Convert the excel/java file into XML format
  • Upload it on the Income Tax e-filing Portal
  • Verify the return filing using Aadhaar OTP, EVC or offline method



DOCUMENTS NEEDED FOR ITR FILING (INCOME TAX RETURN ONLINE)

Based on what type of taxpayer you are (individual/HUF/Company/Firm), the documentation needs may change but given below are a few key documents.

PAN

Proof of Investments

Interest Certificates

Bank Statement

TDS Certificate

Digital Signature

Salary Slips

26AS Form

16 Form

Form 16A

16B Form

16C Form

ITR Filing can be a tedious task for your business. Take our help and make ITR Returns a hassle-free task.

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