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INCOME TAX RETURN (ITR FILING)

If you are a salaried or self-employed individual or have any sort of business, you must have heard about Income Tax Returns (ITR). Every year, during the time of ITR filing, a lot of people stand confused about how to file Income Tax Return Online. It is indeed a complicated procedure for a layman to understand and it can be even difficult for a business.

This is why we at easeURbusiness provide complete assistance related to ITR Filing in India for sole proprietorship, HUF, partnership, OPC and private companies. Now, you do not need to run around with your paperwork. Just let us do the entire tax filing for you in a hassle-free manner


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

Filing income tax return is mandatory for any individual whose total income in the said financial year is above the exemption limit set by the government. For example, income up to Rs. 2.5 Lakh is exempted for 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.

It is mandatory for companies or businesses to file Income Tax Returns even if they are incurring no profit. Through ITR, they can declare the loss they incur legally which can be 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 asset or income associated with or generated outside the country
  • Any senior or super-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:

  • ITR 1 – Also known as the SAHAJ Form, this is to be 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 – This ITR Form is to be used by HUF or Individuals who are earning income apart from the profits of their business/profession.
  • ITR 3 – This ITR Form is also for both Individuals and HUFs but used to declare their income from the profits/gains of their business/profession.
  • ITR 4 – This form is used to declare presumptive income from a business/profession.
  • ITR 5 – Any assesse 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 which are not claiming this exemption need to file their ITR using this form.
  • ITR 7 – Individuals/enterprises who are required 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 is usually divided into multiple categories
  • Review the form and submit
  • Once submitted, you will have to verify it using Aadhaar OTP or EVC method

After your ITR Filing is processed, you will get an acknowledgement 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

Form 26AS

Form 16

Form 16A

Form 16B

Form 16C

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