Tax Mill

Logo
Income Tax Return Filing (ITR)

Income Tax Return Filing(ITR)

Taxmill is here to help you file your Income Tax Return filing in India. Here, we aim to provide you with a comprehensive guide to help you understand the process of filing your Income Tax Returns (ITR) in India.
Any individual or business that earns income in India and meets certain criteria set by the Income Tax Department is required to file an Income Tax Return. The criteria for filing an Income Tax Return in India vary depending on the income earned, age, and other factors. For instance, individuals under the age of 60 with a total income of more than Rs. 2.5 lakhs per annum need to file an Income Tax Return. The limit is Rs. 3 lakhs for individuals between 60 and 80 years of age, and Rs. 5 lakhs for individuals above 80 years of age.

Contact Us

What is income tax return?

An Income Tax Return is a document that taxpayers need to file with the Income Tax Department of India to report their income and taxes paid thereon to the government. It is an annual obligation for individuals and businesses that earn income in India.

The government has made it necessary for individuals and companies who earn a specific amount of annual revenue must file an ITR (INCOME TAX RETURN) (Income Tax Return) file within a pre-decided due date. The tax calculated must be rendered by the company or individual. In case of failure to pay ITR (INCOME TAX RETURN) will cause retribution to the company or individual from the tax department.  

what is income tax return

types of Income Tax returns

ITR - 1

ITR – 1 is single-page form for individuals which have income up to Rs 50 Lakhs from salary/pension, income from one house property and other sources.

ITR - 2

ITR – 2 is the second most acquainted. It is for the individuals having income other than the profit from business/profession.

ITR - 3

The current ITR – 3 Form is used by an individual or a HUF whose income source is from a proprietary business or by carrying on a profession.

ITR - 4

ITR – 4 is a simple return form used by an assessee who is able to proclaim profits and gains from business and profession under tentative basis under sections 44AD, 44ADA, 44AE.

ITR - 5

ITR-5 is meant for firms, LLP’s, AOP’s (Association of Persons), BOI’s (Body of Individuals), Artificial Juridical Person (AJP), Estate of Deceased, Estate of Insolvent, Business Trust and Investment Fund.

ITR - 6

Companies other than other than the ones who are asserting exception under segment 11 should outfit their income tax return under ITR – 6 Form.

ITR - 7

ITR – 7 Form is to be filed by the individuals who need to file returns under key-sub sections of Section 139 of Income Tax Act, 1961.
who should file income tax return

Who should file income tax return?

The income tax legislation only allows individuals or companies who fall under these income brackets to pay income tax. The entities or companies needed to send their ITRs in India are listed below:

  1. All up to the age of 59 years, whose cumulative income reaches Rs 2,5 lakh per financial year. The cap rises to Rs. 3 lakh for senior citizens (60-79), while the limit is Rs. 5 lakhs for superior citizens (80 and older). Please notice that before the factoring of deductions permitted under Sections 80C to 80U, the sum of profits should be measured and all exemptions under Article 10.
  2. All registered entities which produce revenue, whether or not they have made a profit during the year.
  3. Those that seek to demand a refund of their deducted surplus revenue/payroll tax.
  4. Individuals with properties or financial interests outside of India.
  5. External businesses that benefit from contracts made in India. transactions.
  6. NRI receiving or rising in a single financial year more than Rs. 2.5 lakh in India.