Income tax return (ITR) filing is an annual compliance requirement for individuals and entities earning income in India. This article provides an educational overview of the ITR filing process, applicable forms, and general procedures.
Who Must File ITR?
Income tax returns must generally be filed by:
- Individuals whose total income exceeds the basic exemption limit
- Companies and firms, regardless of profit or loss
- Persons claiming refunds
- Individuals with foreign assets or income
- Certain other specified categories under income tax law
Common ITR Forms
Different ITR forms apply to different categories of taxpayers:
ITR-1 (Sahaj)
For resident individuals having income from salary, one house property, and other sources (with conditions).
ITR-2
For individuals and HUFs not having income from business or profession.
ITR-3
For individuals and HUFs having income from business or profession.
ITR-4 (Sugam)
For presumptive income from business and profession under sections 44AD, 44ADA, or 44AE.
General Filing Process
- Gather Documents: Form 16, Form 26AS, investment proofs, bank statements, and other relevant documents
- Compute Income: Calculate total income from all sources and applicable deductions
- Select Form: Choose the appropriate ITR form based on income sources
- Fill Details: Complete the form with accurate information
- Verify Tax: Check pre-filled information and reconcile TDS credits
- File Return: Submit electronically on the income tax portal
- E-Verify: Complete e-verification within specified timelines
Due Dates (General)
For most individual taxpayers not requiring audit:
- 31st July of the assessment year (subject to extensions)
For taxpayers requiring audit, due dates differ and should be verified with current provisions.
Important Considerations
- Accuracy of information is essential
- Late filing may attract fees under Section 234F
- Verification is mandatory to complete the filing process
- Keep supporting documents for a reasonable period
- Check Form 26AS and AIS for pre-filled information accuracy
Professional Assistance
Given the complexity of tax laws and individual circumstances, professional guidance is often beneficial for:
- Identifying applicable deductions and exemptions
- Ensuring compliance with all requirements
- Optimizing tax liability within legal frameworks
- Handling complex income sources or transactions
Note: This article is for educational purposes and provides general information only. Tax laws change frequently, and individual circumstances vary. For specific tax planning or filing assistance, professional consultation is recommended.