Income Tax Return


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Income Tax Return (ITR) is a form in which the taxpayers have to file information about his income earned and tax applicable to the income tax department. The Income Tax Department has notified various Income Tax Return (ITR) forms to be used by different categories of taxpayers i.e., ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. All taxpayer’s person who are filing their income tax returns (ITR) are required to determine the type of income tax return (ITR) form they need to fill before due date. The form to be filled is solely dependent on the income that the taxpayer earns, or in certain cases if the taxpayer holds assets in a country other than India or earns any form of income from a country other than India.

Generally, filing of income tax return is mandatory if your income is over Rs. 2.50 lakhs. However, you can also file your returns voluntarily if your income is below the threshold as it helps you qualify for loans or other credit facilities provided by the financial institute.

The Income Tax Department has made it mandatory for all taxpayers to link the Aadhaar card with PAN on the Income Tax Department website.

The income tax return can be filed through Excel and Java utilities, it is advisable to use the java utility as it is the easiest way to file the return.

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month Bank statement/ telephone bill

Photographs

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC/ Rent Agreement

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Benefits of Filing Income Tax Return

Easy Loan Approval

Claim Tax Refund

Carry Forward Losses

Avoid Penalty

Easy Visa Processing

Proof of Income

Proof of Wealth

Documents required

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month Bank statement/ telephone bill

Photographs

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC/ Rent Agreement

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