ITR Income Tax Return

Income Tax Return is the complete detail of the income earned in the financial year. Both Taxable and Tax-Free information earned in the financial year is shown in ITR. You do not have to pay any tax on Tax-Free Income. If you are in the purview of Income Tax, you must file Income Tax Return until the fixed date.

  1. Every person having taxable income and whose accounts are not liable to audit must file an Income Tax Return. If total income exceeds Rs. 5 lakh, it is mandatory to file the return online.
  2. Self-assessment tax liability should be paid before filing Income Tax Return; otherwise return will be treated as defective.
  3. Always check your tax credit from 26AS before filing Income Tax Return.
  4. E-filing of audit report under section 44AB, 115JB, or 92E of the Income Tax Act is mandatory from 01.04.2013
  5. ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income.
  6. Where the Return of income is electronically filed without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, has to be sent to “CPC, Bangalore”. The other copy may be retained by the taxpayer for his record.

Who should actually file a tax return?

  • Before you start filing your tax return it is very imperative to know who should actually file a tax return. Any salaried individual is compliant to file an income tax return in case his/her gross taxable income surpasses the maximum amount in which the tax is not chargeable during the fixed financial year.

Why do we need to file income tax returns?

  • The government requires people to file income tax returns (ITRs) to get information about their income and to check if income tax has been correctly paid on it. ITRs are required to be filed for each financial year.

Do I need to file a tax return if my salary is deducted?

  • Yes, you need to file a tax return even though tax has been deducted by the employer from salary. Additionally, the filing of a tax return is the responsibility of each taxpayer who is earning income in India. Hence, reporting the income earned during the year by a taxpayer and taxes paid on the same needs to be filed through ITR.

What is the difference between tax filing and tax return?

  • Tax Return filing is submission of prescribed format of Income Tax return (as per source of income) to Income Tax Department.
  • Tax Return has only data of your income from different sources, investment under different option and tax payable with tax paid data.
  • Tax filing is tax deposited with IT department.

What is an income tax return file?

  • Income tax return, on the other hand, is nothing but the annual record of your income, tax liability, tax paid, and investments for the said financial year. This record is collated and submitted to respective authorities in the needed format known as income tax return file.

ITR for Salaried Person

Salaried individuals can file income tax returns (ITR) using the forms ITR-1 or ITR-2. ITR-1 applies to individual resident taxpayers with a total income of up to Rs 50 lakhs. Whereas, ITR-2 applies to other individual taxpayers who do not have income from business or profession.

Who should file income tax return?

  • Income Tax Return Filing for salaried individuals: Income Tax Return (ITR) filing is a must for salaried persons. ITR should ideally be filed even by those whose annual income below the taxable limit.

How to file income tax return online for salaried employee?

  • How to file income tax return online for salaried employee? Individuals can file their tax returns by preparing it on their own and submitting it on the Income Tax e-Filing portal.

Which tax forms are applicable to a salaried person?

  • The ITR for salaried person depends on their income and the category of taxpayers which they belong to. ITR 1 and ITR 2 are the forms relevant to a salaried person. ITR 1: Also known as the Sahaj form, it is to be filed by employees whose total annual income doesn’t exceed Rs 50 lakh.

ITR Services

  • ITR (For Salaried Person / 1 House Property / Other Source) / ITR-1
  • ITR (Capital Gain/ House Property / Other Source) / ITR-2
  • ITR (Proprietor Business) / ITR-3
  • ITR-4
  • ITR-5
  • CA Certification of ITR
  • ITR (Form 10E)
  • ITR (Response of Notice)
  • ITR Correction