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Income Tax Return Filing for Individuals

Ready to file your Income Tax Return for Individuals? Don’t stress! Our simple, step-by-step process makes filing easy and hassle-free. Ensure you’re compliant, claim deductions, and avoid penalties. Get started on your Income Tax Return filing today!

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Income Tax Return Filing Fee

₹999/year + Govt Penalty
  • Computation
  • ITR acknowledgment
  • Filed ITR form
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Govt Penalty will be on actual basis
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Income Tax Return Filing for Individuals:
File ITR For Last 3 Years

Filing an Income Tax Return (ITR) is a critical task for every individual taxpayer in India. Whether you’re a salaried employee, a self-employed professional, a business owner, or someone with other sources of income, understanding how to file your income tax return correctly is essential. Filing your return ensures that you stay compliant with the law, claim eligible deductions, and avoid penalties. This comprehensive guide will walk you through everything you need to know about Income Tax Return filing for individuals in India.

What is Income Tax Return (ITR)?

An Income Tax Return is a formal document that individuals and businesses submit to the Income Tax Department of India to report their income, deductions, taxes paid, and other relevant financial information. It helps the tax authorities determine the amount of tax a taxpayer owes or the refund they are entitled to.

For individual taxpayers, filing an ITR is mandatory when their annual income exceeds the prescribed threshold limit. Even if your income is below this limit, you may choose to file your return to claim a refund or to demonstrate a clean financial track record.

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Income Tax Return Filing Fees

ITR Filing with Computation

₹999/year + Govt penalty
  • Computation
  • ITR acknowledgment
  • Filed ITR form
Order Now
Govt Penalty will be on actual basis

ITR filing with Balance sheet

₹1999/year + Govt penalty
  • Computation with ITR
  • Balance sheet and Profit and Loss Account
  • CA Attestation with UDIN
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Govt Penalty will be on actual basis

Required Documents For ITR filing

  • PAN Card
  • Aadhaar Card
  • Bank Statement
  • Email ID and Mobile Number
  • Tax Saving Investment Detail (if any)
  • Business name (if any)
  • Business Activity ( if any)
  • Any Other Detail
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Types of Income Tax Return Forms for Individuals

The Income Tax Department has provided different forms for filing Income Tax Returns, depending on the source of income, taxpayer’s status, and other factors. Here’s a quick look at the most common ITR forms for individuals:

  • ITR-1 (Sahaj): This form is for salaried individuals, pensioners, or individuals with income from one house property and other sources like interest. It is one of the simplest forms and is used by most taxpayers.
  • ITR-2: This form is for individuals who have income from multiple sources, including income from more than one house property, capital gains, or foreign income. This form is also applicable for individuals who are not carrying on a business or profession.
  • ITR-3: If you’re a self-employed individual or a partner in a partnership firm, you need to file ITR-3. This form is used by individuals earning income from business or profession, as well as by those with income from house property, capital gains, and other sources.
  • ITR-4 (Sugam): This is a simpler form for individuals who have opted for the presumptive taxation scheme under section 44AD, 44ADA, or 44AE. It’s meant for individuals, Hindu Undivided Families (HUFs), and firms (other than LLP) with income from business or profession.
  • ITR-5: For a firm, LLP, AOP, BOI, or any other similar entities, ITR-5 is the applicable form.
  • ITR-6: This form is for companies that are not claiming exemption under section 11 (income from property held for charitable purposes).
  • ITR-7: This form is for individuals and entities that are required to file a return under section 139(4A), 139(4B), 139(4C), or 139(4D) such as charitable trusts, political parties, etc.

How to File Income Tax Return for Individuals?

Here’s a step-by-step guide to help you file your Income Tax Return:

  1. Register/Login to the Income Tax e-filing Portal: Visit the official Income Tax e-filing website (https://www.incometax.gov.in/). If you don’t already have an account, create one by registering with your PAN. If you have an account, simply log in using your credentials.
  2. Select the Correct ITR Form: Choose the ITR form that corresponds to your income type (ITR-1, ITR-2, etc.). Most salaried individuals can file ITR-1, while others may need ITR-2 or ITR-3.
  3. Fill in the Details: Once you’ve selected your form, fill in your details such as personal information, income details, deductions, and tax paid. The portal provides options to upload pre-filled details such as salary, TDS, and bank interest, making it easier for you to fill in the information.
  4. Verify Tax Calculation: Ensure that the tax calculations are correct. The portal will auto-calculate your tax liabilities based on the income and deductions you’ve provided.
  5. Claim Deductions and Exemptions: Make sure to claim deductions under sections such as 80C (Investments in PF, PPF, etc.), 80D (Health insurance premiums), and 80G (Donations).
  6. Review and Submit: Double-check the details you’ve entered and review your entire ITR. If everything looks good, click on ‘Submit.’
  7. E-Verification: After submission, the ITR needs to be verified. You can verify your return through multiple methods:
    • Aadhaar OTP: If your Aadhaar is linked with your PAN, you can use the OTP sent to your registered mobile number for verification.
    • EVC (Electronic Verification Code): You can also verify via the EVC sent to your email or mobile.
    • Physical Verification: Alternatively, you can send a signed copy of ITR-V (the acknowledgment form) to the Income Tax Department.
  8. Receive Acknowledgment: Once your ITR is successfully filed and verified, you will receive an acknowledgment receipt on your registered email.

Benefits of Filing Income Tax Return

Legal Requirement

Filing your income tax return ensures compliance with the tax laws and regulations of your jurisdiction. Failure to file can result in penalties and legal consequences.

Avoid Penalties

Late filing or non-filing can lead to penalties and interest charges imposed by the tax authorities. It is important to file within the stipulated deadlines to avoid unnecessary financial burdens.

Claim Refunds

If you have paid excess taxes or are eligible for deductions and exemptions, filing income tax returns allows you to claim tax refunds from the government.

Establish Financial History

Consistently filing your income tax return each year can help establish a positive financial history, which can be helpful when applying for loans, credit cards, or other financial products.

Proof of Income

Income tax returns act as official financial documents that demonstrate your income and tax liabilities. They are often required for various financial transactions, loan applications, visa processing, and more.

Tax Planning

Filing your Income tax return (ITR) can also help you plan for the future by allowing you to evaluate your current tax situation. Income Tax  Planning is important to save tax and to maximize your refunds. 

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