ITR Filing

ITR Filing

ITR (Income Tax Return) filing is the process of submitting your income tax returns to the Income Tax Department of India. It is a mandatory requirement for individuals and businesses that have a taxable income above a certain threshold.

Types of ITR Forms:

• ITR-1 (Sahaj): For individuals with income from salary, house property, and other sources
ITR-2: For individuals and HUFs (Hindu Undivided Families) with income from salary, house property, and capital gainsITR-3: For individuals and HUFs with income from business or professionITR-4 (Sugam): For individuals and HUFs with income from business or profession and presumptive incomeITR-5: For firms, AOPs (Association of Persons), and BOIs (Body of Individuals)ITR-6: For companiesITR-7: For trusts and NGOs

Documents Required:

• PAN and Aadhaar card
Form 16 (for salary income)Form 16A (for TDS on other income)Bank statements and investment proofsCapital gains statements (if applicable)

Benefits:

• Avoid penalties and interest
Claim refunds (if eligible)Carry forward losses (if eligible)Enhanced credibility with the tax department


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