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Learn More about Income Tax Return

An income tax return is a form prescribed by the Income Tax Department through which particulars of income earned by a person, deductions, taxes paid/deducted on such income during a particular previous year are communicated to the Income Tax Department.

Every person whose total income is more than the basic exemption limit i.e. 2.5 lakhs is liable to file ITR, however there are following cases where ITR filling is mandatory irrepective of total income -

  1. Compulsory for Companies/firms
  2. If you want to claim refund
  3. If you have entered into any transaction under te Annual Information Return
  4. ITR has to be filed for any income from a property under a charitable trust, religious purposes, research or for a political party, medical institution, hospital or any other institution

Types Details about ITR
ITR - 1 For Individual Having Income From Salary And Interest.
ITR - 2 For Individuals And HUFs Not Having Business / Professional Income.
ITR - 3 The Form ITR 3 is for individuals and HUFs having income from profits and gains of business or profession.
ITR - 4 For Individuals And HUFs Having Income From Presumptive Business.
ITR - 5 For Firms, AOP And BOI.
ITR - 6 For Companies Other Than Companies Claiming Exemption U/s 11
ITR - 7 The Form ITR 7 for person including companies which are required to furnish return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.

  1. Eligibility in Loan application: Income tax return of the last three years is basic documents required for loans.
  2. To claim refund: If you have a refund due from the Income Tax Department, you will have to file returns, without which you will have to forgo the refund.
  3. Carry forward of losses: Some losses such as Speculation Loss, Business Loss, Capital Loss, Loss from activity of owning & maintaining race horses can be carried forward only on filing the income tax returns before the due date./li>
  4. Foreign Travel: Visa procurement for foreign travel needs proof of income tax returns.
  5. Credit card application: If anyone wants to have a high limit credit card then your income tax return may help to get it.
  6. Government tender: Very often, when government tender of high value is being awarded, furnishing income tax return is a must to apply for it to justify the business credentials of a bidder especially.
  7. Address Proof: In many cases income tax returns are also accepted as your proof of address.
  8. Buying high life insurance policy: If you are planning to buy any life insurance policy like of Rs. 50 lakh or Rs. 1 Crore, then the life insurance company like LIC might ask for your Income Tax Return receipts of previous years.
  9. For startup funding: If you are looking to raise funds, point to note that many investors study Income tax returns to adjudge the business stability, profitability and other cost parameters in the business.
  10. Security against suspicious black money: Income tax return of every year substantiates the income that will not be at risk of being termed as black money.

  1. Not filling the return in time.
  2. Not filling the correct ITR form.
  3. Not verify the return filed and uploaded and/or not sending the duly signed acknowledgment to CPC in time.
  4. Income from savings and fixed deposits is often not declared in the Income Tax Return.
  5. Do not include notional rent of Properties other than self occupied property.
  6. Mismatch with Form 26 AS.
  7. Taking wrong rebate, that are otherwise not applicable.
  8. Taking wrong deduction without actual contribution to LIC, PPF, NSC, house rent payment etc..

Documents Required for ITR Filling

In case of Salaried Employees
Copy of PAN Card and Aadhar Card
Form 16 (TDS certificate)
Income Tax Login Id and Password
Investment Proof (FD, NSC, PPF LiC etc.)
Bank Statement of related Financial year
In Other Cases
Copy of PAN Card and Aadhar Card
Form 16 A (TDS certificate)
Income Tax Login Id and Password
Income and Expenditure Details
Investment Proof (FD, NSC, PPF LiC etc.)
Bank Statement of related Financial year

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