Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.
Why you should file ITR?
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
1. If your gross annual income is more than-
For individuals below 60 years
Rs 2.5 Lakh
For individuals above 60 years but below 80 years
Rs 3.0 Lakh
For individuals above 80 years
Rs 5.0 Lakh
2. If you have more than one source of income like house property, capital gains etc.
3. If you want to claim an income tax refund from the department.
4. If you have earned from or have invested in foreign assets during the FY.
5. If you wish to apply for visa or a loan
6. If the taxpayer is a company or a firm, irrespective of profit or loss.
Hope you enjoyed reading this article. At Falcon eBiz, we continuously work to empower Indian businesses. We can help you file your ITR. Please select your respective ITR from our ITR Services.