Income Tax Filing (ALL ITR's)

What is Income Tax?

Income tax refers to a tax that the government levies on income generated by individuals and businesses. As per the law, taxpayers must file their income tax returns annually, determining the tax obligations. The Income Tax Act of 1961, directs that the central government collects this tax.

Income Tax Filing ( ALL ITR’s)

The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. Tax liability of a taxpayer is assessed on the basis of his or her Income. In case excess tax (i.e. paid taxes exceed the tax liability) has been paid in a year, taxpayer can claim refund for the said year by filing ITR..

Income tax is not just imposed on salary, it also includes profits from businesses, income from property, and other sources. Income tax is a source of revenue for the government to fund public services, provide goods to citizens, improve infrastructure, offer public healthcare services, and develop rural areas.

Personal income tax is levied on an individual’s salary and other types of income. Whereas business income tax applies to corporations, small businesses, and self-employed people. Income Tax Returns (ITR) form the basis for calculating a person’s income tax. It shows the financial status of s person, all sources of revenue, deductions, and the tax payable or tax refund.

When do we need to file Income Tax Return (ITR)?

According to income tax laws, the income tax return must be filed every year by a business or an individual that earns an income during a financial year. Tax returns have to be filed by an individual or a business before a specified date. The taxpayers are subjected to penalties if they fail to abide by the deadline.

It is mandatory to file income tax returns if your income is more than the basic exemption limit. The Government released a notification dated 21st April 2022 that specifies additional conditions for filing income tax returns if the income is below the basic exemption limit.

A few scenarios where it is compulsory to file ITR Return.

  • If the gross total income (before any deductions under sections 80C to 80U) exceeds Rs2.5 lakhs.
  • If you own a company or a firm irrespective of whether you had profit or loss during the financial year.
  • If you want to claim an income tax refund.
  • If you are a resident and a signing authority in a foreign account.
  • If you like to carry forward a loss under a head of income.
Documents required for filing ITR

The procedure of filing income tax varies as per the income earned per year and income sources. There are certain mandatory documents required to be submitted as evidence under the Income Tax Act of 1961 and the Income Tax Rules of 1962

    Generally, the documents required are :

  • PAN card
  • AADHAR Card
  • Bank statement/Bank passbook
  • Form 16
  • Pay slips
  • Form 26AS
  • Form 16A
  • Form 16B
  • TDS Certificate
  • Tax payment challans
Who is eligible to file ITR?

Different types of taxes are imposed on individuals depending upon their form and sources of income. Seven types of ITR forms are given for people falling into seven different categories for filing their respective Income Tax Returns. They are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. People who are eligible to file income tax may come under any one of the following clauses along with the different types of Income Tax Returns.

Firstly, only individuals with taxable income above Rs.250000 can file and pay IT Individuals above the age of 60 (senior citizens) need to file only when their taxable income exceeds Rs.300000 and those above the age of 80 (super senior citizens) need to file when their taxable income exceeds Rs.500000

  • Eligible UnderITR 1:

Salaried individuals, pension funds, agricultural income up to Rs.5000, and one house property owner all come under ITR 1. If the individual earns rent from the property it becomes taxable and if it is used for the business then it becomes taxable under “Income from business or profession”. Also, only individuals whose annual income is under Rs.500000 are eligible under ITR1.

  • Eligible Under ITR 2:

A salaried/ pensioned person, income from more than one property, capital gains, foreign assets/ foreign income, NRI’s, agricultural income above Rs.5000, company directors, and investments in equity shares will all be eligible under ITR 2. Also, individuals whose annual income exceeds Rs.500000 fall under ITR 2. Income from sources such as horse betting and gambling can also be included.

  • Eligible Under ITR 3:

It is for those who earn income carrying a profession or from a proprietary business. This also includes salary, pension, and income from other sources. Those functioning as partners will not come under ITR 3 but will be under ITR 2.

  • Eligible Under ITR 4:

Business income under Section 44AD/Section 44AE, income from other sources such as lottery or horse races up to Rs.50 lakhs, and freelancers whose income doesn’t exceed Rs.50 lakhs all can file under ITR 4.

  • Eligible Under ITR 5:

A firm, LLP, a body of individuals, an association of people, a cooperative society, and societies that are all registered under the Societies Registration Act, 1860 all come under ITR 5.

  • Eligible Under ITR 6:

This is to be filed by every company that is registered either under the Companies Act 2013 or 1956. Only those whose income may come from those properties that are held for charitable/ religious purposes can skip ITR 6. If a company’s sales turnover exceeds Rs.1 crore, tax audits by a CA are mandatory.

  • Eligible Under ITR 7:

Schools, colleges, institutions, business trusts, associations related to scientific research, news agencies, and political parties are all asked to file their Income Tax Returns under ITR 7.

How to file Income Tax?

Any individual or artificial body or group of individuals that earn more than the basic exemption limit is expected to pay Income Tax under the Income Tax Act, 1961.

Income Tax Return (ITR) is a form filed by a taxpayer in which details such as his/her income, claim exceptions, and deductions applicable to it are disclosed to the Government. This income tax e-filing is done online and has been made mandatory for all those who are eligible. There are 7 types of Income Tax Return Forms which are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.

Income Tax Filing Due Dates (Unless Extended):
Category Deadline
Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) July 31st
Businesses (Requiring Audit) Sept 30th
Businesses (Requiring TP Report) Nov 30th

Fine amount will have to be paid if the Income Tax Return hasn’t been filed on time.

Documents Necessary for ITR Filing:
  • PAN card (has to be registered)
  • Aadhar card
  • Bank account details and statements
  • Form 16, 16A, and 26AS
  • All the investment details with proof
  • Expense details with proof such as medical expenses, home loan, etc.
  • GST registration number if any

A Step by Step Guide to File ITR Online:

  • Visit the official government website to login to your e-filing account i.e, Click Here
  • If new, an account has to be created using your PAN card number. The account’s id and password will be your PAN card number.
  • Login to your created account using the credentials and captcha.
  • Linking your Aadhar card has also been made mandatory and so now firstly it has to be linked to this account.
  • To link an Aadhar card, choose “Link Aadhar” under the tab “Profile”. The necessary details such as the Aadhar card name, number, etc have to be entered.
  • Verify the details, confirm and link your Aadhar card to your income tax account
  • Open form 26AS under the quick link. This form would show the summary of the taxes paid over the financial year
  • Now choose the correct ITR form as mentioned and download it
  • Download “excel utility” and fill in all the details asked such as the name, PAN, address, investments, and so on and verify it
  • Once done, click on the “validity” button, and as soon as the given details are validated click on “calculate tax”.
  • If needed, pay and enter the challan details in the ITR form. Generate an XML file and save it.
  • Next fill in the ITR form, name, and assessment year, and upload the saved XML file. A digital signature can also be uploaded.
  • Submit it and save it or take a print of the acknowledgment copy.
  • The filing is complete if you have uploaded your digital signature. If not take a print of the ITR-V which is the acknowledgment verification, sign it, and post it to the IT department within 120 days of filing. Then an acknowledgment will be sent through Email or SMS.

Address To be Posted:

    Income Tax Department – CPC

    Post Bag No – 1,

    Electronic City Post Office,

    Bangalore – 560 100.

This is the process of e-filing an Income Tax Return. An Income Tax Notice will be sent if,

    1. ITR is not filed

    2. There are any defects while filing

    3.Any extra documents are needed.


1. Every Indian including an NRI is required to file an Income tax return where Total Income exceeds the basic exemption limit of Rs. 2,50,000 for an individual; Rs. 3,00,000 in case of a senior citizen and Rs. 5,00,000 in case of super senior citizens.

    You are required to file a return irrespective of the fact whether you have paid tax or not. So, even if the employer has deducted TDS in full you are still required to file an income tax return.

    If your income doesn’t exceed Rs 2,50,000 during the year, then you’re not legally bound to file your return. But it’s still recommended that you file your return because of the benefits that come with filing an income tax return:

2. Company & Partnership Firm (including LLP) are required to file their ITR mandatorily (i.e even if they incur loss during any financial year, ITR is required to be filed).

3. Resident Individual, who is the beneficial owner of any asset located outside India or has signing authority of any account outside India.

When should I file my Income Tax Return?

The due date for filing the Income Tax Return is the 31st of July (after the end of each financial year for which it has to be filed). Although, for the people who fall within the limits of tax audit, the due date is 31st October and in the case where transfer pricing is applicable, the due date is 30th November after the end of the financial year.

Note: Persons who fall in the limits of Tax Audit are:

Person carrying on business and sales/turnover exceeds Rs.1 Cr.

Person carrying on profession and Gross Receipts exceeding Rs 50 Lakhs.

A person carrying on business or profession under the provisions of section 44AD and sales/turnover exceeds Rs 2 Cr. or declaring income lower than the deemed income under the applicable section.

Note:The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2022-23 (FY 2021-22) if the taxpayer’s cash receipts and cash payments are limited to 5% of the gross receipts or gross payments. The same limit has been increased from Rs. 5 crores to Rs. 10 crores from AY 2022-23 (FY 2021-22)

What if I don’t file an Income Tax Return on or before the due date?

Here are the consequences of not filing ITR.
  • You may receive the Notice from the Income Tax Department..
  • You can not carry forward the losses from your business.
  • Lose Interest on refunds.
  • Pay Interest under section 234A @ 1% per month for late filing of return

For salaried person

  • Ever since the rule incorporated in 2017-18, any lax in paying income tax will lead to spending a compensatory sum of Rs.10,000. However, if you file your ITR after 31st August and before 31st December, a penalty of Rs.5000 will be levied. However, if your income does not exceed Rs.5 lakhs, Rs.1000 will be levied for the delay.

For self-employed

The rule for self-employed people is the same as above. Rs.10,000 is paid as a penalty in case of general late payment, and if you have filed the ITR after 31st August but before 31st December, you have to pay a fine of Rs.5000. And, in the case your income does not exceed Rs.5 lakhs, you need to pay Rs.1000.

For companies

The rule for late payment of ITR is the same for companies as well. The penalty will be Rs.10,000, but if the income is less than Rs.5 lakhs, you need to pay a fine of Rs.1000.

For senior citizens

Senior citizens will also need to pay a late fine of Rs.10,000 if they fail to declare their ITR by the due date, and if their income is less than Rs.5 lakhs, a fine of Rs.1000 will be imposed.

Always check what happens if ITR is not filed if you fail to service the due amount within its deadline.

Documents required for tax filing

  • Form 16 (Taxpayers having salary income)
  • Bank Statements
  • Challan Details ( Optional )
  • Details of Investments (Optional)
  • Details of Insurance & Loans (Optional)
  • PAN Copy (Optional)
  • Aadhaar Copy (Optional)
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