Everyone must have heard about tax because if we buy anything from a needle to a big truck, then tax is definitely levied on it and earlier many types of taxes were levied like Income Tax, Property Tax, Wealth Tax, Sales Tax, Purchase Tax, Corporate Tax, Service Tax, and recently the most talked about Goods and Services Tax etc. but today only GST is imposed.
And the tax on income has to be filed through Income Tax Return file. Income Tax Act, 1961 makes it mandatory for the taxpayer to file Income Tax Return under various scenarios. For this, Income Tax Return has to be filed according to whatever income is earned. And there are many benefits of filing Income Tax Return, so if you want to file Income Tax Return, then we will explain in detail about Income Tax Return here.
The full form of ITR is Income Tax Return and in Hindi it is called आय कर रिटर्न.
What is income tax return
Income Tax Return:- Income Tax Return: The tax that is taken from us by the Central Government on our annual income is known as Income Tax and the form through which this income tax is paid is called ITR or Income Tax Return. The Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. Any person whose income exceeds ₹2.5 lakh, ₹3 lakh or ₹5 lakh must file an income tax return.
All the information has to be given in the Income Tax Return file. Information about earnings and expenses has to be given. Income Tax Department provides the facility of electronic filing (E-Filing) of Income Tax Return. There are many benefits of Income Tax Return if any Income Tax return is filed, all the banks trust it, it is easy to take loan, there are many such benefits also, when a company or an individual fills the ITR, a certain time or date is given to that person by the government and then that The company or individual has to file ITR by that date or time. Income tax can be in many forms such as – income tax return, interest, capital gain, profit in business, income salary etc.
Who else should fill it online?
Earning more than Rs 2.5 lakh comes under the ambit of tax. ITR file comes under it. Income tax slab is given below. In this, tax is told according to the income, but if your income is less than Rs 2.5 lakh. So you can file ITR and get its benefits.
| income tax slab | Current Income Tax Rates for FY 20-21 (Assessment Year 21-22) | FY 20-21 New Income Tax Rates for (Assessment Year 21-22) |
||
| Indian Residents & Hindu Undivided Families (HUF) (Individuals below 60 years of age & NRIs) | Indian Residents & Hindu Undivided Families (HUF) (Individuals aged between 60 to 80 years) | Indian Resident & Hindu Undivided Family (HUF) (Individuals above 80 years of age) | Applicable to all individuals and Hindu Undivided Family (HUF) | |
| ₹0.0 – ₹2.5 Lakh | Zero | Zero | Zero | Zero |
| ₹2.5 – ₹3.00 Lakh | 5% (tax exemption available under section 87a) | Zero | Zero | 5% (tax exemption available under section 87a) |
| ₹3.00- ₹5.00 Lakh | 5% (tax exemption available under section 87a) | Zero | ||
| ₹5.00 – ₹7.5 Lakh | 20% | 20% | 20% | 10% |
| ₹7.5 – ₹10.00 Lakh | 20% | 20% | 20% | 15% |
| ₹10.00 – ₹12.50 Lakh | 30% | 30% | 30% | 20% |
| ₹12.5 – ₹15.00 Lakh | 30% | 30% | 30% | 25% |
| ₹15 Lakh and more | 30% | 30% | 30% | 30% |
How to download ITR form?
ITR forms can be found on the official website of Income Tax Department. The method of downloading the form is given below.
- First of all Income Tax Department. Go to the website of.
- On the home page, click on ‘Form/Downloads’ option.
- Then select ‘Income Tax Returns’ option from the drop-down menu. How to fill ITR online
- Then once you go to the ‘Income Tax Returns’ web page, download the form that is as per your income and assessment year.
Documents Required for ITR Filing
If you are an employee:
- PAN card
- Form 16 provided by your employer
- Salary Slip (Monthly)
If you own a business:
- Trading Report
- Business Account Details
- Profit and loss statement if any
Additionally, you can submit:
- Investment Proof
- Property Purchase/Sale Documents
- TDS Certificate Provided by Banks
- Interest Income Statement
- Receipts in respect of charitable mutual funds and other forms of investment
How to apply ITR Filing in Online from Mobile
Step 1: How to do ITR Filing Online :- Step 1: First of all go to the e-filing website of Income Tax Department.
Step 2: If you have already registered, log in. To log in, enter your User ID and your password.
Step 3: After logging in, the option of ‘File Income Tax Return’ will appear on the screen under the ‘E-File’ tab. keep moving forward in this sequence
Step 4: Select the Assessment Year for which you want to file ITR, and click on “Continue”.
Step 5: Then select “Online” mode.
Step 6: Then select the option of ‘Individual’.
Step 7: Then go to “Filling Type” and select 139(1)- Original Return and then select the “ITR FORM” based on your category which you want to file. The form will be downloaded on your system.
Step 8: After this enter the reason for filing your return.
Step 9: Enter your bank account information. If you have already provided your bank account information, then pre-validate it.
Step 10: After that you will be sent to another page then confirm the summary of your return and validate it.
Step 11: You can verify your tax return electronically using Aadhaar OTP or EVC (Electronic Verification Code) or by sending the signed printout of ITR V to CPC Bangalore within 120 days from the date of e-filing. How to Fill ITR in Online
Step 12: Once your return is filed, the receipt for ITR V will be sent to your registered email.
Step 13: After verification of ITR, the department will start processing it and you will get the notification on your registered email ID and mobile number. This is not necessary.
Conclusion
In case your Taxable Income is less than Rs. 2.5 lakhs, filing the returns is not necessary for you. But, you can still file the ITR as Nil Return to keep a record. There would be innumerable instances when you would need the income tax as proof, such as while applying for a loan, passport, visa, and more. So, make sure you are well-equipped and prepared beforehand.
