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E-filing Income Tax Returns in India

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.Income tax is a tax imposed by the Central Government on income of a person.

Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty.

The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

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Who should file income tax return

Every company, be it Private limited, LLP or partnership irrespective of the income or loss must file IT returns

Individuals enjoying income from mutual funds, bonds, stocks, fixed deposits, income from interest, house property,etc

Individuals receiving income from property under charitable trusts, religious trusts or income from voluntary contributions

For business tax return filing
  • The IT Department of India has rules for all businesses operating throughout the country to file income taxes each and every year. If need be, TDS return can also be filed and advance taxes can be paid to ensure that the business complies with the IT rules and regulations.
Proprietorship Tax Return Filing
  • A proprietorship firm is run by a single person called the proprietor. Proprietorship is not a separate legal entity, that is, both the proprietor (business owner) and the business are the same. Due to this, ITR filing for proprietorship is the same as that of the proprietor.
    • Requirements for filing proprietorship tax returns
    • Proprietors within 60 years of age and whose income exceeds Rs.2.5 lakhs are required to file proprietorship tax returns. Proprietors above 60 years but less than 80 years of age and whose total income exceeds Rs 3 lakhs are eligible.

    Documents required for Income Tax Filing in India

    To fulfill IT filing in India, the following documents are necessary
    • * Bank statements
    • * Proof of investments
    • * T.D.S. Certificates in Form 16 or 16A as applicable
    • * Documents on purchase and sale of investments/assets
    • * If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
    • * In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
    • * Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions