What is an ITR?

An assesses must submit a form known as an ITR, or income tax return, to the Income Tax Department of India.

This form contains all the details on the taxpayer's yearly income as well as the total amount of tax due and refund due for that specific year.

There are seven different ITR forms, and only those must be used for submitting returns in accordance with the Central Board of Direct Taxes (CBDT) of India.

Types of ITR Forms

ITR-1,ITR-2,ITR-3,ITR-4,ITR-5,ITR-6,ITR-7,

How do I utilise TODAYFILINGS's eligibility checker?

Click on "Check Your Eligibility for ITR" on the "Income Tax Eligibility Checker" page

Your date of birth and yearly income are requested on the "Income Details" page. Click "Next" after accurately entering the information.

It then says "Other Details." Answer each question by selecting "yes" or "no" for each.

The final screen appears, asking for personal information including complete name, email address, and mobile number. Enter all the information, then press "Next." (This step can also be skipped)

The TODAYFILINGS eligibility checker indicates whether or not you must file an ITR. If you must file an ITR, select the "File ITR Now" option provided below.

Prerequisites for e-Filing

The important residence details documents that are required for filing income tax returns are Permanent account number Aadhar card, Bank Account details,

And the forms to be submitted for filing income tax returns Form 16, Form 26AS, Investment details.

Frequently Asked Questions

Instances in which the total taxable income is below the exemption threshold. Particularly those who get dividends or interest on deposits, which are typically subject to tax withholding.

Quick and painless Visa processing ITR documents that have been timely submitted for the previous two years must be presented at embassies or consulates.

To stay out of trouble According to the Income Tax Act of 1961, the tax office has the right to impose a fine of Rs. 5,000 on you if you fail to file your ITRs on a regular basis.

For carrying over losses to get high-coverage insurance policies.

If an individual's total income exceeds the basic exemption limit of Rs. 2,50,000, 300,000, or 500,000 in a financial year, they are required to file a tax return.

ITR-3, ITR-4, and ITR-5 are the forms used for businesses alone. ITR-6, however, is only utilized by businesses.

Try to retain your rent receipts on hand, even if your HRA is less than Rs. 3000, in case the income tax officer needs them later.

You are need to file a belated return and a new ITR because the previous one is void if you don't file your tax returns by the deadline. Late filings are subject to a penalty of up to Rs. 5,000 under clause 234F.

However, for an income of Rs. 5,00,000, the fine is only Rs. 1000. Additionally, if the total gross income is Rs. 2,50,000 or less, no penalty would be assessed.

Income Tax Eligibility Calculator

Income Details

Types of ITR Forms

Prerequisites for e-Filing

What advantages can ITR filings offer?

Mandatory to file ITRs?

What are the formats for income tax returns that businesses and enterprises can use?

What are the repercussions of failing to file a tax return by a certain date?