ITR filing | Income Tax Return Filing BTHAWK

Income Tax Return Filing

Income Tax Return (ITR) Filing is a process that should submit to the Indian Tax Department. It contains information on personal income and taxes to be paid during the year. The information included in the ITR must be relevant to a particular financial year, i.e., beginning on 1 April and ending on 31 March of the following year.

Benefits of Income Tax Return Filing-

  • The tax refund will be easier to claim if you submit income tax returns.
  • Loans will be easily issued if you have completed your tax returns precisely.
  • Owning assets (foreign assets) will be much easier.
  • Quick VISA Processing and take deduction on life insurance cover up to 1.5 lakh.
  • Proof of Income and a financial record.
  • Set-off & carry forward losses.
  • Loss of profits and gains will be rectified.
  • Filing income tax returns is an act of a responsible citizen of the country.

Type of Income Tax Return-

It is always very significant to choose a proper form for income tax return filing. There are seven types of income tax return forms. 

  • ITR-1 SAHAJ - This ITR is for individual residents (except non-residents) who have income up to Rs.50 lakh. Income sources are salaries, income from house property, and agricultural income up to Rs.5 thousand.
  • ITR-2 - This ITR is for individuals and HUFs who have an income of more than 50 lakhs. Income sources are salaries, income from house property, and agricultural income of more than Rs.5 thousand.
  • ITR-3 - This form is for individuals or a Hindu Undivided Family who have income from proprietary businesses like beauty parlours, barbershops, general stores, and sweet shops.
  • ITR-4 Sugam - This ITR is for individuals, HUFs, and Firms (other than LLP) who are citizens with a total income of up to Rs.50 lakh and have income from business and work listed under sections 44AD, 44ADA, or 44AE.
  • ITR-5 - This ITR is for partnerships/firms including LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIS (Body of Individuals), AJP (Artificial Juridical Person). Income sources can be income from house property, business property, lottery income, exempt income, or foreign income.
  • ITR-6 - This ITR is for the company. Income sources can be income from house property, business property, lottery income, exempt income, or foreign income.
  • ITR-7 - This ITR is for the trust. Income sources can be income from house property, business property, lottery income, exempt income, or foreign income.

Consequences of not filing ITR-

If you do not file ITR, the maximum penalty is Rs 1000 for the individual and Rs 10,000 for the other than individuals. 

File ITR before 31 December 2021, at BTHAWK. Think as a duty & be a responsible citizen of the country.

Try for free