Who needs to file an ITR Individuals and entities that are liable to pay income tax in India are required to file an Income Tax Return. Let’s define Who needs to file an ITR Filing Income Tax Returns is necessary because it’s a legal requirement and it helps to declare income accurately, calculates tax liability,… Read More »
ITR for self employed For self-employed individuals in India, the Income Tax Return (ITR) form to be filed depends on the nature and source of income. Here are the common ITR forms applicable to different types of self-employed individuals: ITR-3: This form is applicable if you have income from business or profession as a partner… Read More »
ITR for non-salaried person For non-salaried individuals in India, the Income Tax Return (ITR) form to be filed depends on the nature and source of income. Here are the common ITR forms applicable to different types of non-salaried individuals: ITR-1 (Sahaj): This form is applicable if you have income from salary, one house property,… Read More »
ITR for capital gains If you have capital gain, you will generally need to file ITR-2. Income Tax Return-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. These are typically categorized as “Income from Capital Gains” in ITR-2. However, it is important to… Read More »
ITR for Salary and Share Trading If you have income from salary and share trading, you will generally need to file ITR-2. ITR-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. Income from salary and income from share tradings fall under the… Read More »
ITR Filing is Mandatory Income tax return (ITR) filing is mandatory in several situations in India. Here are ten common scenarios where individuals are required to file their ITR: ITR filing is mandatory in 10 situations: 1. Income above Basic Exemption Limit: If your total income before claiming any deductions exceeds the basic exemption… Read More »
Where to file ITR Where to file ITR, Income Tax Returns (ITR) in India can be filed electronically through the official website of the Income Tax Department of India, known as the e-Filing website. Here are the steps to file ITR in India: 1. Visit the e-Filing website: Go to the official e-Filing… Read More »
Income Tax filing The requirement to file an ITR depends on various factors, including the individual’s income level, residential status, and specific conditions outlined in the Income Tax Act, 1961. 1.Income Threshold: Individuals with a total income exceeding the prescribed threshold are generally require to file an ITR. The income threshold varies based on… Read More »
ITR Filings Process The ITR filings process in India generally involves the following steps: 1. Gather the necessary documents: Collect all the relevant documents such as Form 16 (if applicable), bank statements, investment proofs, rent receipts, and any other supporting documents related to your income, expenses, and deductions. 2. Choose the correct ITR form:… Read More »
ITR Filing Last Date What is the Last Date for Filing ITR? Filing your Income Tax Return (ITR) on time is crucial for avoiding penalties and ensuring compliance with tax regulations. Understanding the last date for ITR filing helps you manage your finances and avoid last-minute stress. Here’s a quick guide to the… Read More »
