Income Tax Return

Income Tax Return (ITR) is the form in which assessee files information about there Income and tax to the Income Tax Department. Variety of forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. The applicability of ITR forms varies and depending on the sources of income of the taxpayer(assessee), the amount of the income earned and to which category the taxpayer (like individuals, HUF, company, etc)belongs

ITR Filing Fees

For Salaried Income @ 499/-

For Business Income @ 999/-

For Capital Gain Income @ 1499/

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Due Date to File ITR for Financial Year

For assessee Not Requiring an Audit :- 31st July of the Assessment Year.
For assessee Requiring an Audit :- 31st October of the Assessment Year.
For Belated / Revised Return :- 31st December of the Assessment Year.

Mandatory Income Tax Return Filing

It is mandatory to file income tax returns in India if you are going to fall in any of the conditions which are mentioned below :

If your gross total income(GTI) is exceed the basic exemption limit as specified in law which are :

- - - - For individuals below 60 years -Rs 2.5 Lakh
        For individuals above 60 years but they must be below 80 years - Rs 3 Lakh
        For individuals above 80 years - Rs 5 Lakh

If you have different sources of income. for example: income from house property, capital gains, salary, etc.

In order to claim an income tax refund from the department.
If you have earned income from or have invested amount in foreign assets during the Financial Year(FY).
If you want to apply for visa and a loan
If the taxpayer is a company or a firm, then they have file ITR irrespective of what amounts of profit or loss they are made.

Documents required for ITR

1. PAN Card 2. Aadhaar Card 3. Form 16

4. Bank Statements 5. Income Proofs 6. Investment Proofs