Income Tax Return (ITR) is a prescribed form through which an assessee reports details of income earned and the corresponding tax liability to the Income Tax Department. It serves as an official declaration of a taxpayer’s total earnings, deductions claimed, and taxes paid during a financial year.
There are different types of ITR forms, namely ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. The selection of the appropriate form depends upon several factors such as the nature and sources of income, the total income earned, and the category of the taxpayer—whether an individual, Hindu Undivided Family (HUF), partnership firm, company, trust, or any other entity.
Under the provisions of the Income Tax Act, 1961 and the Income Tax Rules, 1962, every eligible assessee is required to file an income tax return after the close of each financial year. The return must be submitted within the prescribed due date to ensure compliance and avoid penalties.
Filing an Income Tax Return (ITR) is compulsory in India if a person satisfies any of the conditions prescribed under the Income Tax Act, 1961. The major situations where return filing becomes mandatory are listed below:
Income exceeding the basic exemption limit:
Individuals below 60 years: ₹2.5 lakh
Individuals between 60 and 80 years: ₹3 lakh
Individuals above 80 years: ₹5 lakh
Multiple sources of income:
If a person earns income from various heads such as salary, house property, capital gains, business, or other sources, filing may be required.
To claim a tax refund:
If excess tax has been deducted or paid, an ITR must be filed to claim the refund.
Foreign income or assets:
If an individual has earned income abroad or holds foreign assets during the financial year.
For visa or loan applications:
ITR documents are often required as proof of income.
Companies and firms:
All companies and partnership firms must file an ITR, regardless of profit or loss during the year.
The type of Income Tax Return (ITR) to be filed in Jaipur depends on the nature of income and the status of the taxpayer, as prescribed under the Income Tax Act, 1961. The location does not change the form; it is determined by income category and eligibility.
Applicable to resident individuals whose total income (up to ₹50 lakh) includes:
Salary or pension
Income from one house property (without brought forward losses)
Income from other sources (excluding lottery or racehorse winnings)
Agricultural income up to ₹5,000
Not applicable if income exceeds ₹50 lakh, includes capital gains, business income, multiple house properties, foreign assets/income, directorship in a company, or investment in unlisted shares.
For individuals or HUFs not having business/professional income but earning from salary, house property, capital gains, foreign assets, lottery income, or agricultural income above ₹5,000.
For individuals or HUFs earning income from business or profession, including partners in firms and company directors.
For resident individuals, HUFs, and partnership firms (excluding LLPs) opting for presumptive taxation under Sections 44AD, 44ADA, or 44AE, subject to conditions.
For firms, LLPs, AOPs, BOIs, estates, business trusts, and investment funds.
For companies, except those claiming exemption under Section 11 (charitable or religious institutions). Filing is mandatory in electronic mode.
For entities required to file returns under Sections 139(4A) to 139(4F), including trusts, political parties, research associations, educational institutions, hospitals, business trusts, and investment funds.
To file an Income Tax Return (ITR) in India, taxpayers should keep the necessary documents ready to ensure accurate reporting under the Income Tax Act, 1961. The key documents generally required are:
Form 16:
Issued by the employer, this certificate shows the details of salary paid and Tax Deducted at Source (TDS) during the financial year.
Salary Slips:
Salaried individuals should retain monthly salary slips to verify income details and deductions.
Form 26AS:
Also known as the Annual Tax Statement, it provides a consolidated record of TDS, TCS, advance tax, and other tax payments linked to the taxpayer’s PAN.
Form 16A:
This form reflects TDS deducted on income other than salary, such as interest from fixed deposits, rent, commission, or other specified payments. It also includes details of the deductor, PAN, TAN, and challan information.
PAN Card:
Permanent Account Number (PAN) serves as essential identity proof for income tax purposes.
Aadhaar Card:
Aadhaar details are mandatory for filing ITR as per Section 139AA of the Act.
Capital Gains Statement:
If the taxpayer has invested in shares, mutual funds, or other assets, a capital gains statement is required to report profits or losses from such transactions.
The process of registering on the income tax e-filing portal can be completed in a few simple steps under the provisions of the Income Tax Act, 1961:
Visit the Official E-Filing Website
Go to the official income tax e-filing portal.
Click on “Register”
Select the option to register yourself as a new user.
Choose User Type
Select the appropriate category, such as individual, HUF, company, firm, etc.
Enter Basic Details
Fill in required information such as PAN, name, date of birth/incorporation, and contact details.
PAN Verification
The system verifies the PAN details entered by the user.
Account Activation
After successful verification and validation, the account is activated, enabling the user to log in and file returns electronically.
Filing an Income Tax Return (ITR) in Jaipur offers several important advantages under the Income Tax Act, 1961. Some key benefits are explained below:
Easy Loan Approval
Regularly filed ITRs act as reliable proof of income, which makes it easier to obtain home loans, vehicle loans, and other types of credit from banks and financial institutions.
Claiming Tax Refund
If excess tax has been deducted or paid during the financial year, filing an ITR is necessary to claim the refund from the Income Tax Department.
Income and Address Proof
An ITR acknowledgment serves as valid documentation of income and residential address for various official purposes.
Faster Visa Processing
Many embassies require ITR copies as financial proof while processing visa applications.
Carry Forward of Losses
Filing the return within the due date allows taxpayers to carry forward certain losses, including business losses and house property losses, as permitted by law.
Avoidance of Penalty
If a person is required to file an ITR but fails to do so, the tax authorities may impose a penalty of up to ₹5,000. Filing on time helps avoid such penalties.
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