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INCOME TAX RETURNS


An Income Tax Return (ITR) is a form used to file information about the Income and taxes paid to Income Tax Authorities. Tax liability of a taxpayer is assessed on the basis of his or her Income. In case excess tax (i.e. paid taxes exceed the tax liability) has been paid in a year, taxpayer can claim refund for the said year by filing ITR.

WHO TO FILE

1. Company & Partnership Firm (including LLP) are required to file their ITR mandatorily (i.e even if they incur loss during any financial year, ITR is required to be filed).
2. Resident Individual, who is the beneficial owner of any asset located outside India or has signing authority of any account outside India.
3. Any Assessee whose Gross Total Income ( GTI i.e. income before claiming exemption u/s 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB and deduction under Chapter VI-A) is more than the basic exemption limit, then the assessee is required to file ITR.

WHICH ITR FORM TO BE FILED

ITR-1

ITR-1 is for Resident Individual, whose total income is upto INR 50 Lakhs and includes:
 
• Income from Salary or Pension; or
• Income from one House Property (except the cases where loss from previous year is to carry forward); or
• Income from Other Sources (except Winning from Lottery and Income from Race Horses)
• Income from Agriculture up to INR 5000.

ITR-2

ITR-2 is for Individual or Hindu Undivided Family (HUF), whose total income includes:
 
• Income from Salary or Pension; or
• Income from House Property; or
• Income from Capital Gain; or
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
• Income from Agriculture more than Rs.5000
• Having any Foreign Asset or Foreign Income
 
Also, if you are a Director of a company or if you have investments in unlisted equity shares at any time during the financial year, ITR-2 needs to be filed. ITR-2 is not for any person who has income from Business or Profession.

ITR-3

ITR-3 is for Individuals and HUF having income from Profits and Gains from Business or Profession (PGBP) from a proprietary business and may also include:
 
• Income from Salary or Pension; or
• Income from House Property; or
• Income from Capital Gain; or
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses)

ITR-4

• Up to INR 50 Lakhs and • Profits from Business or Profession which is computed under Section 44AD, 44ADA, 44AE

ITR-5

ITR-5 is applicable for firms, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Juridical Person (AJP).

ITR-7

• 139(4A) - related with trust income
• 139(4B) - deals with political parties
• 139(4C) - deals with scientific research
• 139(4D) - related with the university and college

ITR-6

ITR-6 is applicable for Companies other than Companies claiming exemption under Section 11(i.e. Income from property held for charitable or religious purposes).

Calendar & Due Dates


FAQs

1) If I have paid excess tax, how will it be refunded to me?
You are eligible to receive an income tax refund if you have paid more tax to the government than your actual tax liability.
Process to claim a tax refund: In order to claim an income tax refund, it is mandatory to file an ITR. Once the I-T department verifies your ITR and the refund claim made by you, it will communicate the outcome to you. If you have filed ITR electronically, the I-T department will send you an e-mail or an SMS. Refund, if accepted as due, will normally be credited to the bank account you had mentioned for this purpose in your tax return.
 
2) Is it necessary to attach documents with Income tax return?
ITR forms, whether filed manually or filed electronically, do not require any documents like proof of investment, TDS certificates, etc. However, these documents should be retained by the taxpayer and produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
 
3) What is Form 26AS?
Form 26AS reflects the details of tax credit in respect of taxes deducted for the taxpayer as per the database of the I-T Department. The tax credit may cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, self-assessment tax, etc.
 
4) What should one do in case of discrepancies in actual TDS and TDS credit as per Form 26AS?
The actual amount of TDS and TDS credit in Form 26AS may differ and the TDS credit in the form may be less as compared to the actual TDS. This may happen due to reasons like non-furnishing of TDS details to the I-T Department by the deductor, linking the tax deducted to an incorrect PAN, etc. In such a case, the deductee should approach the deductor and request to take necessary steps to rectify the discrepancy due to above reasons.
 
5) How many times can I file the revised return?
You can do it multiple times till the expiry of one year time limit.
 
6) From where can I take the help of any expert on Income-tax related matters?
You can take the help from tax professionals of JJ Tax App. They will help you with the filing of return and in the post filing compliances as well.
 
7) I am an agriculturist, is my income taxable?
Agricultural income is not taxable. However, if you have non-agricultural income too along with agricultural income, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for the purpose of tax rate. Section 2(IA) can be referred to know more in respect of Agricultural Income.
 
8) What is Part A and Part B of Form No. 16?
The Form 16 is as per the standard format prescribed by Income tax rules. As per that format, it has two parts, Part A and Part B. The Part A contains the basic information about the employer and employee like his address and TAN and PAN and the gross amount of income given by him to employee. In Part B, the complete details about different income sources, amounts of income and claimed deductions and the taxes deducted thereon are mentioned. Part B is most important for filing I-T Return.
 
9) How to E-Verify Income Tax Return?
Mode and process of generating and validating income tax returns through Electronic Verification Code (EVC):
• Through Aadhaar Number OTP
• Generation of EVC
• Through Net banking
• Through Email id and Mobile Number
• Pre-validating Bank Account Number
• Through Demat Account Number
• E-Verify through available EVC (If already having the same)

WHY JJ TAX

JJ Tax is an excellent platform for filing your ITR. JJ Tax has the most affordable plans and provides a secured platform. ITR preparation require accuracy and zero tolerance of mistakes as one has to be very careful while preparation of ITR.

All the fields have to be correctly filled; otherwise one has to bear high payment of taxes or can get low refund. JJ Tax team consists of professionals who have expert knowledge in the field of taxation. Filing ITRs under the guidance of such professional experts eliminates the risk of any mistake. At JJ Tax, you can get your return filed with accuracy and at your convenience.

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Sunaina  Sunaina Khanna,  MD at Methods Apparel Consultancy