An Income Tax Return (ITR) is a form used to file information about your income and taxes to the Income Tax Department of India. It is mandatory for individuals and entities whose income exceeds the basic exemption limit to file their ITR annually.
Income Tax Return filing is governed by the following acts and rules:
| ITR Form | Applicable For | Description |
|---|---|---|
| ITR-1 (Sahaj) | Individuals | For individuals with income up to ₹50 lakh from salary, house property, other sources |
| ITR-2 | Individuals and HUFs | For individuals and HUFs not having business or professional income |
| ITR-3 | Individuals and HUFs | For individuals and HUFs having income from business or profession |
| ITR-4 (Sugam) | Individuals, HUFs, and Firms | For individuals, HUFs, and Firms under presumptive taxation scheme |
| ITR-5 | Firms, LLPs, AOPs, BOIs | For firms, LLPs, AOPs, BOIs, and other entities |
| ITR-6 | Companies | For companies other than those claiming exemption under section 11 |
| ITR-7 | Persons and Companies | For persons including companies required to furnish return under sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) |
Our streamlined process ensures quick and hassle-free ITR filing:
Collect all necessary documents including Form 16, bank statements, investment proofs, and other income-related documents.
Access the official Income Tax e-filing portal (www.incometax.gov.in) using your PAN and password. Ensure you have valid credentials.
Choose the correct ITR form based on your income sources and taxpayer category. Common forms include ITR-1, ITR-2, ITR-3, and ITR-4.
Enter all required information including personal details, income from various sources, deductions, and tax calculations. Ensure accuracy in all entries.
Calculate your total tax liability and pay any outstanding tax using available payment methods. Ensure sufficient balance in your bank account.
Review all information one final time, generate the return summary, and submit the return. Download the acknowledgment for your records.
Popular deduction options to reduce your tax liability:
If you invest ₹1.5 lakh under Section 80C, you can save up to ₹46,800 in taxes (assuming 30% tax bracket).
Find answers to common questions about ITR filing, forms, eligibility, process, benefits, and compliance.
Individuals with total income exceeding ₹2.5 lakh (₹3 lakh for senior citizens, ₹5 lakh for super senior citizens) must file ITR. Companies must file regardless of income.
Salaried individuals with income up to ₹50 lakh and no business income should use ITR-1 (Sahaj). Those with capital gains or foreign income should use ITR-2.
Late filing attracts a penalty of ₹5,000 (₹1,000 if income is below ₹5 lakh). Additional interest at 1% per month is charged on outstanding tax.
Yes, you can revise your ITR within the assessment year or before completion of assessment, whichever is earlier, using the same ITR form.
Section 80C allows deduction up to ₹1.5 lakh for investments in PPF, ELSS, NSC, etc. Section 80D allows deduction up to ₹25,000 for health insurance premiums.
Asktrix provides complete ITR filing services including form selection, data entry, tax calculation, deduction optimization, and timely submission with expert guidance.
Ensuring smooth ITR filing with Asktrix provides not only compliance but also maximum tax savings and peace of mind. Our comprehensive approach ensures your tax returns are filed accurately and on time.