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Income Tax Return
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What is ITR (Income Tax Return)

Income Tax Returns or ITR is a form used to declare the net tax liability, claiming of tax deductions, and to report the gross taxable income. It is mandatory for individuals who earn a certain amount of money have to File IT Returns.

ITR filing is the process by which taxpayer has to file a report of his total income earned on financial year. Through Income Tax Department official portal individual can complete their filing of returns. It has notified with seven various forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7

Why Should you File ITR?

It is mandatory for one to file income tax returns in India, if he comes under any of the following conditions:

Individuals who fall within the respective tax slabs.
If it's a Company or Firm, irrespective of the profit or loss made in a financial year.
If a tax refund needs to be claimed.
If a loss under a head of income needs to be carried forward.
If being a resident of India, one has an asset or financial interest in any entity located outside India.
If being a resident of India, one is a signing authority in a foreign account.
If one receives income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not-for-profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
If one is applying for a loan or a visa.
If an NRI derives any or all of his/her income through sources in India, that income is liable to be taxable in India, and income tax returns for the same will be necessary.

Benefits of E-Filing of Income Tax Return

The advantages of ITR Filing are:

Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require the last three year’s IT returns.

Visa: As Immigration centres scrutinise many documents and IT returns, proofs are a mandatory document for visa applicants.

Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.