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In India, individuals or entities engaged in business or profession must file an income tax return if their total income exceeds the basic exemption limit of ₹2,50,000. The return should be submitted within the due date of the relevant assessment year
The ITR must include comprehensive details of business or professional income, related expenses, and taxes paid. Any additional income, such as capital gains or other sources, must also be reported.
ITR-3
This form is applicable to individuals and Hindu Undivided Families (HUFs) who earn income from a proprietary business or profession.
ITR-4 (Sugam)
Used by individuals, HUFs, and firms (excluding LLPs) opting for the presumptive taxation scheme under Sections 44AD, 44AE, or 44ADA of the Income Tax Act, 1961
ITR-5
This form is used by Partnership Firms, LLPs, Associations of Persons (AOPs), and Bodies of Individuals (BOIs) for reporting their income and taxes
ITR-6
Applicable to companies other than those claiming exemption under Section 11. It is used by Private Limited and Public Limited Companies to file their income tax returns
ITR-7
Filed by entities such as charitable trusts, societies, political parties, and other organizations that are eligible for exemption under various provisions, including Section 10 and Section 11 of the Income Tax Act.
Most banks and financial institutions review your ITR records when processing loan applications. A consistent and accurate ITR filing history can significantly boost your chances of loan approval.
If the Tax Deducted at Source (TDS) from your salary exceeds your actual tax liability, you can recover the excess amount by filing your income tax return.
Filing ITR is a statutory obligation for individuals whose taxable income crosses the specified limit. Complying with this requirement helps you steer clear of penalties and legal issues related to non-compliance
Timely and accurate ITR filing reflects financial responsibility and can enhance your credibility and trustworthiness in the eyes of lenders and institutions.
ITR serves as official documentation of your income. It is often required for various purposes, such as applying for loans, securing a visa, or opening certain bank accounts.
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