Income Tax Return Filing

Benefits of Filing Income Tax Return

Though According to income tax laws, filing the return and updating your ITR status is mandatory for every individual or entity whose income exceeds the threshold limit mentioned in the Income Tax Act-1961. There are certainly many benefits of filing of ITR:-

  • Ease in Availing Loans  – Income Tax Return is a primary requirement of the bank and financial institution while sanctioning the loan. Income declared in Income Tax Return depicts your financial credibility which helps you to sanction loan easily.
  • Get TDS Refund Back  – If your client or employer deducts your TDS while making payment, it might be that you’re eligible for Tax Refund. On filing Income Tax Return you can claim your TDS credit and get a refund back excess TDS deducted over your net tax liability.
  • Can take input or carry forward losses – Timely filing of income tax return make you eligible to carry forward your business & capital losses, if any, during a financial year which can be adjusted against income earned in the subsequent years and ultimately save your taxes.

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Types of Income Tax Return

ITR 1

This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources up to INR 50 Lakhs.

ITR 4

This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme.

ITR 2

This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.

ITR 5

This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP) 

ITR 3

This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).

ITR 6

This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company

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Documents Required for ITR Filing

PAN Card

Bank Statement

Form 16 & 16A

Digital Signature Certificate

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