FAQs

Any individual or entity whose income exceeds the basic exemption limit set by the Income Tax Department is required to file an ITR. This includes salaried individuals, self-employed professionals, business owners, and entities like companies, firms, and LLPs.

There are various ITR forms prescribed by the Income Tax Department for different types of taxpayers, such as:

• ITR-1 (Sahaj) for salaried individuals
• ITR-2 for individuals and HUFs not having income from business or profession
• ITR-3 for individuals and HUFs having income from business or profession
• ITR-4 (Sugam) for presumptive income from business and profession
• ITR-5 for firms, LLPs, AOPs, BOIs
• ITR-6 for companies
• ITR-7 for persons including companies required to furnish return under sections 139(4A), 139(4B), 139(4C), or 139(4D)

The due date for filing ITR varies based on the type of taxpayer. For individuals and HUFs, the due date is typically July 31st of the assessment year. For companies and entities requiring audit, the due date is usually September 30th of the assessment year.

If you fail to file your ITR on time, you may be subject to penalties and interest on the unpaid taxes. Additionally, you may lose the opportunity to carry forward losses to future years, and in some cases, it may attract legal consequences.

The documents required to file an ITR may include:

• Form 16 (for salaried individuals)
• Form 26AS (Tax Credit Statement)
• Bank statements
• Proof of investments (for claiming deductions)
• Details of other income sources (e.g., rental income, interest)
• Aadhaar card
• PAN card

If you have paid excess taxes, you can claim a refund by filing your ITR and providing your bank account details for the refund. The Income Tax Department will process your return and issue the refund directly to your bank account if the claim is found to be accurate.