ITR and GST Assistance

                                                                                                              Income Tax Return: Understanding the Basics

Income Tax Return

An Income Tax Return is a form that every taxpayer needs to file to report their income and calculate the amount of tax they owe to the government. It is a declaration of a taxpayer’s income, deductions, and tax payments made in a financial year
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Importance of filing an Income Tax Return

Filing an Income Tax Return is a legal obligation that every taxpayer must fulfill. It helps the government to keep track of the income earned by individuals and businesses and ensures that the taxes are paid on time. It also helps the taxpayers to claim their tax refund, if any.
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Types of Income Tax Returns

ITR 1

ITR 1 is for individuals with income up to Rs. 50 lakhs

ITR 3

ITR 3 is for individuals and HUFs who have income from business or profession

ITR 5

ITR 5 is for LLPs (Limited Liability Partnerships), AOPs (Association of Persons), and BOIs (Body of Individuals)

ITR 6

ITR 6 is for companies

ITR 2

ITR 2 is for individuals and HUFs (Hindu Undivided Families) who have income from sources other than business or profession

ITR 4

ITR 4 is for individuals, HUFs, and firms who have presumptive income from business or profession

ITR 7

ITR 7 is for trusts, political parties, and other organizations.

The deadline for filing Income Tax Return is 31st July of every year. However, it may vary for certain categories of taxpayers.

No, it is mandatory to have a PAN card to file Income Tax Return.

No, it is not mandatory to file Income Tax Return if you have no taxable income. However, it is advisable to file nil return to avoid any future complications.

The penalty for late filing of Income Tax Return can range from Rs. 1000 to Rs. 10,000, depending on the income and number of days delayed.

Yes, taxpayers can revise their Income Tax Return within the prescribed time limit if they have made any mistakes or errors while filing.

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