Income Tax Return Filing in India
Income tax return filing in India is now simple and stress-free with Groom Tax. Our expert team helps individuals, salaried employees, freelancers, and businesses file ITR accurately and on time. We ensure maximum tax savings, correct form selection, and complete compliance with Indian tax laws. Whether it's ITR-1, ITR-4, or any other form, we handle it all smoothly. File with us and avoid penalties or late fees easily.
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Income Tax Returns
ITR is a prescribed income tax return form in which the details of income earned under different heads in a financial year and taxes paid on such income are sent to the Income-tax Department. By fling the ITR, the assessee can claim refund or carry forward the losses. There are different ITR forms for different assesses or nature of income earned. The return forms prescribed under the Income-tax for filing of return of income are as follows:
| Return Form | Brief Description |
|---|---|
| ITR - 1 | Also known as SAHAJ and applicable to an individual having from salary or pension or from one house property or income from other sources. |
| ITR - 2 | It is applicable to an individual or an HUF not having income from business or profession” |
| ITR - 3 | It is applicable to an individual or a HUF who has income from business or profession |
| ITR - 4 | Also known as SUGAM and applicable to individuals or HUF or partnership firm who have opted for the presumptive taxation under section 44AD/ 44ADA/44AE. |
| ITR - 5 | This Form can be filed by any person being a firm, LLP, AOP, BOI, artificial juridical person, cooperative society and local authority except trusts, political parties, institutions, colleges etc. |
| ITR - 6 | It is applicable to a company other than charitable/religious trust. |
| ITR - 7 | It is applicable to a person’s being trusts, political parties, institutions, colleges etc |
| ITR - V | It is the acknowledgement of the return of income. |
Different types of ways to file the return of income.
The Income tax returns can be filed with the Income-tax Department in the following ways,
- paper form;
- electronically under digital signature;
- electronically under electronic verification code;
- electronically and thereafter submitting the acknowledgement of the return with 120 days to CPC, Bangalore.
Benefit of filing the return of income
Income tax return act as an income proof and validate your credit worthiness for all types for financing needs from banks or financials institution and without income tax return, you will not be eligible to get any loans from banks.
Due date to file the return of income
| Sr. No. | Status of the taxpayer | Due date |
|---|---|---|
| 1 | Any company who not covered under international transfer pricing. | October 31 of the assessment year |
| 2 | Any person who covered under international transfer pricing. | November 30 of the assessment year |
| 3 | Any person who covered under income tax audit. | October 31 of the assessment year |
| 4 | A working partner of a firm which covered under income tax audit. | October 31 of the assessment year |
| 5 | Any other assessee | July 31 of the assessment year |
