What is ITR Filing?
ITR is a form filed with the Income Tax Department declaring your income, deductions, and tax liability for a financial year. Mandatory for individuals above basic exemption and all companies regardless of profit or loss.
ITR Forms
- ITR-1 (Sahaj): Salaried individuals up to ₹50 Lakhs
- ITR-2: Individuals with capital gains, multiple properties
- ITR-3: Individuals with business/professional income
- ITR-4 (Sugam): Presumptive income (44AD/44ADA/44AE)
- ITR-5: Firms, LLPs
- ITR-6: Companies
Documents Required
- PAN Card & Aadhaar
- Form 16 (for salaried)
- Bank statements & interest certificates
- Investment proofs (LIC, PPF, ELSS)
- TDS certificates (Form 16A/16B)
- Business P&L & balance sheet (for business income)
Due Dates
- Individuals (non-audit): 31st July
- Businesses requiring audit: 31st October
- Companies: 31st October