Types of ITR Forms:

ITR-1 (Sahaj): For individuals having income from salaries, one house property, other sources (interest, etc.), and total income up to ₹50 lakh.

ITR-2: For individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.

ITR-3: For individuals and HUFs having income from profits and gains of business or profession.

ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLPs) having income from a business or profession under the presumptive taxation scheme.

ITR-5: For firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), artificial juridical persons, and other entities.

ITR-6: For companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).

ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Steps to File ITR:

1. Gather Documents: Collect all necessary documents such as Form 16 (for salary income), Form 16A (for other income), bank statements, investment proofs, etc.

2. Choose the Correct Form: Select the appropriate ITR form based on your sources of income and eligibility criteria.

3.  Prepare the Return: Fill in the required details accurately in the selected ITR form. Include information about your income, deductions, taxes paid, and any other relevant details.

4. Calculate Tax Liability: Calculate your total taxable income and tax liability based on the applicable tax rates and deductions available.

5. Verify Form: Review the filled-in ITR form carefully to ensure accuracy and completeness. Check for any errors or discrepancies before proceeding.

6. File Online: File your ITR electronically through the Income Tax Department’s e-filing portal (https://www.incometaxindiaefiling.gov.in/). Register on the portal if you haven’t already done so and log in to upload your return.

7. Verify Return: After filing the return, verify it using Electronic Verification Code (EVC) generated through net banking, Aadhaar OTP, bank ATM, or by sending a signed physical copy of ITR-V to CPC, Bengaluru within 120 days of e-filing.

Important Dates:

• The due date for filing ITR for individuals is generally 31st July of the assessment year (AY). However, this date may be extended by the Income Tax Department under certain circumstances.

• It’s advisable to file your ITR well before the due date to avoid last-minute rush and penalties for late filing.

Penalties for Non-Compliance:

• Failure to file ITR within the due date may attract penalties, interest, and other consequences as per the Income Tax Act, 1961.

• Late filing fees under Section 234F may be applicable, depending on the delay in filing the return.

Professional Assistance:

• If you’re unsure about the process or have complex tax situations, consider seeking assistance from a chartered accountant or tax consultant for expert guidance and assistance with ITR filing.