Paying your taxes on time is important. But in addition to that, you also need to file income tax returns (ITRs) within the time specified. Not sure what an ITR is and how to file ITR online? Keep reading to learn more about this process.
What is an ITR?
An ITR or an Income Tax Return is a form that taxpayers have to submit - or file - after the end of each financial year. When you file income tax returns, it gives the Income Tax Department the necessary information about the income earned by the taxpayers, the taxes paid thereon, and the refunds due, if any. Generally, the due date for filing ITRs for individuals is July 31 of next financial year, but for FY 2020-21 due date is 30 September 2021
The Income Tax Department has notified different kinds of ITRs for different kinds of taxpayers. Here’s a list some of the types of ITR, and the kind of taxpayers they are applicable for.
Applicable to resident individuals having total income upto Rs. 50 lakhs from:
- One house property
- Other sources excluding winning from lotteries and income from horse races
- Agricultural income upto ₹ 5,000
Applicable to individuals and HUFs who are not eligible to file form ITR-1 and who have no income from profits and gains from business or profession
Applicable to individuals and HUFs having income from profits and gains from business or profession
Applicable to resident individuals, HUFs and firms (other than LLP) with total income upto Rs. 50 lakhs, and having income from business or profession computed under section 44AD, 44ADA or 44AE of the Income Tax Act, 1961