Income Tax Return (ITR) is a document on which taxpayers file reports about their taxable income and taxes with the income tax agency. To date, the department has released notices for seven separate forms, including ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
Any taxpayer is required to file his or her ITR on or before the due date. The applicability of ITR forms vary based on the taxpayer's sources of revenue, the amount of income received, and the type to which the taxpayer belongs, such as persons, HUFs, corporations, and so on.
If any of the following requirements apply to you, you must file income tax returns (ITR) in India:
1. If your gross annual income exceeds the basic exemption cap, as stated below- Quantity
Rs 2.5 Lakh for people under the age of 60
Individuals above the age of 60 but under the age of 80 are eligible for Rs 3.0 Lakh.
Rs 5.0 Lakh for people above the age of 80
2. If you have more than one source of revenue, such as a home, capital gains, and so on.
3. If you wish to seek a tax refund from the department.
4. Whether you received or spent in foreign assets during the fiscal year.
5. If you want to apply for a visa or a loan
6. Whether the taxpayer is a corporation or a partnership, regardless of benefit or expense.