What is ITR (Income Tax Return)? How to File ITR? Meaning & Full Form

ITR is a form that an individual has to submit to the Income Tax Department of India. It contains information about the tax payments made by that person during the financial year. Those who file ITR will know about What is ITR, ITR Full form. However, there are many people who know what is ITR. Hardly know about this. So here you have been told about almost all the important things related to ITR.

The full form of ITR is Income Tax Return. Meaning the tax collected by the central government on your income is called ITR. Those who come under the purview of filing income tax returns have to file ITR once a year. In this, you have to tell the government about your income, expenditure, investment, and tax liability in an ITR form.

ITR Full Form

The full form of ITR is ‘Income Tax Return’. Income Tax Return is the process of filing tax returns to the Income Tax Department at the end of a financial year. A part of our income is taken by the government in the form of income tax for the development and administration and service fee of the country. This is called ‘Income Tax’.

What is ITR (Income Tax Return)?

Income Tax Return is a form to be filled out to give the government the details of your previous financial year. An income Tax Return means a legal document in which a citizen gives complete details of his income to the government, from which sources he earned money, how much he invested, how much he saved, and how much tax he paid.

Income Tax Payer can now complete the process of filing his returns from the official website of the Income Tax Department. In this, seven different types of forms have been prescribed, which are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, etc.

Why should file ITR? – Benefits

Who has to file ITR?

  • Under section 139(1) of the Income Tax Act 1961, a person whose annual income is more than 2.5 lakhs is required to pay income tax.
  • All the companies operating in India, whether it is government or private, they also have to pay income tax. How much income tax they will have to pay depends on their annual profit.
  • Those people whose age is less than 60 years and whose annual income is more than ₹ 3 lakh, also have to file Income Tax Return.
  • Those whose age is between 60 years to 80 years and if their annual income is more than ₹ 30000, then they still have to pay income tax. (What is ITR )
  • If a person is a resident of India and he does any business abroad, he will still have to pay income tax.
  • ITR will have to be filed even if the person has taken any type of loan from AGRB or applied for a visa.
  • Even if a person earns from any research institute, school, medical center, or non-government university, then he will have to file ITR.
  • If an NRI is there but his income comes from India, he will still have to file ITR.

Who has to file ITR?- Benefits

What are the documents required to file ITR?

You will need the following documents to file your Income Tax Return online.

  • bank account passbook
  • PPF Account Passbook
  • Email ID
  • phone number
  • salary slip
  • Aadhar card
  • pan card
  • Form-16
  • Form-16A
  • Form-16B
  • Form-16C
  • Form- 26AS

What is Monthly Average Balance (MAB)? How to Calculate?

What is the type of ITR form?

When you visit the official website of Income Tax, you will see many types of forms there, which are used by the person who has the same income as he has.

Forms from ITR-1 to ITR-7 are available. So whatever you need, you have to select the same form.

ITR-1means

This form is filled by those who earn income through methods like interest, salary, and pension. Only those with an income of up to 50 lakhs are eligible to fill this form.

ITR-2 means

Undivided Hindu families that do not get any benefit from business or other professions

ITR-3 means

Hindu Undivided Families who earn money from business or other sources of income

ITR-4 means

Whose income is not fixed by business or profession

ITR-5 means

This form would have been available to most individuals.

ITR-6 means

A company that does not claim an exemption under section 11 of the Income Tax Act

ITR-7 means

Those who file return u/s 139(4A), section 139(4B), section 139(4C), section 139(4D), section 139(4E) or section 139(4F)

NOTE: As per section 139(1) of the Income Tax Act, 1961, any person whose total income is chargeable to tax in a financial year (that is, more than 2.5 lakhs for FY 19) has to file ITR.

Documents required to fill ITR- What is ITR?

For filing income tax return online, the following documents are required:

  • pan card
  • Form 26AS
  • Form 16A, 16B, 16C
  • salary pay slip
  • bank details
  • interest certificates
  • TDS Certificate
  • proof of tax-saving investment

How to file Income Tax Return online?

A linked e-filing software has been prepared by the Income Tax Department, in which the service of filing various types of forms is available.

In this, individuals can easily fill ITR 1 and ITR 7 online.

  • To file Income Tax Return, you have to go to the official website of Income Tax. After reaching the home page of the website, you have to register yourself. If you have already created your account then you have to log in. Website Link: https://www.incometaxindia.gov.in
  • After login, you have to go to your account and after that, you have to select the assessment year and after that, you have to press prepare and submit online button. (What is ITR)
  • Now the page of the form will open on your screen. Inside this form, you have to fill in ‘general information, ‘income details’, ‘tax details’ ‘taxes paid and verification’, and ’80c’ as it.
  • Thereafter You can get the verification done through OTP if you want. Or you can take a printout of ITR V, sign and send it to the Income Tax Department in Bangalore within 120 days from the date of e-filing and file Income Tax Return.
  • When your ITR is filed electronically, after that you receive a receipt through registered mail and after you have verified the ITR, the Income Tax Department starts its process and you will get information about it on your phone. Or through SMS on your email id.

Let us tell you that apart from the official website of the Income Tax Department of the Indian Government, you can also file income tax returns online from other private sector websites. However, you may have to pay some charges for this. (What is ITR)

How to check ITR status online?

  • If you have filed ITR and you want to check its status online, then the method is given below.
  • To check ITR status online, you have to go to the official website of the Income Tax Department, and under the services tab, you have to find and click on an option.
  • Now a page will open on your screen. In this, you have to enter your PAN card number, after entering the ITR (ITR Full form) acknowledgment number, and then enter the captcha code.
  • Now you have to click on SUBMIT button soon after this ITR status will appear on your screen.
  • How to Download ITR Form?
  • If you are willing to download the ITR form, then for this you have to go to the home page of the official website of the Income Tax Department.
  • After reaching the home page, you have to find the option ‘FORM DOWNLOADS’ and click on it when found.
  • Now from DROPDOWN-MENU, you have to select the option ‘INCOME TAX RETURNS’.
  • Now you will get the option to download the ITR form here and you can download it. (What is ITR)

What is Auto Sweep Facility? benefit of Auto Sweep Account.

What are the benefits of filing ITR?

March 31 is fixed every year by the government for filing income tax returns, that is, before March 31, people have to pay their income tax. However, in some conditions, this date can be extended even further and has also been extended.

If a person files his income tax return a couple of months before the due date because when the date of filing income tax gets closer, then there is a lot of load on the website.

In such a situation, if you have already paid income tax, then you do not have to face the problems related to the website. If you do not pay your income tax on time, then you have to pay a fine every day. And this penalty is applicable till you pay income tax. Therefore, if you file your income tax return on time, you are saved from paying the penalty.

Conclusion

So friends, hope that through this article What is ITR?‘, you must have understood what is Full Form of ITR, why ITR is filed. A heavy penalty is levied on the taxpayer if the return is not filed by the stipulated date. Therefore, if you come under the purview of income tax, then pay your tax on time and fulfill your duty of being a responsible citizen of the country. If you liked this article then don’t forget to share it.

FAQs –

Who can file ITR?

It is mandatory for any person who falls under the tax bracket provided by the government to file ITR.

Can I file ITR after the due date?

Yes, you can file your ITR after the due date. However, if you file ITR after the due date, you will have to pay the penalty.

How many types of ITR forms are there?

Seven types of ITR forms are provided for the taxpayers; ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, etc.

Can I file my ITR myself?

Yes, any person can file Income Tax Return through the official website of the Income Tax Department.

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