What is Income Tax Return Filing?

Income Tax Return Filing is the process through which taxpayers declare their total income earned during a financial year. This can be done online via the Income Tax Department portal, where different forms are provided based on income types.

Types of ITR Forms

Choosing the correct ITR form is crucial for accurate Income Tax Return Filing. BizMantra helps you select and file the appropriate form:

 

ITR 1 (Sahaj): For individuals with income below ₹50 lakh from salary/pension and one house property.

 

ITR 2: For individuals/HUFs with income from capital gains or foreign assets.

 

ITR 3: For individuals/HUFs who are partners in firms but don’t engage in business..

 

ITR 4 (Sugam): For individuals or firms with income from business or profession.

 

ITR 5: For firms, local authorities, and co-operative societies.

 

ITR 6: For companies not claiming exemptions under Section 11.

 

ITR 7: For entities like charitable trusts or political parties

table content image
Who Should File Income Tax Returns?
table content image

At BizMantra, we guide individuals and entities who are required to file their Income Tax Returns, including:

 

Individuals earning over ₹5 lakhs annually.

 

Individuals or HUFs with assets outside India.

 

Entities mandated under Section 139(4B) and other provisions.

 

Businesses required to file audit reports.

 

AOPs, BOIs, and co-operative societies.

Documents Required for Income Tax Return Filing

To streamline your Income Tax Return Filing, provide the following documents:

 

PAN Card, Aadhaar Card

 

Form 16 (for salaried individuals)

 

Bank statements

 

TDS certificates

 

Investment details for deductions

 

Income from other sources (capital gains, rent, etc.)

 

Loan interest certificates

 

Previous year's Income Tax Return (if applicable)

Process for Filing Income Tax Returns

Filing your Income Tax Return can be done online or offline. BizMantra simplifies the process:

 

Online Mode : We assist in assessing tax liability, filling in necessary details, and submitting the ITR on the official portal.

 

Offline Mode : We help in downloading the correct form, filling in details, generating the required file, and submitting it online.