TaxFilingHub.

Individual ITR

---

Individual ITR Only Rs 599/- Per Return

WHY INCOME TAX RETURN IS REQUIRED? TYPES OF I.TAX RETURN INCOME TAX ID/PASSWORD TIME, COST & DOCUMENTS FOR INCOME TAX RETURN

WHY INCOME TAX RETURN IS REQUIRED?

---

It is mandatory to file the income tax returns online whose taxable income exceed maximum exemption limit in the case of Individual, HUF from regular business or profession, Salary, Income From House Property, Capital Gain and Other Sources. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.

However there are multiple benefits of filling Income Tax Return, if taxable income does not exceed maximum exemption Limit.

1. Easy Loan Approval
Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns
2. Claim Tax Refund
If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.
3. Income & Address Proof
Income Tax Return can be used as a proof of your Income and Address.
4. Quick Visa Processing
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
5. Carry Forward Your Losses
If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
6. Avoid Penalty
If you are required to file your Tax returns but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000.

TYPES OF INCOME TAX RETURN.

---

1. ITR-1 OR SAHAJ

This Return Form is for a resident individual whose total income for the assessment year 2020-21 includes: Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from previous years); or Income from Other Sources (excluding Winning from Lottery and Income from Horse Race) Agricultural income up to Rs.5000.

2. ITR-2

ITR 2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2020-21 includes: Income from Salary/Pension; or Income from House Property; or Income from Other Sources (including Winnings from Lottery and Income from Horse Race).

3. ITR-3

The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family (HUF) who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file Carrying on a business or profession If you are an Individual Director in a company or If you have had investments in unlisted equity shares at any time during the financial year or Return may include income from House property, Salary/Pension and Income from other sources or Income of a person as a partner in the firm

4. ITR-4 or Sugam

The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also includes those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3.

INCOME TAX ID & PASSWORD

---

ID & Password

• If Not Registered at E-filing Portal:-
PAN Card of Company/Firm & Adhhar Card & PAN Card of Member, Mail Id and Mobile No.
• If Registered at E-filing Portal:-
Password of Income Tax.