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ITR Filling

What is Income Tax Filing?
Income tax filing refers to the process of reporting your income, deductions, and tax liability to the government, typically on an annual basis. Filing an ITR is more of a legal requirement than a choice in many countries. It is important for individuals and businesses to file their tax returns and pay any taxes owed to the government.
When filing an income tax return, you provide detailed information about your income from various sources such as employment, self-employment, investments, and other taxable activities.
Types of Taxes

Direct Tax is a tax that is calculated directly on your Income. This includes tax on salary. Income tax is a Direct Tax.

Indirect Tax is a tax that is indirectly charged. And is put on goods or services. Most indirect taxes have now come under Goods and Services Tax (GST).

Types of ITR

These are some of the common types of ITR forms in India. It's important to note that the specific ITR form to be used by a taxpayer depends on their income sources, category, and other relevant factors.

  • ITR-1 (SAHAJ): This form is for individuals being a resident having income from salary, one house property, and other sources.
  • ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) not having income from business or profession.
  • ITR-3: This form is for individuals and HUFs having income from business or profession. It is applicable for individuals and HUFs who are partners in a firm but not carrying out any proprietary business or profession.
  • ITR-4 (SUGAM): This form is for individuals, HUFs, and firms having a presumptive income from business or profession.
  • ITR-5: This form is for entities such as partnership firms, LLPs, Association of Persons, and Body of Individuals.
  • ITR-6: This form is for companies, other than those that claim exemption under Section 11.
  • ITR-7: This form is for persons, including companies, required to furnish return under Section 139(4A), Section 139(4B), Section 139(4C), or Section 139(4D) of the Income Tax Act.
E Filing Methods

StartUpTaxSuvidha can help you fill in your ITR through an E filing method.

E-file your returns directly. We guarantee the calculations are 100% accurate. Thousands of error checks are done as you go. And your tax return is double-checked before you file.

Steps to file an ITR

Filing an Income Tax Return (ITR) typically involves several steps. Here's a general overview of the process:

  • Gather all necessary documents: Collect all relevant documents, including your Form 16 or salary certificates, bank statements, investment proofs, rental receipts and any other documents related to your income, expenses, and investments.
  • Determine the applicable ITR form: The income tax department provides different ITR forms based on your income sources and category. Determine the correct ITR form applicable to you.
  • Calculate your taxable income: Compile all your income from various sources, such as salary, business profits, rental income, and interest.
  • Compute tax liability: Use the tax slabs and rates applicable to your income category to calculate your tax liability.
  • File the return online: Visit the income tax department's e-filing website and register yourself if you haven't done so already. Log in to your account and select the relevant ITR form for the assessment year. Fill in the required information accurately, such as personal details, income details, tax computation, and deductions. Validate and submit the return.
  • Verify the return: After filing the return, you must verify it within the prescribed time. You can choose to e-verify using options such as Aadhaar OTP, net banking, or Electronic Verification Code (EVC).
  • Keep records: Maintain copies of your filed ITR, acknowledgment receipts, and supporting documents for future reference.
  • Pay any tax dues: If you have any tax dues after considering advance tax, TDS, or self-assessment tax payments, ensure timely payment to avoid interest or penalties. Pay the outstanding tax online or through authorised banks.
Significance of Income Tax Return Filing in Delhi, India
  • ITR receipt is a prominent information that provides more detailed data than Form 16. Here, you will be able to get complete information about your income and taxation that includes the revenue from different sources.
  • It is a mandatory process for all individuals who are running their businesses in India according to the Income Tax Act. If anyone is not fulfilling the principal mentioned process, it can result in a hefty penalty and can hamper your financial reputation.
  • With the proper income tax filing process, you can free yourself from any sort of legal issues or complications like scrutiny or untimely checking from the Income Tax Department.
Important Documents Required for ITR Filing Online
  • PAN and Aadhar Card.
  • If you are a salaried citizen, then carry Form 16.
  • Bank Statement required for the complete year, i.e. - 1st April to 31st March.
  • Attach information about any other earning income details.
  • If you are running a business or company then attach expense details for the same.
  • KYC of all the partners of the organisation.
Reach Us for ITR Filing Online

The purpose of income tax filing is to calculate the amount of tax you owe based on your income and other financial circumstances. The tax return is typically submitted to the tax authorities. The tax authorities review the information provided, verify it against their records, and assess the amount of tax owed or any refund due. StartUpTaxsuvidha is a well-known service provider for income tax filing pan India and the professionals here will guide you through step by step and reckon all your queries on time.

Frequently Asked Questions

Individuals and entities whose income exceeds the threshold set by the tax authorities are required to file an income tax return.

The deadline for filing income tax returns differs in each country. It is typically set by the tax authorities and may vary for individuals and businesses.

In many jurisdictions, if you have no income or your income is below the taxable threshold, you may be exempt from filing an income tax return.

It's generally recommended to keep your income tax records for a certain period, typically three to seven years.

Yes, if you made an error or omitted important information on your filed income tax return, you can generally file an amended return to correct it.

The previous year is the same as the Financial Year in which the income is earned and tax is payable in assessment year, which is the year next to the Financial or Previous Year.

You can pay by either cash/cheque in any designated bank branch or online on the NSDL website.