What is income tax return (ITR)?

• An income tax return is a form that a person is required to submit the information related income earned and taxes paid starting from 1^st April to 31^st March of the financial year to the Income Tax Department.
• It is filed every year through online on income tax portal.

Who is require to file an income tax return?

• It is mandatory to file income tax return for Company, Partnership firm/LLP, BOI or local authority.
• Every individual or HUF is responsible for filing the income tax return if their total income exceeds the basic exemption limit without giving effect of specified exemptions and deductions. 
• Every individual, It is mandatory to file income tax return even if his income does not exceed the maximum exemption limit, if he/she:
  • is the beneficial owner of any asset (including any financial interest in any entity) located outside India;
  • is incurred foreign travel expenses more than Rs 2 Lakhs either for himself or for any other person;
  • is spent on electricity bill more than Rs 1 lakh during the year;
  • is sold goods whose gross receipts Rs 60 Lakhs or more;
  • is provided professional services whose gross receipts more than Rs 10 Lakhs;
  • is deposited Rs. 50 lakhs in one or more savings accounts during the previous year;
  • is deposited more than Rs. 1 Crore in one or more current accounts during the previous year;

Income Tax Return Filing - Due Date

Documents required for Filing ITR:

• PAN card and aadhar Card
• Form 16 (for salary person)
• Form 16A (if TDS is deducted other than salary)
• Rent Agreement/Rent Paid proof (if claiming HRA)
• Interest Certificate from banks or post offices
• Business Income proof
• GST Return for business (if available)
• Other income proof
• Investment Proof (contribution to EPF/PPF/NPS, Investment in ELSS, LIC Premium Paid, Children Education proof, Health premium Paid, Interest paid on the education loan, Housing Loan Statement etc.)