31st July 2022 is the last date to file your ITR . Learn about which Income Tax Return to file? - Types of ITR and their applicability.
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What is ITR?
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department.
The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, company, etc.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
1. If your gross annual income is more than the basic exemption limit
2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for a visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.
Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:
Have deposited an aggregate amount of more than Rs.1 crore in one or more current bank accounts; or
Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or any other person; or
Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity consumption.
If the tax deducted at source (TDS)/ tax collected at source (TCS) exceeds Rs 25,000 in the previous year. In the case of a senior citizen (above 60 years), this limit is Rs 50,000.
In case you are a businessman and your total sales, turnover, or gross receipt exceeds Rs 60 lakh during the previous year.
You are liable to file a tax return if you are engaged in a profession and your gross receipts are more than Rs 10 lakh during the previous year.
If you are investing in Mutual Funds or shares through our company ( Infinity Finserv Pvt Ltd), then contact us freely for any help or file requirements. If u seek paid services to file your ITR, then talk to us freely for professional help
Disclaimer : The author is not a chartered Accountant, but is a Financial expert. He is sharing these informations here, just for your help and better understanding of the ITR