So, the big day is almost here. It is that time of the year again when the taxpayers of the country (all of us) must compile all the financial documents and file the income tax return. If you don’t know already all of us are divided into multiple categories and therefore have different slabs for filing the return.
The question is when is the big day? Did you know that the last date to file income tax return (ITR) varies for different categories of taxpayers?
Deadlines for various categories of taxpayers are as follows:
Status of tax payer
*Assessment year (AY) refers to the year following the financial year in which income earned by you is assessed. This is the year in which you file your ITR for the financial year gone by. For instance, for the financial year 2018-19, the AY is 2019-20.
Now, for all the people who will file their respective ITR for the first time we will take you through the whole process so that you don’t feel like a rookie next time.
So, what is ITR?
Income tax return (ITR) is a form in which taxpayers file information about their income earned and the tax applicable to the income tax department. Till date the income tax department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7. Every taxpayer must file their ITR on or before the specified due date. The ITR form slabs varies depending on the sources of income of the taxpayer, the amount of income earned and the category the taxpayer belongs to individuals, HUF, company etc.
Is it mandatory?
Yes. It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable:
1. An Individual below 60 years whose gross annual income is more than INR 2.5 lacs
2. An individual above 60 years but below 80 years whose gross annual income is more than INR 3.0 lacs
3. An individual above 80 years whose gross annual income is more than INR 5.0 lacs
4. If an individual has more than one source of income like house property, capital gains etc.
5. If an individual wants to claim an income tax refund from the department.
6. If an individual has earned from or has invested in foreign assets during the financial year.
7. If you wish to apply for visa or a loan
8. If the taxpayer is a company or a firm, irrespective of profit or loss.
Documents that are required during ITR filing
2. Interest certificates from banks and post office.
4. Form 26A S
5. Tax-saving investment proofs
6. Documentary proofs to claim deductions under section 80D to 80U
7. Home loan statement from bank/NBFC
8. Capital gains
9. Pre-validation of bank account for ECS refund
10. Aadhaar card
11. Collect details of investment in unlisted shares
12. Collect bank account details
13. Update bank and post office savings account passbook, PPF account passbook
14. Salary slips
Benefits of filing ITR
There are certain benefits that one can avail just by filing the ITR even if it may not be compulsory for some individuals.
So, we hope that by now you know everything you need to know about filing ITR. As law abiding citizens it is our duty to file for taxes as the taxation structure is one of the primary pillars of our economy and all that we see around is a product of the taxes we’ve paid to the government. We hope that we were able to give you ample insight on ITR and the procedure to file. We love to bring you such interesting content because we stand behind you when life throws a doubt at you! We at credit Karo do a lot of background research to bring you the latest information on all kinds of financial news and products, we request you to read it and suggest anything that we have missed out on or anything that we should do a blog about. Till then, keep coming back to us at
Compare different banking and financial products