ITR Filing: Income Tax Return (ITR) is a form used to file your income and tax during a financial year to the Income Tax Department of India. For the financial year 2021-22, the last date for filing ITR was 31st July 2022 as set by the Central Board for Direct Taxes (CBDT). However, if an individual has not filed ITR before or on the deadline, one can file it after deadline. The Financial Budget 2022 has introduced the concept of Revised ITR wherein the one can file their revised ITR after rectifying errors, if any. The last date to file ITR revised for the financial year 2021-22 (AY 2022-23) is 31st December 2022.

Here is everything you need to know about Income Tax Return (ITR).

What is Income Tax Return (ITR)?

Income Tax Return (ITR) contains all the financial information of taxpayers including their income and taxes to be paid during a financial year. The Government of India imposes tax on taxable income slab of taxpayers who are individuals, companies, LLP, firms, Hindu Undivided Families (HUFs), association of persons, and local authority. It is mandatory for any individual who is a resident of India to pay tax on his/her taxable income every financial year. In case of excess tax paid or not under the taxable income slab, an individual is entitled to receive a income tax refund from the Income Tax Department of India.

With digitization, taxpayers can now even file their tax returns online through the method called Electronic Filing or e-filing. Individuals or companies can pay their taxes online with the help of an accountant.

ITR Filing: Types of Income Tax Return (ITR) Forms

As we know Income can be of various forms such as Income from salary, profits and gains from business and profession, Income from house property, Income from capital gains, Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc. Hence, there are different types of ITR filing depending on the type of taxpayer, nature and amount of income.

The Income Tax Department has laid down 7 types of ITR forms which are as follows:

ITR-1: This is to be filed by individuals who have income upto Rs 50 lakh from sources such as salary, one house property, agricultural income upto Rs 5000, and other sources excluding income from horse races and lotteries.

ITR-2: This is to be filed by individuals and Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 as they do not have income or profits from the business or professions.

ITR-3: This is to be filed by individuals and Hindu Undivided Families (HUFs) who have income and profits from business or professions.

ITR-4: This is to be filed by individuals, Hindu Undivided Families (HUFs), and firms (other than LLP) who have income upto Rs 50 lakh and income sources from business or professions as stated under section 44AE, 44ADA, or 44AD.