ITR

Income Tax Return (ITR) filing is a mandatory process for taxpayers in India to report their income and pay taxes, with various forms available based on income type and taxpayer status.

What is ITR?

ITR stands for Income Tax Return, which is a form that taxpayers use to report their income, deductions, and taxes paid to the Income Tax Department. Filing ITR is essential for individuals whose annual income exceeds the basic exemption limit, and it helps in maintaining transparency in income reporting. 

Types of ITR Forms

The Income Tax Department has notified seven different ITR forms for the assessment year 2025-26 (financial year 2024-25), each catering to different categories of taxpayers based on their income sources and complexity. The forms are:

• ITR-1 (SAHAJ): For resident individuals with income up to ₹50 lakh, including salary, one house property, and other sources.

• ITR-2: For individuals and Hindu Undivided Families (HUFs) not having income from business or profession.

• ITR-3: For individuals and HUFs having income from a proprietary business or profession.

• ITR-4 (SUGAM): For individuals, HUFs, and firms (other than LLP) with a total income of up to ₹50 lakh and having income from a business or profession under the presumptive taxation scheme.

• ITR-5: For partnership firms and LLPs.

• ITR-6: For companies other than those claiming exemption under section 11.

• ITR-7: For persons including companies required to furnish return under sections 139(4A), 139(4B), 139(4C), or 139(4D). 

Filing Process

1. Choose the Correct ITR Form: Select the appropriate form based on your income type and status. Filing with the wrong form can invalidate your return. 

   
   

2. Gather Required Documents: Collect necessary documents such as Form 16 (TDS certificate), bank statements, and proof of deductions. 

   
   

3. Visit the Income Tax Department's Website: Go to the official e-filing portal and select the "e-file" option to start the process. 

   
   

4. Fill in the Details: Enter your personal information, income details, deductions, and taxes paid accurately. 

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6. E-Verification: Complete the e-verification process using Aadhaar OTP, EVC, or net banking to validate your return. 

   
   

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   Important Points to Remember

• Filing Deadline: The deadline for filing ITR for the assessment year 2025-26 has been extended to September 15, 2025. 

  Use of Utility Tools: The Income Tax Department has launched an Excel-based utility for easier offline filing of ITR-1 and ITR-4, allowing taxpayers to generate a JSON file for upload. 

• Review Your Details: Always verify your income details against Form 26AS and Form 16 to ensure accuracy before filing. Filing your ITR on time is crucial to avoid penalties and ensure compliance with tax regulations. By understanding the types of forms and the filing process, you can navigate ITR filing more effectively.