Filing Income Tax Return (ITR) in India is mandatory for individuals and entities that meet specific income criteria outlined by the Income Tax Department. Here’s a step-by-step guide to filing ITR in India:
Registration: Register yourself on the Income Tax Department's e-filing portal (https://www.incometaxindiaefiling.gov.in), if not already registered.
Choose the Right Form: Select the appropriate ITR form based on your income sources and category:
ITR-1 (Sahaj): For individuals having income from salaries, one house property, other sources (excluding winning from lottery and income from race horses).
ITR-2: For individuals and HUFs not having income from profits and gains of business or profession.
ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLPs) having presumptive income from business or profession.
ITR-5: For persons other than individuals, HUFs, companies, and persons filing Form ITR-7.
ITR-6: For companies other than companies claiming exemption under section 11.
ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).