ITR Filing

Income tax return is the form in which assessee files information about his/her income which is earned in the last Financial Year. It is mandatory to Individual who earned the money by his Business, Job, etc. All persons who are individuals, Hindu Undivided Families (HUF’s), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person is required to file Income Tax Return every year. These returns should be filed before the due date of Every Financial Year. When you file a belated return, you are not allowed to carry forward certain losses, even after the due date of Late fees you cannot file the return. The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and the applicability of the form will depend on the nature and amount of income and the type of taxpayer.

These returns should be filed before the due date of Every Financial Year. When you file a belated return, you are not allowed to carry forward certain losses, even after the due date of Late fees you cannot file the return. The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and the applicability of the form will depend on the nature and amount of income and the type of taxpayer.