The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.
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Things to remember during income tax return filing:
- Do not wait for the due date to file the return.
- Always collate all the documents needed to file ITR.
- Pick the correct IT return form. This is important.
Why file IT Returns?
The advantages of filing for IT returns are:
- Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
- Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
- Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
Due dates for filing IT return
- July 31: A firm or individuals who are not liable for audit.
- September 30: A company or other who is liable to audit.
- March 31: All individuals and companies filing belated returns.
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