What is ITR Filing?
ITR, also known as Income Tax Return, is a form which an assessee or a taxpayer has to file mentioning his income earned and the tax which is applicable to him to the Income Tax Department. Tax is extremely important for the development of the country for all the public expenditure and thus every person must file the tax which he has to. The Tax Department has declared and issued 7 different forms, namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. These forms are divided in accordance with the type and sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to, for example, individuals, HUF, Company, etc and are online ITR filing services
In India, it becomes necessary and mandatory for ITR filing online, if any of the following which is mentioned below are applicable to you. These conditions are:
If the gross annual income ranges from Rs. 2.5 lacs to Rs. 5 lacs, depending on the different age categories.
If there is more than one source of income such as house property, Capital gains, etc.
If in the financial year, you have invested and earned from foreign assets.
In case if the taxpayer is either a firm or a Company, the ITR has to be filled necessarily.
If you want to apply for a loan or visa, it is required
If there is a need to claim an income tax refund from the department.
The ITR 2 can be filed by using any of the online or offline pROCedures.
For filing the ITR offline there is a condition which must be fulfilled. In order to file an ITS offline, then the person must be of the age equal to or greater than 80 years.
The following are the ways in which the return can be filed.
The return can be furnished by the traditional pen-paper method
You can furnish a bar-coded return
The income tax department issues an acknowledgement during the time of submission of the physical paper.
The ITR can be filed electronically by the following means.
Under the digital signature, the return can be electronically furnished.
You can file by transmitting data electronically and thereafter by submitting the verification in the Return Form ITR V
Who are not eligible
The following cannot file the ITR 2 FORM
Any person or HUF who has income from business or profession
Any person who can file ITR 1 FORM