It’s that time of the year again when the common man is buzzed with the question of how to file an Income Tax Return (ITR). The Income Tax Returns can be filed either online on the Income Tax Website or manually offline by submitting the paper returns to the Income Tax Office.

There are various types of Income Tax Forms through which all income details and tax thereon can be furnished. The type of income tax form to be used depends on the Type of Income of the Taxpayer.

Which Income Tax Form to Fill?

  • ITR-1 or Sahaj for Individuals who have Income either from Salary or Pension, or from 1 House property or from other sources. (Recommended Read: How to submit ITR 1 Form)
  • ITR 2A is for Individuals and HUF who have Income from Salary, Income from more than 1 House Property and/or Income from Other Sources. (Recommended Read: How to submit ITR 2A Form)
  • ITR – 2 is for those who have Income from Salary and/or Income from more than 1 House Property and/or Income from Capital Gains and/or Income from Other Sources.
  • ITR 3 is for those Individuals and HUF who have Income from Partnership Firm but don’t have income from Proprietorship
  • ITR 4 is for those Individuals and HUF who have Income from any Business or Profession
  • ITR 4S: Sugam is for those individuals with income from any Business which is computed under Section 44AD or under Section 44AE as per the presumptive method of taxation.

For a detailed read on which type of Income Tax Form is applicable for you, kindly refer this useful article – Which ITR Form is applicable for your Income.

How to fill the Income Tax Return (ITR) Form

The Income Tax Return forms can either be submitted online or submitted manually offline. The procedure for submitting the Income Tax Return Forms online has been explained here – 6 Simple Steps for Income Tax Return efiling online.

If you are manually submitting the Income Tax Return, you would be required to shade the circle which is valid for you and leave the other options blank. For example – while indicating the taxpayer’s category, if you are a Government Employee, shade the Circle prior to it. While filling up the form also mention the Ward Number or the Circle Number.(Eg – Ward 15(1), Circle 14(1)).

Carefully fill all the columns in the income tax return as any error may lead to wrong filing to Income Tax Return (ITR). Also mention all your Bank Details like Bank Account Number, MICR Code etc. These details have to be furnished irrespective of whether any tax is due or payable.

For Advance Taxes and TDS, there are different schedules such as Schedule IT, Schedule TDS 1 and Schedule TDS 2, along with supplementary sheets for each section. In the Schedule IT, you need to mention the details of advance tax and self-assessment tax payments. In TDS 1 and TDS 2, details of TDS from Salary and Income other than salary have to be mentioned.

While filling up Sugam for income from business, you need to fill Schedule BP. You are required to furnish information such as gross turnover or gross receipts, total presumptive income. Along with total sundry debtors or creditors, and total stock-in-trade and cash balance.

Other Relevant Points regarding filing of ITR

  1. The ITR Form is an annexure less return and no documents are required to be attached along with the ITR Form. However, the taxpayer should have a copy of all the documents as the Income Tax Dept can send you a letter to show documents of all transactions.
  2. In case of any error in the ITR which is noticed after filing the ITR, the taxpayer can always file revise the Income Tax Return after submission. (Recommended Read: How to file a Revised Return for correction of error in ITR)
  3. In case the taxpayer is unable to file the income tax return before the due date, he can even file a belated return after the due date of filing of the Income Tax Return.
  4. In case any income tax is due but not has been paid, the ITR cannot be deposited till the time all taxes are not paid.
  5. In case any income tax refund is due to the taxpayer, the same would be refunded by the Govt along with interest after submission of the Income Tax Return.
  6. If there is any income which is exempted from the levy of Income Tax, such income is also required to be disclosed in the Income Tax Return as Exempted Income
  7. As per Section 288A and Section 288B, the Total Income and the Tax Payable thereon should be rounded off to the nearest Rs. 10.
  8. The ITR is always to be filed for a full financial year.