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About Income Tax Return

Income Tax return is a form in which owner has to give true and fair information of his/her annual income to the Income tax department. Various forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 under Income Tax Return.

Conditions Which Has To Be Fulfilled To File Income Tax Return:

Every person whose total income exceeds the exemption limit is liable to file ITR within the due date.
Any company located/or doing business in India has to file ITR.

Taxpayer pays tax on the basis of slab rate.

Let’s take an overview on Tax Slab Rates:

In India, income tax is levied on the basis of a slab rate where different tax rates are mentions these rates are keep changing time to time. Such slabs rates undergo some changes at the time of budget announce. In this year’s budget, 2019 there are some changes in income tax rate i.e. No income tax for those who are earning 5 lakhs annually. Under this new income tax slabs, people who earn less than Rs.5 lakhs annually will get full tax rebate.

And also, Individual with gross income up to 6.5 lakhs rupees will not need to pay any income tax if they make investments in provident funds and equities.

How To File Income Tax Return: 

  1. Firstly log on to and register on the website.
  2. Use your Permanent Account Number (PAN) as your user ID.
  3. You can view your tax credit statement or Form 26 AS
  4. Click on the income tax return forms and choose the financial year.
  5. Download the ITR form

Types Of Income Tax Return:

It is file for individual having from salary and interest.
Individual and HUF not having business or professional income.
Individual and HUF having income from proprietary business or are carrying on profession file ITR-3
Taxpayer opt presumptive income as per section 44AD,44ADA,44AE
Firms. AOP and BOI file ITR-5
For companies other than companies claiming exemption U/S 11
For person including companies required to furnish return under section 139(4A), 139(4B), 139(4C) and 139(4D)