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What is ITR? || Income Tax Return || HR Tutorials India || Types of ITR || ITR-1 to ITR-7 || ITR-1 || ITR-2|| ITR-3 || ITR-4 || ITR-5 || ITR-6 || ITR-7 ||What is HR? Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.

What is ITR?
ITR stands for “Income Tax Return”. An income tax return form is a document that is filed with the tax authorities. It comprises your earnings, expenditures, and other tax-related details. Income tax returns (ITRs) simplify you to determine your tax liability, pay your taxes, and claim refunds in case you have paid excess tax.

The form depends on your income and in certain instances, whether you hold assets in other foreign countries or have international earnings. There are different types of ITR forms and it is important to know that you need which form to file ITR.

Why should an Individual file ITR?
In India, it is mandatory for individuals to file ITR in case they fall under the below mentioned categories:
= In case the gross income of the individual is more than the details mentioned in the table below:
For Individuals below 60years = 2.50L (Limit)
For Individuals above 60years and below 80years = 3.00L (Limit)
For Individuals above 80years = 5.00L (Limit)
= If you have more than one source of income like house property, capital gains etc.
= If you want to claim an income tax refund from the department
= If you have earned from or have invested in foreign assets during the FY
= If you wish to apply for visa or a loan
= If the taxpayer is a company or a firm, irrespective of profit or loss

What are ITR Forms?
An ITR form is a form that taxpayers use to file information about their income earned and the tax that applies to the income tax department. The department mandates different tax return forms for different types of taxpayers based on factors like:
= Total Income
= Taxpayer Category
= Income Source
There are seven categories of tax return forms, from ITR1 to ITR7.

Types of ITR Forms:
= ITR Form-1
= ITR Form-2
= ITR Form-3
= ITR Form-4
= ITR Form-5
= ITR Form-6
= ITR Form-7

How to file an Income Tax Return?
Depending on the income type, income amount and taxpayer category, you will have to fill the relevant form. Once you have figured out the form you have to fill, you can follow these steps:
= Download and check Form 26AS. This form is a tax passbook that will include all tax details deducted from your income during the financial year.
= Check Form 26AS for errors and rectify them.
= Calculate total income for the financial year.
= Calculate tax liability after applying tax rates.

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#WhatIsHR?

What is ITR?
Income Tax Return
HR Tutorials India
Types of ITR
ITR
What is Income Tax Return?
Why should an Individual file ITR?
What are ITR Forms?
Which ITR to file?
Types of ITR Forms
How to file an Income Tax Return?
Who can file ITR-1?
Who can file ITR-2?
Who can file ITR-3?
Who can file ITR-4?
Who can file ITR-5?
Who can file ITR-6?
Who can file ITR-7?
ITR Form-1
ITR Form-2
ITR Form-3
ITR Form-4
ITR Form-5
ITR Form-6
ITR Form-7
ITR-1
ITR-2
ITR-3
ITR-4
ITR-5
ITR-6
ITR-7
What is HR?

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