Most people who have an income are required to file income tax return aka ITR. Filing income tax returns in India is a fairly simple process for many people. You can file ITR online for free easily via the Income Tax Department's official website or third-party IT return filing websites as well. The deadline for returns online this year is August 31, 2019. The process for filing income tax returns is different for different people in India.
Before we begin the part where we tell you how to file income tax return online in India, let's take a quick look at which ITR to file.
Which ITR to file
For individuals looking to file income tax returns in India there are four types of income tax return (ITR) forms to consider. These are:
- ITR-1: Salaried people with income under Rs. 50 lakhs per year should file ITR-1. Here you're allowed to declare income from one house property, agricultural income up to Rs. 5,000, and income from other sources.
- ITR-2: Normally ITR-2 applies only to people whose income is above Rs. 50 lakh but if you have any capital gains to declare (such as income from mutual funds), then you need to file ITR-2. There are certain other types of incomes such as foreign income, multiple house properties, etc. that fall under this one.
- ITR-3: In addition to the types of income mentioned under ITR-2, if you have income from business or profession then you need to file ITR-3.
- ITR-4: If all of your income sources are listed under ITR-1 but your total income is above Rs. 50 lakhs per year, then you need to file ITR-4.
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