ITR Filing Guide

What is ITR (Income Tax Return)?

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments to the income tax department. The form is filled by the taxpayer for the previous year’s income.

For example, if the gross total income of the assessee (one who files for income tax return) during the previous year exceeds the basic exemption limit (i.e. Rs 250000 and the person being below 60 yrs.) then an income tax return is filed by the taxpayer to declare his/her gross total income includes various tax exemptions and deductions paid during the previous year.

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What is ITR (Income Tax Return) Filing?

It is a social & moral duty for every Indian citizen to file for a tax return. Based on this document, the amount earned or spend by the citizen is determined and it provides a platform for the assessee to claim a refund.

  • Filing returns reflect the responsibility of the citizen – Citizens who file income tax return on time gives an impression that he has paid the tax which saves himself/herself from penalties that are levied by the income tax department for non-payment of tax
  • Filing returns act as a mandate – If suppose a person is looking for the registration of the immovable properties then he/she have to submit the tax return proof of the last 3 years, otherwise, he/she will not be able to buy the property.
  • Finance companies ask for ITR for providing loans - For any type of loans, financial institutions like ZipLoan, HDFC banks, etc look for ITR as it is one of the eligibility criteria required that helps to understand the credit taking capacity of the borrower.
  • Claim adjustments for the extra deductions – help the assessee to get the additional money that has been deducted as taxes.

How to File An Income Tax Return?

Following are the steps for filing an income tax return

Step 1: Checklist of all the documents required for income tax return filing

Step 2: Check Which ITR Form to Be Filled

Different ITR forms are depending upon the category and the more common of them are:

Step 3: Tax Liability Calculation

If the individual is liable to the tax as he/she is above the minimum tax threshold then he/she should calculate the actual tax liability for the year while filing the ITR form. Many sites have an ITR calculator where it can be checked.

Step 4: Filing of Income-tax Return

Step 5: Verification of the Income Tax Return (Online/ Offline)


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I approached Ziploan for an equipment finance loan. Their eligibility criterion was easy to fulfill because it required only 2 years ITR and 10 lacs of annual banking credit.

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