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Income Tax is a tax that governments impose on financial income generated by all the individuals and entities within their jurisdiction. By law, businesses and individuals must file an Income Tax Return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

Why should you file ITR?

Every Company, Firm, LLP, BOI, Societies, Trusts, and other persons irrespective of whether having Income or Loss during the previous financial year.

Every Individual whose income exceeding the below said limits before allowing any deductions under Section 80C To 80U

1. If your gross annual income is more than the basic exemption limit as specified below-

Particulars Amount
For individuals below 60 years Rs 2.5 Lakh
For individuals above 60 years but below 80 years Rs 3.0 Lakh
For individuals above 80 years Rs 5.0 Lakh

2. If you have more than one source of income like house property, capital gains etc.
3. If you want to claim an income tax refund from the department.
4. If you have earned from or have invested in foreign assets during the FY.
5. If you wish to apply for visa or a loan
6. If the taxpayer is a company or a firm, irrespective of profit or loss.

Mandatory List of Documents / Information-

a. Copy of PAN card,
b. Copy of AADHAR card,
c. Bank Statement / Bank passbook,
d. Income Tax Login id & password.(if any)
e. Income & person specific documents required to file return of income.

Type of Income / Investment List of documents required
Salary Income Form 16 (Part A & B)
Income from Capital Gain
  • Purchase and sale deed of immovable property.
  • Contract Notes for sale of shares/mutual funds etc.
  • Broker’s ledger statement.
  • Demat account statement.
Income From House Property
  • Books of accounts maintained:- Sale bills, Purchase bills, Expense Voucher, Bank Statements, Stock register, Fixed Assets Register, Accounts, Tax audit report (if audit required)
  • TDS Returns & payment challan.
  • GST Challan & returns.
  • Income Tax payment challan copy.
Income from Other Sources
  • Bank pass book for interest & Dividend income.
  • FD Interest certificate from bank.
Details of Investment for 80C/80D/80G Deduction
  • Statement of LIC Premium paid.
  • Tax saver FD receipt.
  • Tuition fees payment receipt.
  • NSC/KVP receipt.
  • Medical insurance premium payment receipt.
  • Donation receipt.
  • PPF Passbook.
  • Housing loan interest certificate.
ITR Forms for A.Y. 2021-22:
ITR-1 (Sahaj)
  • Resident Individual (Other than ordinarily resident)
  • Total income Upto Rs. 50 Lacs
  • Income from salary, one house property, other sources (interest etc.), family pension income and agriculture income upto Rs. 5,000
ITR-2
  • Individual and HUF not having income from profit and gains of business or profession
  • A director of any company or anyone who owns unlisted equity shares of a company
  • Individual having more than one house property
ITR-3
  • Individual and HUF having income from profit and gains of business or profession
  • Running a business or practising a profession
  • ITR-4 (Sugam)
  • Individual, HUF and Firms (other than LLP) who are resident having total income Upto Rs. 50 lacs
  • Income from business and profession computed under sec.44AD, 44ADA & 44AE
ITR-5
  • Firms, LLPs, AOPs, BOI, AJP, Estate of Deceased, Estate of insolvent, Investment Fund, Business Trust & Trust other than trust eligible to file ITR-7
ITR-6
  • Companies other than companies eligible for exemption under sec.11
ITR-7
  • Person including companies required to furnish return under section 139(4A), 139(4B), 139(4C) & 139 (4D)