What Is Income Tax Return (ITR) In Gujarat-

1. WhatIsIncomeTaxReturn(ITR)InGujarat? Introduction A lot of buzz gets explode during a particular month of a year forcing you to file your income tax return and so on. Infect now a days even government also telecasts advertisement that every citizen should file income tax return. So in this blog we will focus on what is income tax return, how you can file income tax return, what type of ITR is applicable to you, what the last of filing income tax returnisandwhy youshould fileITR. Whatis incometaxreturn? An income tax return is basically the declaration of your income. This is the statementwhereyouaresupposedtoreporthowmuchhaveyouearnedduring aparticularfinancialyear,whatareyourexpensesandwhataretheinvestments you had made. The form of ITR consist of various details such as bifurcation of incomeindifferentheads,deductions tobeclaimed undervarious schemes/categories, tax already deducted as TDS, tax payable or refund to be claimed,anylifeinsurancepoliciesormediclaimetakenandsoon.Thedetails

2. mentioned here are very basic details which is applicable to almost everyone. Apart from this, the details of ITR depends upon the form of ITR applicable to youandyour business. There are various types of Income tax returns. So first you have to identify that what kind of ITR is applicable to you and your business. Here’s alistoftypes of income taxreturns. ITR-1ORSAHAJ-ThisReturnFormisapplicabletoaresidentindividualwhose totalincomeincludes:-IncomefromSalary/Pension; or-Theincomefromone house property (excluding cases where loss from previous years is carried forward); or -Income from other sources (excluding Lottery winnings and Race Horse earnings);-Agricultural income upto Rs.5000. ITR-2- This form is applicable to individuals and Hindu Undivided Families (HUFs)whofallunderthebelow-mentionedcategories:Incomeoftheindividual must be more than Rs.50 lakh. Pensions and salaries can be used to generate income.Incomethatisgeneratedfromhouseproperty.Ifyouwinthelotteryor win a horse race, you will receive a lot of income. When the individual is the Directorofacompany.TheagriculturalincomefortheindividualisoverRs.5, 000.Incomehasbeengeneratedfromcapitalgains.Therewereanyinvestments inequitysharesthatwerenotlistedduringtheyear.Foreignassetsandforeign incomegenerate income. ITR-3-Anindividual orHinduUndividedFamily whohas incomefrom a proprietary business or is engaged in a profession is required to complete this form. ITR 3 may be filed by individuals who generate income from a profession or business. During the reporting period, any investments in equity shares that were unlisted were taken into account.Suppose the person is a partner in a firm. When the individual is a Director of an organization. When income comes from apension orsalary, aproperty, oranyothersource.Thebusiness generatesaturnovergreaterthanRs.2crore. ITR-4 OR SUGAM- The form is required for individuals, HUFs and Partnerships (exceptLLPs)havinganincomefromabusinessorprofessionwhoareresidents. AccordingtoSection44AD,Section44ADAandSection44AEoftheIncomeTax

3. Act, this is applicable to those who have elected the presumptive income scheme. The taxpayer will, however, be required to file ITR-3 if the business has anannual turnoverexceeding Rs 2 crore. ITR-5- This form is applicable to Investment funds, Business trusts, Estates of insolvents,Estatesofdeceasedpersons,ArtificialJuridicalPersons(AJPs),Bodies ofIndividuals(BOI),andAssociationsofPersons(AOPs),LimitedLiability Partnerships(LLPs),andfirms. ITR-6-Thisformis applicable toanycompaniesthat arenotclaiming exemptions under Section 11. If a company files an electronic return under this section,thenitmustdo soelectronically. ITR-7- It may be used by individuals or companies who have furnished returns underSection139(4A),Section139(4B),Section139(4C),Section139(4D), Section 139(4E),or Section139(4F). Upon identifying which Income tax return form is applicable to you, you can moveforwardtocollectrequireddataorinformationinordertofiletheincome tax return. The last date of filing income tax return is 31st July 2022 for individual taxpayersandHUFtaxpayers.ForCompany/LLP/Partnership firms/Individual audited cases, the due date of filing income tax return is 30thof Sept-2022. Now, everyone should know why it is important to file your income tax returns. Wehave shortlistedfew reasons whyyoushouldfileyourITR. To availloanor financefromfinancialinstitutions/banks Toget visaforstudyingabroador fortravelvisaalsoinsomecountries To claimrefundof taxalreadydeducted Tocarryforwardthelosses ofyour business Toavailcredit cardfacility frombanks Toestablishyourincomes’proof Togetpolicieswithhigher cover Tomakehuge investments

4. 9)Toavoidpenaltiesandinteresttobeimposedonthosewhodonotfile incometaxreturns. Toreadtheabovebenefitsindetailspleasemovetoourblogsection https://onlinechartered.com/10-reasons-why-you-should-file-income- tax-return/. Conclusion Now a days the government is insisting every citizen to file their income tax returns by themselves by simplifying the forms of income tax returns. But in our view, one should always consult a professional to file their incometaxreturns.