Income Tax - Business Outrank

As the financial year comes to a close, taxpayers are required to get ready for the process of submitting their Income Tax Returns (ITRs) for the assessment year 2025-26. The opening of the filing window is anticipated to be on April 1, 2025, and it will be open until July 31, 2025. Preparing and submitting ITRs can be an onerous task and some people may find it quite daunting. Here’s a simple guide to help taxpayers understand the process. Documents Required for ITR Filing For filing an ITR, salaried individuals must have the following: Annual Information Statement (AIS): It shows the reported and modified values of TDS, TCS, property transactions, and savings account interest. Form 16: These are forms issued by employers to show the salary details and TDS deductions made. House Rent Receipt (if applicable): To claim rent deductions, a receipt is required. Investment Receipts (if applicable): Details of investments and payments made. These documents are not attached to the ITR but must be available for verification. Choosing the Right ITR Form ITR-1 (SAHAJ): For salaried individuals with income not more than ₹50 lakh. ITR-2: For those with other sources of income but no business income. ITR-3: For those with business or professional income. ITR-4 (SUGAM): For individuals or HUFs with presumptive income not more than ₹50 lakh. Step by step guide to ITR filing. Log in to the e-Filing portal. Select “File Income Tax Return” and choose AY 2025-26. Pick the applicable ITR form. Enter income and deduction details. Work out the tax liability and if there is any payment to be made then make the payment. Check and submit the return. When verified, taxpayers get an acknowledgment of successful filing of the return.

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