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.

What's Hot

Maruti Suzuki Company expanded the SUV lineup with a new mid-size model Victoris.

JSW Cement incurred a loss of Rs 1,356 crore in the first quarter of FY 2026. This loss was due to extraordinary items.

higher tax on luxury electric cars. GST panel proposed a huge increase.

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Income Tax

How to File Income Tax Returns? Step-by-Step Guide to ITR Filing

Maruti Suzuki Company expanded the SUV lineup with a new mid-size model Victoris.

JSW Cement incurred a loss of Rs 1,356 crore in the first quarter of FY 2026. This loss was due to extraordinary items.

higher tax on luxury electric cars. GST panel proposed a huge increase.

SBI hopes to raise $1 billion through 5-year dollar bonds

Our Picks

Maruti Suzuki Company expanded the SUV lineup with a new mid-size model Victoris.

JSW Cement incurred a loss of Rs 1,356 crore in the first quarter of FY 2026. This loss was due to extraordinary items.

higher tax on luxury electric cars. GST panel proposed a huge increase.

Most Popular

Maruti Suzuki Company expanded the SUV lineup with a new mid-size model Victoris.

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Income Tax