In India, there are various Income Tax Return (ITR) forms based on your income sources and the complexity of your financial situation. Here are the common forms:

ITR-1:
For salaried individuals with income from only one source (salary) and no capital gains.
ITR-2:
For individuals with income from salary, house property, interest, capital gains, etc.
ITR-3:
For individuals and Hindu Undivided Families (HUFs) with business or professional income.
ITR-4:
For individuals and HUFs with presumptive income from business, profession, or sources like agriculture, pension, etc.
ITR-U:
For updating a previously filed ITR within 24 months of the relevant assessment year.
Due Dates for Filing ITR
For individuals/entities not liable for tax audit: July 31st of the assessment year.
For taxpayers covered under tax audit (except transfer pricing cases): October 31st of the assessment year.
For taxpayers under transfer pricing cases: November 30th of the assessment year.
For belated returns (before December 31st): Penalty is applicable.
Penalties for Late Filing
Up to Rs. 5,000: If total income exceeds Rs. 5 lakh.
Rs. 1,000: If total income is less than Rs. 5 lakh.
Interest: 1% per month on the tax due from the original due date until payment.
Benefits of Filing ITR
Claim Tax Refunds:
If you’ve paid excess tax through TDS or advance tax, filing ITR allows you to claim a refund.
Proof of Income & Address:
Your filed ITR serves as valid proof of income and address for various purposes, such as loan applications, visa processing, etc.
Carry Forward Losses:
You can carry forward your losses (such as from capital gains or business) to offset future taxable income, reducing your future tax liability.
Avoid Penalties:
Timely filing helps you avoid late filing penalties and interest charges.
Track Financial Health:
Filing ITR gives you a clear picture of your income, expenses, and investments, allowing you to assess and track your financial health over time.
By filing your Income Tax Return on time, you ensure compliance with tax laws, avoid penalties, and potentially receive tax refunds. It’s a key step in maintaining good financial health and managing your taxes effectively.

For smooth filing, we provide hassle-free online assistance. Let us help you with your Income Tax Return filing process!