The ITR or Income Tax Return Filing due date has been fixed at 30th September 2021. As we have already approached the month of September, you need to be in a hurry to know all the important points that are included while filing your tax return.

A few important points are required for filing Income Tax online.

What are The Types of ITR Return?

There are 7 types of online income tax return forms that you need to file online.

1. ITR-1 or SAHAJ: The ITR-1 or SAHAJ form is for the individuals who earn his/her income from salary, pension, house property, and agricultural income up to Rs. 5000. 
2. ITR-2: The ITR-2 form is dedicated to those individuals and HUF (Hindu Undivided Family) members whose income is more than Rs. 50 lakh.
3. ITR-3: The ITR-3 form is dedicated to the individuals and Hindu Undivided Family members whose earning source is business or profession.
4. ITR-4: The ITR-4 form or Sugam form is for the individuals and Hindu Undivided Family members. 
5. ITR-5: The ITR-5 ITR filing form is dedicated for the LLP (Limited Liability Partnership) firms, Estate Insolvent, Business Trust, Investment Fund, and so on.
6. ITR-6: The specialty of the ITR-6 form is it has to be filed electronically. The ITR-6 form is dedicated to those companies who are seeking an exemption.
7. ITR-7: The ITR-7 form is for the trusts.

Selecting The Beneficial Tax Regime 

According to Finance Act 2020, the taxpayers have the benefit now to choose either the new tax regime or the old tax regime at the time of income tax login. In the case of the salaried employee, the employee should have informed the ‘tax regime selection’ affair to the employer first.

Consequences Of Wrong Tax Return Form

The consequences of a wrong tax return form are never good for a taxpayer. The Income Tax Department may send a notice to you if you file a wrong tax return form. So, it will be better for all the tax persons if they opt for ITR online. The online ITR filing process is easy.

Benefits of income tax e filing

Income tax e filing has a few crucial benefits. Some people think that filing ITR is a voluntary affair but actually it is not. You can have a look at the benefits of ITR filing.

1. Sign that You Are Responsible

The Government rule says that if you earn a certain amount of money and pay the tax on a certain date, it will be a sign that you are responsible in the eyes of the Government.

2. Loan or Card Company Benefits

Your loan company or card company may want to check with you about some proof that you have filed the correct IT return filing form. So, this is another benefit that you may get after filing the ITR form.

Can Online Legal India™ Help You In Filing IT Return?

The ITR Filing Procedure is called when you have to file an Income Tax Return on a due date. You can take help from Online Legal India™ experts regarding how to file income tax returns and make your work done easily.

Conclusion

One of the most important matters that have to be kept in mind is that you can be an individual taxpayer or you can be a company, everyone has to abide by the income tax deadline.