What is Income Tax Return (ITR): Know your ITR Status Manual

Income Tax Return (ITR) is a document that is filled out by the taxpayers of India in order to provide the details of the Income Tax Department. Income tax returns need to be filed by entities and employers that receive over the set threshold of the government for exemption. This facilitates the operations of checking transactions and enables the government to monitor and collect taxes more efficiently.

Importance of Filing ITR:

 - Legal Compliance: The Apply for ITR online is legal requirement in India for individuals and entities; who have certain threshold income.

- Financial Record: This acts like an identification card for income and tax, which may be vital when it comes to granting of loans, visas, and so many other financial activities.

- Claim Refunds: Even to get a refund in case of excess tax on the employees’ side as per the provisions of Section 192 of the I.T. Act for every financial year, they prefer filing an ITR.

- Carry Forward Losses: In ITR filing, one has the ability to transfer losses from one year to the succeeding years in a bid to minimize future tax payments.

Types of ITR Forms

1. ITR-1 (SAHAJ):

- Who Can Use It: For the newly launched housing schemes one needs to have up to ₹ 50 lakh salary, single residential property and other incomes.

2. ITR-2:

- Who Can Use It: The income which is derived from the other sources which are not related to business or profession from the side of the individual and HUF.

3. ITR-3:

- Who Can Use It: To be filled up by persons carrying on a business as a proprietor and any other HUF having income from business.

4. ITR-4 (SUGAM):

- Who Can Use It: Business and profession carrying presumptive income other than an individual, HUF and I LLP and firms.

5. ITR-5:

- Who Can Use It: Any other class of Person other than an Individual, HUF and Company other than firms, LLPs, AOPs and BOIs.

6. ITR-6:

- Who Can Use It: Industries that do not fit any of the listed Sec 11 accompanying exemptions.

7. ITR-7:

- Who Can Use It: The charitable or religious trusts that have been filed under the specific section, political parties, and the research associations.

Checking Your ITR Status

Here’s how you can manually check your ITR status:

1. Visit the Income Tax E-Filing Website: Locate the Income Tax Department of India by e-filing site: [https://www. incometaxindiaefiling. gov. in]

2. Log In to Your Account: To access the account, use your PAN, password, and date of birth/incorporation.

3. Navigate to the ITR Status: Once you are inside the site, click on the option either ‘Dashboard’ or ‘My Account’ and then click on ‘View Returns/Forms’.

4. Select the relevant assessment year: Choose the ITR filing year which is the assessment year for which you want to check the ITR status online.

5. View Status: The processing status of the filed ITR will be available such as ‘Processed,’ or it may have some pending action or there could be some issues.

Conclusion

They are legal obligations that every earner of a specific kind of revenue and the filing of the income tax returns cannot be avoided. If one is to understand the frequently asked issues related to tax returns by one’s own, one should know about How to Check ITR status of one’s return manually. On the issue of taxes, keep on being careful and do not exploit the contents of Income Tax Department’s website on them.

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