Income Tax Filing | ITR Filing in Chennai
Filing Income Tax Returns (ITR) is a mandatory process for individuals, salaried employees, freelancers, businesses, trusts, and companies earning income in India. Timely tax filing ensures legal compliance, avoids penalties, and helps you benefit from tax refunds and financial documentation. At MNC Filings, Chennai, we assist with accurate and stress-free tax filing for individuals and businesses.
Important ITR Filing Deadlines for FY 2024–25 (AY 2025–26)
What is ITR Filing?
Income Tax Return filing involves reporting taxable income, investments, deductions, and taxes paid during the financial year. It is compulsory when income exceeds the basic exemption limit or when conditions specified by the Income Tax Act apply. Filing ITR also enables refund claims, loan approvals, business tenders, and seamless visa processing.
Before filing, taxpayers should verify Form 16, AIS, TIS, Form 26AS, bank statements, and investment proofs to ensure accurate reporting.
Types of ITR Forms
There are 7 types of ITR forms based on income category and tax applicability:
ITR-1 (Sahaj)
For resident individuals earning up to ₹50 lakh annually from salary, pension, one house property, or other sources (excluding capital gains, business income, and NRI taxpayers).
ITR-2
Suitable for individuals & HUFs earning income from salary, more than one house property, capital gains, foreign assets, or investments. NRIs should file ITR-2.
ITR-3
Applicable for individuals & HUFs having income from business or profession, including freelancers, consultants, contractors, doctors, and partners in firms.
ITR-4 (Sugam)
For individuals, HUFs & firms opting for presumptive taxation scheme u/s 44AD, 44ADA, or 44AE with income up to ₹50 lakh.
ITR-5
Used by firms, LLPs, AOP, BOI, artificial juridical persons, and cooperative societies (not individuals or companies).
ITR-6
Applicable for companies other than those claiming exemption under Section 11 (charitable & religious trusts).
ITR-7
For entities filing returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) such as trusts, NGOs, institutions, universities, and charitable organizations.
Benefits of Filing Income Tax Return
Documents Required for ITR Filing
Who Must File ITR?
ITR-2
ITR-2 For individuals and HUFs for their income other than income from business or profession. Individuals and NRIs having income from salary, house property, capital gains, and other sources can file ITR-2. Salaried individuals who make a profit or loss from buying and selling shares should file ITR-2.
ITR-3
ITR-3 For individuals reporting their income from any business or profession. Salaried individuals who have income from intraday trading in shares or income from futures and options should file ITR-3. Individuals can report income from salary, house property, capital gains, business or profession (including presumptive income), and other sources in ITR-3.
ITR-4
ITR-4 For individuals, HUFs, and partnership firms for their income under a presumptive scheme of taxation. ITR-4 is for income from businesses whose turnover is up to Rs 2 crore and is taxed under section 44AD. Additionally, ITR-4 is for income from a profession whose turnover is up to Rs 50 lakh and is taxable under section 44ADA. A freelancer engaged in a notified profession can file ITR-4.
ITR-5
ITR-5 for partnership firms, LLP, AOP, and BOI. Business entities like LLP, Partnership Firm, AOP, and BOI can file ITR-5 to report income from business and profession and any other source of income.
ITR-6
ITR-6 is the income tax return for companies filing income from business or profession and any other source of income.
ITR-7
ITR-7 is the income tax return for companies, associations, and trusts claiming income tax exemption.
