Anyone earning an income above a certain amount is subject to income tax. The income could be under various headslike salary, rent or business or professional income. The tax subjected on these incomes is called the income tax. A simple form is to be filed as a statement of income earned with the Income Tax Department. It is organized in such a way that calculating tax liability, scheduling tax payments, or requesting refunds for the overpayment of taxes has been made quite easy for the taxpayers. The taxpayers must first determine the type of Income Tax Return (ITR) Form they need to fill.

Documents required for ITR Filing

1) PAN Card

2) Aadhar Card

3) Bank Account Statement

4) Details of Business

5) Details of Investments

6) Details of Insurance & Loans

7) Trial Balance of Business

Types of ITR for Business Owners

Form ITR-4 (Sugam) -: Required to be filed by the individuals/HUF/partnership firm who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.However, if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3. The due date of this ITR is 30th September of every year.

Form ITR-3 -: Required to be filed by the individuals/HUF that have income from proprietary business or are carrying on profession. The due date of this ITR is 30th September of every year.