In India, the conditions to file income tax returns (ITR) online are as follows:
Income Threshold: If your total income during the financial year exceeds the basic exemption limit, you are generally required to file an income tax return. The exemption limits are subject to change each year and vary based on factors such as age, income sources, and category of taxpayers.
Compulsory e-Filing: Individuals falling under certain categories are required to file their income tax returns online (electronically) and cannot file a physical return. These categories include individuals with an annual income exceeding Rs. 5 lakhs, those claiming a refund, and individuals whose accounts need to be audited.
Digital Signature or Aadhaar Authentication: For online filing, you may need a digital signature certificate (DSC) or authenticate using your Aadhaar card. A DSC ensures the authenticity of the information submitted. Alternatively, you can authenticate using Aadhaar OTP (One-Time Password) or EVC (Electronic Verification Code) received on your registered mobile number.
Form Selection: Choose the appropriate income tax return form based on your income sources and category. The commonly used forms for individual taxpayers are ITR-1 (SAHAJ) for salaried individuals, ITR-2 for individuals with income from other sources, ITR-3 for business and profession income, and ITR-4 (SUGAM) for presumptive income.
Reporting Assets and Foreign Income: If you have foreign assets, financial interests, or foreign income, you may need to report them in your tax return. Certain disclosures and additional forms, such as Schedule FA and Form 67, may be required.
Preserving Documents: It is essential to keep copies of relevant documents like Form 16, TDS certificates, bank statements, investment proofs, and other supporting documents. These documents may be required for reference, verification, or scrutiny purposes.
It’s important to note that the conditions and requirements for filing income tax returns online in India may change over time. Therefore, it is advisable to refer to the official website of the Income Tax Department or consult a tax professional for the most up-to-date and accurate information.
