Following are the documents required for filing ITR:

• Form 16
• Aadhar and PAN Card
• Salary Slips
• Bank interest certificates
• TDS certificate issued by banks and others
• Annual Information Statement
• Proofs of tax-saving investment
• Capital gains statement
• Details of foreign assets and investments
• Form 26AS

Apart from staying compliant, there are various other benefits of filing income tax return online.

Some of them are listed below:

• Easy loan approval
• Income and Address Proof
• Quick Visa Processing
• ITR filing online ensures speedy income tax refund
• Acts as proof of income and address
• Losses can be Carried Forward
• For buying term insurance
• Avoid penalty on non-filing of income tax returns

here are 7 ITR forms in India; each served to different taxpayer profiles:

• ITR 1 (Sahaj): For residents with an income up to Rs 50 lakh from salary, a single house property, or other sources (excluding lottery and racehorses). NRIs cannot use this form.
• ITR 2: For individuals and HUFs with income above Rs 50 lakh and income from agriculture exceeding Rs 5,000. Suitable for those earning from salary, home, capital gains, or other means. Can also be used by NRIs.
• ITR 3: For individuals and HUFs earning from a profession or sole proprietorship, including income from business, employment, real estate, capital gains, trades, and dealing in futures and options.
• ITR 4: (Sugam): For individuals with income from a business with turnover up to Rs 2 crore or a profession with income up to Rs 50 lakh. Suitable for freelancers in notified professions.
• ITR 5: For entities like Investment Funds, Business Trusts, Cooperative societies, LLPs, AOPs, BOIs, etc. to declare profits and other sources of income.
• ITR 6: For companies, except those seeking Section 11 exemption. Requires disclosure of housing property rental revenue, business income, and multiple sources of income.
• ITR 7: For individuals or entities required to furnish returns under Sections 139(4A) to 139(4F), which include trusts, political parties, scientific research associations, medical institutions, universities, business trusts, and investment funds.

Yes, e-filing of Income Tax Returns (ITR) is mandatory if the gross total income of an individual taxpayer exceeds the basic exemption limit. Under the old tax regime, individuals under 60 years old needed to file an Income Tax Return (ITR) if their income exceeded Rs. 2.5 lakhs, while individuals over 60 years old needed to file if their income exceeded Rs. 3 lakhs.

In the new tax regime, the income threshold for individuals under 60 years old has been raised to Rs. 3 lakhs. Other Scenarios Where it is Mandatory to File ITR.