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Types of ITR Forms

Different taxpayers have to use different ITR forms depending on income source, structure and nature of business or profession. Invenix India helps you select and file the correct ITR form as per law.

ITR-1 (Sahaj)

For salaried individuals with income up to ₹50 lakh from salary, one house property and other sources (interest, etc.) – no capital gains or business income.

ITR-2

For individuals/HUFs having capital gains, foreign income or more than one house property, but not having income from business or profession.

ITR-3

For individuals/HUFs earning income from business or profession (proprietorship, consultancy, professional practice, etc.) along with other income sources.

ITR-4 (Sugam)

For individuals, HUFs and firms (non-LLP) opting for presumptive taxation under Sections 44AD, 44ADA, 44AE with total income up to ₹50 lakh.

ITR-5

For partnership firms, LLPs, AOPs, BOIs, etc. having income from business, profession or other sources as per Income Tax Act.

ITR-6 & ITR-7

ITR-6 is for companies (other than those claiming exemption under Section 11) and ITR-7 is for trusts, NGOs and institutions filing under sections 139(4A) to 139(4D).

Documents Required for ITR Filing

Keep the following information and documents ready for smooth and accurate ITR filing.

PAN Card & Aadhaar Card

Bank account details & statements

Form 16 / 16A / 16B / 16C from employer or deductor

Income proofs – interest, rent, dividends, other sources

Investment & deduction proofs (80C, 80D, 80G, etc.)

Business financials – Balance Sheet & P&L (if applicable)

Form 26AS, AIS & TIS downloaded from portal

Property / capital gain statements & loan interest certificates

Benefits of Filing ITR with Invenix India

Legal Proof of Income

ITR serves as an authentic proof of income accepted by banks, embassies and government authorities for loans, visas and official verifications.

Easy Loan & Credit Approvals

Regular ITR filing improves your creditworthiness, helping you get home loans, vehicle loans, business loans and credit cards smoothly.

Faster Visa Processing

Embassies often ask for ITR copies. With timely filing, your visa applications face fewer objections and get processed faster.

Avoid Penalties & Notices

Filing ITR on time helps you avoid late fees, interest, scrutiny and legal notices from the Income Tax Department.

Claim Refunds Easily

If excess TDS or advance tax is paid, you can claim your refund only through ITR filing. We ensure correct refund claims and tracking.

Support for Business Growth

ITR history is mandatory for government tenders, contracts and investor due-diligence. Consistent filing builds trust for future funding.

Strong & Transparent Financial Profile

With Invenix India handling your returns, you maintain a clean, transparent financial track record that supports long-term goals.

Here’s How The ITR Filing Process Works

Your Income Tax Return filing journey broken down into clear, simple steps.

1

Collect all required documents – Form 16, bank statements, AIS/TIS, investment proofs, capital gain details, etc.

2

Verify income and TDS details with 26AS & AIS to ensure every transaction is correctly reflected.

3

Choose the correct ITR form (ITR-1 to ITR-7) based on your income sources and tax profile.

4

Compute total income, apply eligible deductions and calculate correct tax liability or refund.

5

File ITR on the portal, complete e-verification and track intimation & refund status from the department.

Frequently Asked Questions – ITR Filing

An Income Tax Return is a form where taxpayers declare their income, deductions and taxes paid to the Income Tax Department for a financial year.
Anyone with income above the basic exemption limit, or who meets specific conditions like high bank deposits, capital gains, foreign income or certain financial transactions, must file ITR.
Late or non-filing may attract penalties, interest on tax, loss of refund, loss of carry-forward of losses and problems in loans or visa processing.
Generally, 31st July for individuals not requiring audit and 31st October for audited taxpayers. These dates may change as per government notifications.
The correct ITR form depends on your income source – salary, house property, business/profession, capital gains, foreign income, etc. Invenix India helps you choose the correct ITR-1 to ITR-7 form as per your profile.
Yes, you can file a revised return before 31st December of the relevant assessment year if you discover any mistake or omission in your original return.
It may not be mandatory in all cases, but it is strongly recommended for claiming refunds, building financial proof, applying for loans, visas and maintaining a clean tax record.
Refunds are processed automatically by the department after you file and e-verify your ITR, if excess TDS or tax has been paid. The amount is credited directly to your bank account.
Key documents include PAN, Aadhaar, Form 16, bank statements, investment proofs, rent receipts, loan interest certificates, capital gain statements, Form 26AS, AIS and other income proofs.
E-verification is the process of confirming your ITR electronically using Aadhaar OTP, net banking, EVC or other methods. Without e-verification, your ITR is not treated as validly filed.
You may have to pay late fees (up to ₹5,000), interest on outstanding tax and you may lose the benefit of carrying forward certain losses to future years.
Yes, you can file using salary slips, bank statements, Form 26AS and AIS/TIS, but the computation must be done carefully. Invenix India can help you file correctly even without Form 16.
Generally, refunds are processed within 10–45 days after successful filing and e-verification, depending on the department’s processing speed.
The old regime allows multiple deductions and exemptions with higher slab rates, while the new regime offers lower tax rates but very limited deductions. Choice depends on your income and investments.
Yes, you must declare all income sources – salary, freelancing, rent, interest, capital gains, business, etc. Invenix India consolidates all your incomes in a single accurate return.
It is an intimation sent by the Income Tax Department comparing the income and tax computed by them with the figures declared in your ITR, and showing any refund, demand or no-difference status.
Yes, filing is still required to report your total income, claim deductions and get refunds if extra tax was deducted beyond your actual liability.
Yes, NRIs must file ITR in India if they earn income here such as rent, capital gains, interest, or salary received in India, subject to applicable thresholds and rules.
Yes, the government e-filing portal uses secure, encrypted systems. Invenix India further ensures safe handling and confidentiality of your personal and financial data.
Professionals ensure accurate filing, correct selection of regime and ITR form, maximum deduction benefits and prevention of errors that can lead to notices, penalties or delays in refunds.