Starts from Rs. 1200
All About Form ITR-1
Any person falling under the purview of the Income Tax Act, 1961 has to pay tax on the income earned in a particular financial year. The person (commonly referred to as “assessee”) could be an individual, partnership, Hindu Undivided Family or any other business entity.
The categorization in taxpayers has been done to ease the compliances. Each category of taxpayer has to compute the taxable income in the manner as laid down in the Income Tax Act, 1961. Post computation, Income Tax Return is filed in the Form applicable to that category of taxpayer.
ITR-2 Form Filing – Income Tax Return
The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Resident Indians to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.
Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT
Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.
ITR-3 Form Filing – Income Tax Return
The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.
ITR-4 Form Filing – Income Tax Return
For filing returns, the Income Tax Department has set out different forms. These forms are filed by the taxpayers as per the category that they fall under and the source of their income. There are multiple criteria that decide eligibility of a taxpayer to file a particular ITR form. Form ITR-4 is used for filing Income Tax Return by those taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961. This is, however, subject to the business turnover limit of INR 2 crores, exceeding which the taxpayer would be required to file ITR-3. Presumptive Taxation scheme is a scheme that exempts the small taxpayers from maintenance of books of accounts.
Filing Form ITR-5
The taxpayers have to file returns on the basis of the income earned in a financial year and the kind of entity they fall under.. The various provisions and sections mentioned in this article are of the Income Tax Act, 1961.
Income Tax Return – Filing Form ITR-6
Every Indian Resident with any source of income is required to pay tax to the government in the form of Income Tax. The government imposes tax on every entity such as individuals, HUFs, Companies, LLPs, Association of Person, Body of Individuals, and any artificial judicial person. Income Tax Return is the form filed to furnish the information to the government about Income incurred along with tax liability. The form filed would vary depending upon the type of entity filing the return.
Documents required:
Salaried Aadhar, PAN, Form-16, Investment documents like Life insurance, Mutual funds, Health Insurance etc.
Business: Aadhar, PAN, Investment documents like Life insurance, Mutual funds, Health Insurance, Liabilities etc.
