Income Tax Return
Introduction
A person who is crossing exemption limit or satisfying other conditions as stated in Income Tax Act 1961, is required to file Income Tax Return within the due date. Income Tax Return shows annual income and taxes paid on such income.
Income Tax Return is prepared based on income sources such as salary, house property, business or profession etc. A person is required to select income tax returns basis the income tax forms provided by the income tax department.
Types of ITR Forms:
- ITR-1: For individuals being a resident having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources, and agricultural income upto Rs.5 thousand.
- ITR-2: For Individuals and HUFs who do not fall under the criteria as per ITR-1 form or having income from capital assets (excluding income from intraday trading, future & options) and not having income from profits and gains of business or profession.
- ITR-3: For individuals and HUFs having income from profits and gains of business or profession, income from capital gains, income from intraday trading, future & options.
- ITR-4: For Individuals, HUFs, and Firms (other than LLP) having total income upto Rs.50 lakh and income from business & profession U/s 44AD, 44ADA or 44AE & agricultural income upto Rs.5 thousand.
- ITR-5: For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7.
- ITR-6: For Companies other than companies claiming exemption under section 11.
- ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only .
Documents required for ITR filing
- PAN Card
- Aadhar Card
- Bank statements.
- Form-16
- Proof of deduction such as Life insurance, Health insurance etc.
- Capital Gain statement.
- House property related details along with property tax receipt.
- Interest Certificate, Dividend Income, or any other income.
- Foreign Assets/Income
- Books of Accounts
Applicability of ITR forms
ITR-1
- Salary Income
- Pension Income
- Income from one house property
- Income from other sources
- Agricultural income upto Rs. 5 thousand.
- Income should not exceed Rs. 50 lakh.
ITR-2
- Salary Income
- Income from 2 or more house property,
- Income from capital assets (excluding income from intraday trading, future & options)
- Income from other sources contains winnings from lotteries, bets on racehorses, and other legally recognized forms of gambling
- Agricultural income more than Rs. 5 thousand.
- Foreign Income or ownership of Foreign Assets.
- Director in a company.
- Individuals and HUFs not having income from business or profession.
ITR-3
- Individuals and HUFs having income from profits and gains of business.
- Individuals and HUFs having income from profits and gains of profession.
- Income from capital gains,
- Income from intraday trading, future & options.
ITR-4
- Individuals, HUFs, and Firms (other than LLP) having total income upto Rs.50 lakh and income from business & profession u/s 44AD, 44ADA or 44AE & agricultural income upto Rs.5 thousand.
ITR-5
- For persons such as Firm, LLP, BOI, AOP, Cooperative society, Local Authority etc.
- For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6
- For Companies other than companies claiming exemption under section 11
ITR-7
- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).