E-filing of Income Tax Return Filing | Online ITR Process, Due date, Fees - Onfling
Income Tax

Income Tax Return Filing

Overview

 

A taxpayer needs to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund etc. According to Income Tax Act, 1961, an income tax return is a form which enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes etc., which makes it mandatory under various scenarios for a taxpayer to file an income tax return.

Income tax return can be filed very easily through an online portal just sitting at home. A taxpayer needs to choose the right income tax from the following forms.

There are different types of the income Tax return which are as follows:

ITR-1

ITR-1 Form is also known as Sahaj, it is the Income Tax Return Form for salaried individuals. ITR -1 Form is a simple one-page form for individuals having income up to Rs 50 lakh from the following sources:

  • Income from Salary/Pension
  • Income from One House Property (excluding cases of loss from previous years)
  • Income from Other Sources (excluding winning Lottery and Race Horses earned income)
ITR-2

The ITR 2 form is for Individuals and HUFs (Hindu Undivided family) who has no income from business or profession. It is applicable for Individuals or HUFs who receive income from other than “Profits and Gains from Business or Occupation”. This return form will be applicable if you receive income from these following sources:

  • Income from Salary/Pension
  • House property (It can be from one or more house property)
  • Income from capital gains/ loss on sale of investments/property ( both short term and long term).
  • Income from other sources (like bets on horseraces, winning of lotteries and any legal methods of gambling).
  • Foreign Assets income
  • Agricultural income which exceeds Rs. 5000
  • Profit share of the partner from a partnership firm
  • Resident not ordinarily resident and a Non-resident
  • Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs.
ITR-3

This Form is used by an individual or a Hindu Undivided Family having income from proprietary business or carrying on any profession. Eligibility for ITR 3:

  • Carrying on a business or profession
  • The return includes income from House property, Salary/Pension and Income from other sources
ITR-4

This Form applies to an individuals or HUFs having income from proprietary business or carrying on any profession who have opted for the presumptive income scheme as per Section 44ADA and Section 44AE of the Income Tax Act. ITR-4 cannot be filed if:

  • Businesses with turnover of over Rs. 2 Crores
  • Professionals with gross receipts exceeding Rs. 50 Lakhs
  • Companies are also in exception list to file ITR-4.
ITR-5

ITR-5 is filed by firms, LLPs (Limited Liability Partnerships), AOPs (Association of persons) and BOIs (Body of Individuals), artificial juridical person, cooperative society and local authority.

ITR-6

It is an income tax return form used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961.

ITR-7

This is filed in a situation where persons including companies comes under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). No other document except TDS certificate should be attached with this return form while filing ITR-7. It is advised to taxpayers for matching the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

FAQS

The taxpayer will calculate his/her income as per the income tax law provisions applicable to him/her.
You can download the forms from www.incometaxindiaefiling.gov.in by clicking on IT Return preparation software.
Yes, there are two options available for filing that is online and offline. The online mode is only for ITR 1 and ITR 4, and for other categories of forms generating XML and uploading is available.
Yes under the Income Tax Act, 1961 it is mandatory for a taxpayer to file an income tax return.

List of Documents

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