IT Return Filings
Income Tax Return (ITR) forms are submitted or filed by a person to the income tax department of India. This form includes the information about the income of their person and taxes paid by him during the year. Therefore let's understand in detail about the Income tax Return filing, it's types and process.
What is Income Tax Return Filing?
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 that 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.
The income tax return can be filed very easily through the online portal just sitting at home. The taxpayer needs to choose the right income tax from the following forms.
What are the different types of Income Tax returns?
To far, the department has issued notifications for ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. Every taxpayer is required to file his ITR on or before the deadline. The application of ITR forms varies based on the taxpayer's sources of income, the amount of income generated, and the taxpayer's category (individuals, HUFs, corporations, etc.). Different types of income tax returns 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 have 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 the 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
- The 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 a 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 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 a turnover of over Rs. 2 Crores
- Professionals with gross receipts exceeding Rs. 50 Lakhs
- Companies are also on the 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 returns if they do not claim an exemption under Section 11 of the Income Tax Act, 1961.ITR-7
This is filed in a situation where persons including companies come under section 139(4A), or section 139 (4B), or section 139 (4C), or section 139 4(D). No other document except the 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.What are the documents required to file ITR?
Apart from your salary slips, bank savings account passbook, Aadhar card, and PAN card, you will need the following documents to begin the process of filing your income tax return:
- Form 16: This document is issued by your company and contains information about your salary as well as the tax deducted at source (TDS) on it.
- Form 16A: This form provides information on the TDS deducted on interest received from fixed or recurring bank deposits.
- Form 16B: When you sell a property, TDS is applied to the amount received from you by the buyer, which is specified on this form.
- Form 16 C: TDS details of the rent received to you by your tenant are entered.
- Form 26AS: This is a detailed declaration of taxes based on your PAN number. TDS by your employer, bank, or any other institution that has made a payment to you is included in this section. Advance taxes or self-assessment taxes paid, as well as proof of tax-saving investments such as deductions as prescribed by Sections 80C to 80U, such as a life insurance policy or a term plan, are all mentioned.
How to download an ITR form?
The Income Tax Department website has a step-by-step approach for downloading ITR forms.Step 1: Go to https://www.incometaxindia.gov.in to access the official website of the Income Tax Department (ITD).
Step 2: Go to the 'Forms/Downloads' option on the main page's navigation bar and select the 'Income Tax Returns' menu.
Step 3: You will be sent to a new page that has a list of all ITR forms. To download the forms, use the 'PDF' option next to each one.
Required Documents
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FAQs
You Ask, We Answer
Yes under the Income Tax Act, 1961 it is mandatory for a taxpayer to file an income tax return.
Yes, there are two options available for filing that is online and offline. All the Income Tax Forms can be prepared offline and uploaded on Income Tax portal.
You can download the forms from www.incometaxindiaefiling.gov.in by clicking on IT Return preparation software.
The taxpayer will calculate his/her income as per the income tax law provisions applicable to him/her.
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