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What is ITR-Filing?

Income tax return (ITR) is a form filed with a taxing authority which reports income, expenses, and other pertinent tax information. ITR makes it simple for taxpayers to calculate their tax liability, schedule tax payments and request refunds for the overpayment of taxes for the relevant assessment year by filling the ITR.

The Income-tax department has provided different Income-tax return forms (ITR Forms) as per the type of income.

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Different Types of Income-tax return

It is known known as the Sahaj form, this income tax return form is to be filed solely by an individual taxpayer whose total income is up to ₹50 Lakh and:

  1. Earns his income via salary or through other means such as pension or,
  2. Income/(loss) from one housing property (excluding brought forward loss) or,
  3. Income from agriculture is below ₹5,000 or,
  4. Income from other sources like interest from savings A/c., interest from fixed deposits, etc. (except casual incomes like the lottery, card games, racehorse etc.)

Individuals/ HUFs who do not have income from business/ profession during a financial year can file ITR-2.

  1. Person who earns income via salary or through other means such as pension or,
  2. Income from house property (usually more than one house property) or,
  3. Income from other sources like interest from savings A/c., interest from fixed deposits, including casual incomes (like a lottery, card games, income from racehorse etc.) or,
  4. Income from capital gains or,
  5. Earns income from Foreign Source or,
  6. A person who owns foreign assets in countries outside of India (such as shares, property, etc.) or,
  7. Any person whose income from agriculture is above ₹5,000.

ITR-3 form is applicable to taxpayer (i.e., Individual/HUF) who solely operates as a partner in a partnership firm and:

  1. Such Individual/HUF is having income in form of salary/ remuneration, commission, interest or profits from firm or,
  2. Income from salary or,
  3. Income from house property or,
  4. Income from capital gain or,
  5. Income from other sources including casual incomes (like a lottery, card games, income from racehorse etc.)

However, Individual/HUF having income from their own business/profession cannot file ITR-3. In such case, they are required to file ITR-4 or ITR-4S.

ITR-4 (Sugam) can be filed by a Resident Individual / HUF / Firm (other than LLP) whose:

  1. Total Income does not exceed ₹50,00,000, and
  2. who has income under the following heads:
  • Income from Business which is computed on a presumptive basis u/s 44AD (i.e., Gross Turnover upto Rs. 2 crore or 44AE (income from goods carriage upto ten vehicles) or,
  • Income from Profession which is computed on presumptive basis u/s 44ADA ((i.e., Gross receipt from profession upto Rs. 50 lakh) or,
  • Income from salary/pension or,
  • Income from agriculture is below ₹ 5,000 or,
  • Income/(loss) from one housing property or,
  • Income from other sources like interest from savings A/c., interest from fixed deposits, etc. (except casual incomes like the lottery, card games, racehorse etc.)

Form ITR‐4 (Sugam) is a simplified return form to be used by an assessee, at his option. In case the assessee keeps and maintains all books of accounts and other documents referred to in section 44AA, and also gets his accounts audited and obtains an audit report as per section 44AB, filling up the Form ITR‐4 (Sugam) is not mandatory. In such a case, other regular return forms viz. ITR‐3 or ITR‐5, as applicable can be filed.

ITR-5 can be used by following persons:                                                                            

a)  Firm

b)  Limited Liability Partnership (LLP)

c)  Association of Persons (AOP)

d)  Body of Individuals (BOI)

e)  Artificial Juridical Person (AJP)

f)   Trust other than trusts eligible to file Form ITR-7

g) Cooperative society, Society registered under Societies Registration Act, 1860 or under any other law of any State.

 

ITR-6 can be used by all companies except companies claiming exemption under section 11.

Section 11 refers to Organizations which can claim exemption for income received or accumulated from the property used for the purpose of religion or charity.

ITR-7 can be filed by those individuals including the companies who are required to furnish the return under the following section:

Section 139(4A)

Individuals who receive income from any property that is held for the purpose of charity or religion in the form of a trust or legal obligation.

Section 139(4B)

Political parties provided their total income earned is above the non-taxable limit

Section 139(4C)

Returns are to be filed by the following entities:

a)      Any institution or association mentioned under Section 10(23A)

b)     Any association involved with scientific research

c)      Any institution mentioned in Section 10(23B)

d)     Any news agency

e)     Any fund, medical institution or educational institution

Section 139(4D)

Entities such as colleges, universities or any other such institution

E-File Income Tax Return


income tax return