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Income Tax Return

Income Tax Return

• Income Tax Return (ITR) is the form in which assessee files information about there Income and tax to the Income Tax Department.
• Variety of forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. The applicability of ITR forms varies and depending on the sources of income of the taxpayer(assessee), the amount of the income earned and to which category the taxpayer (like individuals, HUF, company, etc)belongs.
• The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates assessee to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due dates.

Which Type of Income Tax Return

ITR-1 OR SAHAJ

This Return Form is for a resident individual whose total income for the assessment year includes any of the following incomes:

  • Income from Salary or Pension
  • Income from One House Property (but exclude the case where loss is brought forward from previous years)
  • Income from Other Sources (but excluding income arise through winning from Lottery and Income from Race Horses)
  • Agricultural income not exceeding Rs.5000.

ITR-2

ITR 2 is for the use of an individual or a Hindu Undivided Family whose total income for the assessment year includes any of the following incomes

  • Income from Salary or Pension
  • Income from House Property
  • Income from Other Sources (which also includes Winnings from Lottery and Income from Race Horses).
  • NOTE : Total income from the above should exceed Rs 50 Lakhs
  • If taxpayer is an Individual Director in a company
  • If taxpayer had any kind of investments in unlisted equity shares at any time during the financial year
  • Being a resident not ordinarily resident and non-resident
  • Income from Capital Gains
  • Foreign Assets or Foreign income
  • Agricultural income if exceed Rs 5,000

ITR-3

ITR 3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are required to file ITR 3 :

  • If taxpayer carrying on a business or profession
  • If taxpayer Individual Director in a company
  • If taxpayer had any kind of investments in unlisted equity shares at any time during the financial year
  • Return may include income from House property, Salary or Pension and Income from other sources
  • Income of a person receive as taxpayer is partner in the firm

ITR-4 or Sugam

ITR 4 is applicable to individuals and Hindu Undivided Family, Partnership firms (except LLPs) which are residents having income from a business or profession.

It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act (but if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3).

ITR-5

  • Firms
  • Limited Liability Partnership
  • Association of Persons
  • Body of Individuals
  • Estate of deceased
  • Estate of insolvent
  • Business trust and
  • Investment fund

ITR-6

ITR 6 is for Companies except the companies who are claiming exemption under section 11 ( i.e Income from property held for charitable or religious purposes), it is compulsory to filed it electronically only .

ITR-7

  • Return under section 139(4A) is required to be filed by every person who is in receipt of income derived from property held under trust or other legal obligation wholly for charitable or any religious purposes or in part only for such purposes.
  • Return under section 139(4B) is to be filed by a political party if the total amount of income without giving effect to the provisions of section 139A exceeds the maximum permissible amount, not chargeable to income-tax.
  • Return under section 139(4D) is required to be filed by every university, college or any other institution, which are not required to furnish return of income or loss under any other provision of this section.
  • Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
  • Return under section 139(4F) must be filed by any investment fund as referred in section 115UB

What are the Documents Require for ITR

First time return filling with us

  1. PAN Card and Aadhaar Card copy
  2. Mobile Number and email id (To receive OTP)
  3. Income tax website Password (If already registered on Income tax website)
  4. All bank account number and IFSC Code
  5. Last Year Income Tax Return Copy (If filed by other)

Every Year

  1. All bank account statement/passbook (Only for Business Income)
  2. Investment details If any (Like Mutual fund, SIP, PPF, FD, Shares, Property)
  3. Loan statement and certificate if any (Like Housing Loan, Education Loan, Vehicle Loan and Business Loan)
  4. Tax benefit related expense details if any (Like Life Insurance, Health Insurance, Donation, tuition/school fee)
  5. Form 16/Consolidate Salary slip (Only for Salary Income)
  6. GST Number and Return (If registered under GST Act)
  7. Agriculture Income details if any
  8. In case of share market income, Share profit and loss in excel sheet, Broker Ledger and statement of holding
  9. Sale of Property or any other Investment during the year
  10. Any other income if any