ITR

ITR2019-03-12T05:19:07+00:00

ITR

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department.
To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source
• Alternative name of ITR-1 is SAHAJ form.
• ITR-1 is a simplified form which required least details in comparison of all other ITR forms.

Eligibility for Filing ITR-1:
ITR-1 form is to be used when the assessee has income within the prescribed limit and when the source of income falls into any of the below categories :
Income upto Rs. 50 Lakhs
Sources of Income:
• Salary/Pension
• Agricultural Income upto Rs. 5000
• One House Property (excluding cases where loss is brought forward from previous years)
• Other Sources (excluding winning from Lottery and Income from Race Horses)
• Assessee which are barred from filing ITR-1 due to income exceeding Rs. 50 Lakhs, are eligible to file ITR-2
Who Can not File ITR-1:
• If your total income exceeds Rs 50 lakhs.
• If you have foreign assets
• If you have agricultural income which is more than Rs. 5,000,
• If you have taxable capital gains
• If you have income from business or profession
• If you have income from more than one house property
Due Date for Filing:
ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year.
Mode of Filing:
• Offline or online

Offline:
Eligibility for Filing in Paper Form:
• An individual of the age of 80 years or more at any time during the previous year
OR
• An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income.
Online:
Methods for Online Filing:
• Using a digital signature of the taxpayer.
OR
• Using electronic verification code.
OR
• Submission of ITR-V by post.
“Note: In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.”

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. 
To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source
Taxpayers having incomes from different categories, thus, have to download and fill different Income Tax Return forms
Eligibility for Filing ITR-2:
ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2:
• Income from Salary/Pension
• Income from House Property(Income Can be from more than one house property)
• Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
• Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
• Foreign Assets/Foreign Income
• Agricultural Income more than Rs 5000
• Resident not ordinarily resident and a Non-resident
Who Can not File ITR-2:
• Any individual or HUF having income from Business or Profession
• Individuals who are eligible to fill out the ITR-1 Form
Due Date for Filing:
ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year.
Mode of Filing:
• Offline or online

Offline:
Eligibility for Filing in Paper Form:
• An individual of the age of 80 years or more at any time during the previous year
OR
• An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income.
Online:
Methods for Online Filing:
• Using a digital signature of the taxpayer.
OR
• Using electronic verification code.
OR
• Submission of ITR-V by post.
“Note: In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.”

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. 
To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source
Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business.
ITR-3 can be used by those individuals who cannot use ITR-1 & ITR-2due to income from the head Business/Profession
Eligibility For Filing ITR-3:
It is mandatory for you to furnish the return electronically if you fall in any of the following categories:
• Carrying on a business or profession
Return may include income from:
• Income from Salary/Pension
• Income from House Property
• Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
• Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
• Foreign Assets/Foreign Income
• Agricultural Income
Who Can not File ITR-3:
If individuals or HUF draw their income from a partnership or as partners from a business or profession, such individuals are not eligible for ITR filing under ITR form 3. In such a case, individuals or HUF need to file returns through the ITR 2.
Due Date for Filing:
In case of no Audit Required: 31st july
In case of Audit Required: 30th September
Methods for Online Filing:
• Using a digital signature of the taxpayer.
OR
• Using electronic verification code.
OR
• Submission of ITR-V by post.
“Note: In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.”

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. 
To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source
The ITR-4 Form can be used by :
• Individuals
• HUF
• partnership Firm
Pre-requisites to become Eligible for Filing ITR-4:
“• Eligible taxpayers have Opted for the presumptive income scheme as per Section:
• 44AD
OR
• 44ADA
OR
• 44AE”

Eligibility U/S 44AD:
• Turnover of the business mentioned above must not exceed Rs 2 crores
Eligibility U/S 44ADA:
Gross receipt from professions must not exceed 50 Lakhs
“• Income from One House Property (excluding cases where there is brought forward
loss or loss to be carried forward under this head)”
“• Income from Other Sources (excluding Winning from Lottery and Income from Race
Horses). ”

Who Can not File ITR-4:
Businesses with turnover of over Rs. 2 Crores
Professionals with gross receipts exceeding Rs. 50 Lakhs
Income from more than one house property or where there is brought forward loss or loss to be carried forward under this head
Income from Winnings from lottery or income from Race horses
Income under the head ―Capital Gains
Agricultural income in excess of Rs. 5,000
Income from an agency business or income in the nature of commission or brokerage
Any resident having any asset (including financial interest in any entity) located outside India
Any resident having income from any source outside India
Income from Speculative Business and other special incomes

Due Date for Filing:
31st of july

Mode of Filing:
• Offline or online

Offline:
Eligibility for Filing in Paper Form:

• An individual of the age of 80 years or more at any time during the previous year
OR
• An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income.

Online:
Methods for Online Filing:
• Using a digital signature of the taxpayer.
OR
• Using electronic verification code.
OR
• Submission of ITR-V by post.

“Note: In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.”

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. 
To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source

The ITR-5 Form can be used by :
• Firm
• LLP – Limited Liability Partnership
• AOP – Association of Persons
• BOI – Body of Individuals
• Artificial juridical person (section 2 (21)(vi)
• Cooperative/registered society
• Local Authority

Persons Not Eligible for Filing ITR-5
• Individual
• Hindu Undivided Family
• Company
• Person filing ITR 7 

Structure of the ITR 5 Form
Divided in two parts:
• Part-A – General information
• Part-B – Details of total income and tax computation with respect to income chargeable to tax

Due Date of Filing:
In case of no Audit Required: 31st july
In case of Audit Required: 30th September

Methods for Online Filing:
• Using a digital signature of the taxpayer.
OR
• Using electronic verification code.
OR
• Submission of ITR-V by post.

“Note: In case you have opted for method 4, print two copies of Form ITR-V. One copy of ITR-V should be retained by the assessee for his/her records, the other copy duly signed by the assessee, has to be sent by post to:

Post Bag No. 1,
Electronic City Office,
Bengaluru— 560 100,
Karnataka.”

ITR-6 Form Filing – Income Tax Return
ITR-6 Form can be used only by Companies. Only companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) can use the form to file their Tax Returns with the Income Tax Department of India.

Who can use ITR-6 Form ?
ITR-6 must be filed by companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes)

Who should not file ITR-6 Form ?

ITR-6 cannot be filed by Taxpayers who fall under the below category :
1. Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person
2. Companies that claim exemption under section 11 (Income from property held for charitable or religious purposes)

When should ITR-6 be filed ?
ITR-6 form is to be used when the tax payer is registered as a Company under Companies Act, 2013 or any other law, and if the company is not claiming exemption under section 11 (Income from property held for charitable or religious purposes).

What is the due date for filing ITR-6 Form ?
Due date for filing the income tax return is 30th September.

ITR-7

ITR-7 is a form filed by those individuals and companies that fall under the following sections:
Section 139 (4A)
Section 139 (4B)
Section 139 (4C)
Section 139 (4D)

Hence, ITR-7 must be filed by Section 8 Companies and other types of entities operation not-for-profit.

Things To Keep In Mind When Filing the ITR-7:

No extra documents, paperwork or TDS certificates are to be submitted or affixed with the return form
If any documents are affixed with the return form, they will be sent back to the applicant who has filed the return
It is advisable that taxpayers match the taxes deducted, collected or paid by them with their Tax Credit Statement Form 26AS

Eligibility Criteria for ITR-7:

The following individuals and associations are eligible to file the ITR-7 form:
All individuals who obtain income from property if said property is in the name of a trust
All individuals who receive income for the sole purpose of charity or a religious offering
Any political party that earns a net income that is more than the ceiling limit that is exempt from income tax
Associations that carry out scientific research
News organisations and companies
Organisations as mentioned in Section 10(23A) and Section 10(23B)
Educational institutions such as school, colleges or universities
Medical institutions such as hospitals, clinics etc

Ways to file ITR-7:

This return form can be filed with the Income Tax Department in the following ways:

Offline:
•by furnishing the return in a paper form
•by furnishing a bar-coded return

Online:
•by furnishing the return electronically under digital signature
•by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

Note: It is compulsory for all political parties to provide their returns electronically under digital signature

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