A tax return is a form(s) to be filed with a taxing authority (Income Tax Department of India) that reports income, expenses, and other pertinent tax information. Income Tax returns helps taxpayers to calculate their liability for tax, schedule tax payments, or request refunds for the overpayment of taxes. The different types of forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. It is therefore imperative to know which particular form is appropriate in each case.
Tax that is imposed by the government directly on the (both earned and unearned) annual income of an individual resident in India. The earned income of an individual resident includes salary, wage, etc., and unearned income of an individual resident includes interest, rent, etc. Every Indian who earn an income have to pay income tax at the end of the financial year, ignoring to which assesse might have to pay penalty or face legal consequences.
TYPES OF FORMS:
|ITR-1||This form is also known as SAHAJ which deals with income of an individual with salary/ pension/ income from one house property or other sources (not including lotteries or race horses)|
|ITR-2||Any income other than ‘Profits and gains of business or profession’ of individuals or Hindu Undivided Families can file their ITR through ITR-2|
|ITR-3||Individuals or Hindu Undivided Families earning income from ‘Profits and gains of business or profession’ can file their ITR through ITR-3|
|ITR-4S||This form is applicable to individuals and HUFs opting for presumptive taxation scheme (under Section 44AD/44AE) and also known as SUGAM.|
|ITR-4||An individual or a HUF carrying out a proprietary business or profession can file their ITR through ITR-4|
|ITR-5||The entities being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority can file their ITR through ITR-5. But not applicable for trusts, political parties, institutions, colleges or entities who are required to file the return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)|
|ITR-6||The companies other than the ones which claim a deduction under section 11 can file their ITR through ITR-6|
|ITR-7||All entities who should furnish a return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B) such as include trusts, political parties, institutions, colleges or entities can file their ITR through ITR-7|
|ITR-V||This is the acknowledgement form of filing a return of income to the department.|
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