TYPES OF INCOME TAX RETURN IN INDIA

 

TYPES OF INCOME TAX RETURN IN INDIA

Income tax returns are forms in which taxpayers file information regarding their income earned during the financial year and tax applicable thereon. By filing Income tax return taxpayer determine his liability of tax and claim refund if already excess paid as tax deducted at source.

There are seven types of income tax return depending on the taxpayer's category and income type. Such forms are: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. However, one should be cautious before choosing a tax return form to file. Therefore, here we are discussing about the applicability of different types income tax return so that taxpayer can file appropriate return.

 

ITR-1

For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.

ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession and not covered under ITR-1.

ITR-3

For Individuals and HUFs having income from profits and gains of business or profession.

ITR-4

For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs.5 thousand.

ITR-5

For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7.Example LLP, Partnership firm, AOP, BOI etc.

ITR-6

For Companies other than companies claiming exemption under section 11

ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

 

CA Khalid Rehman

(Chartered Accountant)