Income Tax Return (ITR) Filing
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ITR filing is the process in which the assessee (the individual) files information about its Income and Tax thereon to the Income Tax Department. It applies to every earning entity i.e. Individuals, Hindu Undivided Family (HUFs), Body of Individuals (BOI), Association of Persons (AOP), Firms, Companies, Businesses.
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Income Tax Return (ITR) Filing
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year, claiming refunds, carrying forward losses, etc.
Income tax for individuals, HUFs, AOPs, BOIs, Firms, Companies, and businesses vary. In the same way, Indian citizens and foreign nationals’ incomes are also taxed differently. Indian citizens are required to include the entire amount of their income from India as well as abroad during ITR filing, whereas, foreign nationals are taxed only on their income originating from India.
Income tax returns should be filed before the specified due date. Every Income Tax Return Form applies to a certain section of the Entity. Only Forms which apply to a specific eligible entity should be used to file the return for successful processing. Thus it is a must to learn which particular form is suitable before filing an ITR.
Types of Income Tax return:
- ITR-1
It is the most basic type of income tax return. ITR-1 Form is also called Sahaj, this type of the Income Tax Return Form is for salaried individuals having income less than or up to Rs 50 lakh Income from Salary/Pension Income from One House Property Income from Other Sources (excluding winning Lottery and Race Horses earned income). - ITR-2
This type of ITR is for the Individuals And HUFs (Hindu Undivided family) which are having earnings other than from PGBP(Profits And Gains Of Business Or Profession). It can be From Capital Gain, Lottery, Or Foreign Assets, Etc. ITR 2 is also to be filed by individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs. - ITR-3
This type of ITR is for those individuals and HUFs(Hindu Undivided Families) who have income from carrying on a business or profession. The return includes income from House property, Salary/Pension, and Income from other sources - ITR-4
This type of ITR is applied by individuals or HUFs who are having income from a proprietary business or carrying on any profession and who have opted for the presumptive income scheme as per Section 44ADA and Section 44AE of the Income Tax Act. - ITR-5
This type of ITR is filed by firms, individuals, or persons other than individuals, artificial juridical person (AJP) referred to in Section 2(31)(vii), cooperative society, and local authority referred to in Section 160(1)(iii) or 160(1)(iv), Society registered under Societies Registration Act, 1860 or under any State law trust (except trusts eligible for filing Form ITR-7), Business Trust referred to in Section 139(4E), Estate of Deceased person, Investment Fund referred to in Section 139(4F), etc. - ITR-6
This type of ITR is filed by only those companies that are not claiming exemption under Section 11 of the Income Tax Act, 1961. ITR 6 can only be filed online. - ITR-7
This type of ITR is filed for persons including companies required to furnish return under sections. 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). It has to be filed by companies included under section 139(4A) or section 139(4B) including several other types of companies.
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