What is Income Tax Return?
Income Tax Return (ITR) is a form in which person needs to submit his or her information about Income and tax, which paid during the year to the Income Tax department in India. Information which filed in ITR should be in a specific financial year that is starting from 1st April and ending on 31st march next year. Before the specified due date every taxpayer should file his/her ITR.
Types of Income Tax Return
There are seven types of Income Tax Return which mentioned below:
ITR1 – It is also called as SAHAJ. This form should be filed by individuals having total income upto Rs. 50 lakh which comes from source salaries, one house property, other sources (Interest etc.). and agricultural income upto Rs. 5 thousand.
ITR2 – This form should be filed by HUFs and Individuals who are not eligible to file form ITR-1 and not having income from profits and gains of business or profession.
ITR3 – This form should be filed by HUFs and Individuals having income from profits and gains from profession or business.
ITR4 – It also called as Sugam. This form should be filed by resident individuals, HUFs and firms (other than LLP) having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.
ITR5 – This form should be filed by firms, Association of Persons (AOPs), Body of Individuals (BOIs), and Artificial Juridical Person (AJP), Limited Liability Partnership (LLPs), Estate of deceased, Estate of insolvent, Business trust, investment fund and co-operative society for filing the ITR. Any individual who comes under aforementioned categories is eligible for ITR 5 filing.
ITR6 – As per Income Tax Department guidelines, this form should be filed by any business firm or commercial entity that has no earnings income which does not come from any religious/charitable organization or body.
ITR7 – This form should be filed when substances companies fall under section 139 (4A), section 139 (4B), section 139 (4C) or section 139 4 (D).
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