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ITR Filing


Who can file Income Tax Return?

Any legal entity including individual/company/LLP/partnership/society or any other entity registered in India needs to file Income Tax Return and declare the income/profit/loss with the government in a specific format laid down by the Income Tax Department through various Income Tax Forms.

Income Tax Return—1

The basic ITR form for most salaried people is ITR-1. The new ITR-1 form is applicable for salaried individuals with total income up to Rs 50 lakh from salary, one house property, and other sources such as interest income.

Mandatory Documents

  • PAN card of the Assessee
  • Form -16 issued by your employer
  • Form 26AS
  • Aadhaar Number

Ways to file ITR-1

Form ITR-1 can be filed in paper form, applying a Digital signature, through an e-verification code, or simply by filing it online along with submission of ITR-V via post to Post Bag No.1, Electronic City office, Bengaluru- 560 100, Karnataka.

Income Tax Return—2

Eligibility
Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2

Mandatory Documents

  • PAN card of the Assessee
  • Form -16 issued by your employer
  • Form 26AS
  • Aadhaar Number (If applied then provide Aadhar enrolment number)

Ways to file ITR-2

Form ITR-2 can be filed by using a Digital signature,through an e-verification code, or simply by filing it online along with submission of ITR-V via post to Post Bag No.1, Electronic City office, Bengaluru- 560 100, Karnataka.

Income Tax Return—3

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business and are not only filling under a presumptive scheme (in that case ITR 4 is applicable). If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.

Income Tax Return -- 4

The ITR-4 is applicable specifically in the case of individual carrying income from profession or trade and are willing to file the return under the presumptive taxation scheme laid down by the government, the presumptive taxation scheme is for specific professionals having income below 50 Lakhs per annum, as per the scheme they can declare the profit to be 50% of the gross receipts and for traders who can declare profit 6%/8% of the total turnover.

Income Tax Return--5

The ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of Persons(AOPs)and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).

Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.

Income Tax Return--6

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.

Income Tax Return--7

ITR-7 Form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption as one the following:

  1. Charitable /Religious trust under Section 139 (4A)
  2. Political party under Section 139 (4B)
  3. Scientific research institutions under Section 139 (4C)
  4. University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D)

We have made the Income Tax e-Filing, simple and easy. File your income tax return online with the dedicated Tax Expert support from Dealtax.

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