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Income Tax filings 2018-10-17T07:37:37+00:00

Easily Income Tax Return Filing

Income tax return must be filed by individuals and legal entities in India every year.

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Income Tax Filing

It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of an amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file a return of income if its gross total income exceeds the exemption limit. Income tax return form can be e-filed or manually filed. Income tax returns do not have the ability to accept any attachment while efiling or manually income tax filing. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc.) must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc. Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

Top Income Tax Return Types

ITR 1 (SAHAJ)
Income Tax Form ITR-1 (SAHAJ) is for individuals having income from salaries, one house property and other sources like interest, etc., This is the most used income tax return type.

ITR 4
Income Tax Form ITR 4 is for individuals and Hindu Undivided Families having income from a proprietary business or profession. This form is used by proprietorship firms.

ITR 5
Income Tax Form ITR 5 is used by most partnership firms as it is intended for persons other than individuals, Hindu Undivided Families, companies and person filing Form ITR-7.

ITR 6
Income Tax Form ITR 6 ​is used by companies like one person company, private limited company, public limited company and other for-profit companies.

ITR 7
Income Tax Form ITR 7 is used by persons, political parties, news agencies, universities and entities in receipt of income from property held under trust for charitable or religious purposes.

ITR1 Form Filing

Form ITR 1 can be submitted to the Income Tax Department in multiple methods:

  1. The return can be filed in paper form or filed online using a digital signature or using electronic verification code.
  2. The return can also be filed online followed by submission of ITR-V by post.

In case you have opted for online followed by post method, print two copies of Form ITR-V. One copy of ITR-V should be kept for records and the other copy duly signed has to be sent by post to Post Bag No. 1, Electronic City Office, Bengaluru— 560 100, Karnataka.

An individual of the age of 80+ years or An individual/ HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income would have an option to file a return in paper form.

ITR2 Form Filing

An ITR-2 Form is an important form used by Indian citizens, as well as Non Residents to file their Tax Returns. Only those Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.

Individuals and HUFs who have their Income for the Financial Year through Salary or Pension or from Capital Gains or from foreign assets/Income, Income from business or profession as a partner and other sources including lottery, horse racing, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, ( as income exceeds ₹ 50 Lakhs), also need to file using ITR-2.

Procedure:

An ITR-2 form can be filed under three methods:

  1. By using a digital signature certificate and electronic verification code
  2. By transmitting the data in the ITR-2 form electronically
  3. By posting the Return Form ITR-V to the Income Tax Office

Individual filing ITR-2 form under the third method must complete the acknowledgment in ITR-V. After preparing ITR-V, the Individual should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the individual, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the individual for his record.

ITR3 Form Filing

The ITR-3 Form applies particularly to those Individuals and HUFs who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business, he cannot file ITR-3. In such a case, he is required to file ITR 2.

Procedure: ITR-3 form can be filed under three methods:

  1. Filing ITR-3 form with a digital signature certificate.
  2. Filing ITR-3 form with an electronic verification code.
  3. Filing data in the ITR-3 form electronically and then mailing the Return Form ITR-V to the Income Tax Office.

All taxpayer filing ITR-3 form who must obtain a tax audit needs to file ITR-3 form using a digital signature. Assessee filing ITR-3 form under the third method must complete the acknowledgment in ITR-V. After preparing ITR-V, the individual/entity should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the individual/entity, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the individual/entity for his record.

ITR-4 SUGAM Form Filing

The ITR-4 Form can be used by Individuals and  Hindu Undivided Families who are running a business with a turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have enrolled for the presumptive income scheme of the Income Tax Act.

Procedure:

ITR-4 SUGAM form can be filed by using any of the following methods:

  1. Filing in a paper form – Only applicable for individuals over 80 years old and/or individuals and HUFs whose income does not exceed Rs.5 lakhs and no refund is claimed.
  2. Filing online using digital signature certificate.
  3. Filing online using electronic verification code.
  4. Filing online and then mailing (By post) the Return Form ITR-V to the Income Tax Office.

Individual or entity filing ITR-4 SUGAM form under the fourth method must complete the acknowledgment in ITR-V. After preparing ITR-V, the individual or entity should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the entity, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the entity for his record.

ITR-5 Form Filing

ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Artificial Juridical Person, Association of Persons (AOPs) and Body of Individuals(BOIs), Cooperative society and Local authority, provided they don’t need to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D)

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

Procedure:

ITR 5 form can be filed under any of the following methods:

  1. Filing online using a digital signature certificate
  2. Filing online using electronic verification code
  3. Filing online and then mailing (By post) the return in Return Form ITR-V to the Income Tax Office

Individual or Entity filing ITR 5 form under the fourth method must complete the acknowledgment in ITR-V. After preparing ITR-V, the Individual or the Entity should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the Individual or the Entity, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the Individual or the entity for his record.

ITR-6 Form Filing

The ITR-6 Form can be used only by those companies that do not claim exemption under section 11 (Income from property held for charitable or religious purposes) can use the ITR-6 form to file their Tax Returns.

Procedure: ITR 6 form must be compulsorily filed online using a digital signature with the Income Tax Department.

ITR-7 Form Filing

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

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

Procedure:

ITR 7 Form can be filed with the Income-tax Department in any of the following ways, –

(i) by filing online using digital signature;

(ii) by filing the return using electronic verification code;

(iii) by filing the return online and thereafter submitting the verification of the return in Return Form ITR-V; However, a political party shall compulsorily furnish the return in the manner mentioned at (i) above.

From assessment year 2013-14 onwards in case an individual or an entity who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.

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Frequently Asked Questions

The ITR-1 form is to be used when the assessee has income that is less than Rs. 50 Lakhs and when the source of income falls into any of the below-mentioned categories :

  1. Income from Salary/ Pension
  2. Income from just one house property
  3. Income from other sources excluding Winning from Lottery, Horse Racing, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000.

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

ITR-1 must be filed and reported by individuals whose source of income is restricted to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).

ITR-1 form must be filed by individuals/ HUFs on or before 31st July of every year.

ITR-1 form should not be filed for the following cases :

  1. Income that exceeds Rs. 50 Lakhs
  2. Assessee has Taxable Capital Gains
  3. Assessee has any of the following sources of income :
    • Income from foreign assets
    • Agricultural income that exceeds Rs. 5000
    • Income from Business or Profession
    • Income from more than one house property

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The ITR-2 form is to be used when the individual has an income that falls into the below category:

  • Accrued income through Capital Gains
  • Income from more than one housing property
  • Income from countries outside of India
  • Income as a partner in any firm
  • Income from agriculture above Rs 5,000
  • Income from lotteries or horse racing
  • Income from Salary/Pension or Housing Property or Other sources that exceeds Rs. 50 Lakhs

The ITR-2 must be filed by individuals / HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:

  • Income exceeds Rs. 50 Lakhs
  • Have foreign assets/income
  • Have agricultural income more than Rs. 5,000,
  • Have taxable capital gains
  • Have income from business or profession as a partner
  • Have more than one house property

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The ITR-2 form must be filed by individuals/ HUFs on or before 31st July of every year.

The ITR-2 form should not be filed by any individual who has income under the head of Business or proprietorship. The ITR-2 form cannot be filed by a company or LLP or other types of legal entity. Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

 

The ITR-5 must be filed by firms, AOPs (Association of persons), LLPs (Limited Liability Partnerships), and BOIs (Body of Individuals), cooperative society artificial juridical person, and local authority. Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

Due date for filing the iTR-5 Form is 31st August.

The ITR-5 cannot be filed by Taxpayers who fall into the following category :

  • Individual or entity who is 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 or HUFs (Hindu Undivided Families) or Companies

ITR-5 form is to be used when the individual or entity is one of the following :

  • Firms
  • LLPs (Limited Liability Partnerships)
  • AOPs (Association of persons)
  • BOIs (Body of Individuals)

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The ITR-6 form is to be used when the taxpayer is registered as a Company under Indian Companies Act of 1956 and if the company do not claim exemption under section 11

ITR-6 must be filed by companies that do not claim exemption under section 11 (Income from property held for charitable or religious purposes). Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

An ITR-3 form is to be used when the individual or the HUF has income that falls into the below category :

  • Income from carrying on a profession
  • Income from Proprietary Business
  • Return may also include income from Salary/Pension, House property, and Income from other sources

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

Due date for filing an ITR-3 Form is 31st July for Individuals and 30th September for Businesses.

ITR-3 would be filed by individuals / HUFs who have income from a profession or from Proprietary business. Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

If an Individual or a HUF is having income as a partner of a partnership firm that is carrying out business or a profession, he cannot file ITR-3. In those cases, he is required to file ITR 2.

The ITR-4 form is to be used when an individual or entity has income that falls into the below category :

  1. Have Income from carrying on a profession and has opted for presumptive income scheme
  2. Have Income from Proprietary Business and has opted for presumptive income scheme
  3. Return may also include income from Salary/Pension, House property, and Income from other sources

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The ITR-4 must be filed by individuals or HUFs and Professionals who have opted for the presumptive income scheme as per the Income Tax Act. Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The due date for filing ITR-4 Form is 31st July for Individuals and 30th September for Businesses.

The ITR-4 can’t be filed by taxpayers who fall into the below category :

  • Businesses with a turnover of over Rs. 2 Crores
  • Professionals with gross receipts which exceeds Rs. 50 Lakhs

In the above cases, ITR-3 should be filed.

Companies can’t file ITR-4 as it is applicable only for individuals or HUFs and Professionals. Companies need to file ITR-6 or ITR-7 form of the income tax return based on applicability.

The due date for filing the ITR-6 Form is 30th September.

ITR-6 cannot be filed by Taxpayers who fall into the following category :

  1. Individuals or Hindu Undivided Family (HUF), Firm, Body of Individuals (BOI), Association of Person (AOP), Local Authority and Artificial Judiciary Person
  2. Companies that claim exemption under section

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The ITR-7 form must be used when the individual or the entity is a Trust, filing as a Firm, Company,  Local authority, Association of Person (AOP) or Artificial Judiciary Person and do claim exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D). Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The ITR-7 must be filed by Firms, Companies, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption in any of the following category :

  • Have income from charitable /religious trust- Section 139 (4A)
  • Have income from a political party – Section 139 (4B)
  • Have income from scientific research institutions – Section 139 (4C)
  • Have income from university or colleges or institutions or khadi and village industries – Section 139 (4D)

Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor

The due date for all individuals or entities, whose accounts are required to be audited, is 30th September. The due date for an individual or entity, whose accounts are not required to be audited, is 31st July.

The ITR-7 Form cannot be used by an individual or an entity who is not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D). Get a free consultation for Income Tax filing for business startup by scheduling an appointment with an Unfolding Tax Advisor