INCOME TAX RETURN
WE FILE ALL TYPES OF INCOME TAX RETURN ONLINE FOR OUR CUSTOMER FOLLOWING ARE THE FORMS :
ITR -1 Form is a simplified one page form for individuals having income upto Rs 50 lakhs from the following sources:
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
- Income from Salary/Pension
- Income from One House Property (excluding cases where loss is brought forward from previous years
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
ITR Form 2 is for Individuals and HUF not carrying out Business or profession under any proprietorship.
Thus Persons having income from following sources are eligible to file:
- Income from Salary/Pension
- Income from House Property (Income Can be from more than one house property)
- Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
- Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
- Income of a person as a partner in the firm.
- Foreign Assets/Foreign Income
- Agricultural Income more than Rs 5000
The ITR 3 is applicable for individual and HUF who have income from proprietary business or are carrying on profession (PGBP). The persons having income from following sources are eligible to file ITR 3:
- Carrying on a business or profession
- Return may include income from House property, Salary/Pension and Income from other sources
ITR 4 can be filed by all those who opt for presumptive income for instance
- A small businessman having turnover less than Rs 2 Cr. may opt for the scheme u/s 44AD and declare the profits at 8% of gross receipts (6% in case of digital receipts).
- A doctor can opt for presumptive income scheme u/s 44ADA if his gross receipts do not exceed Rs 50 lakhs and can declare 50% of gross receipts as his income.
- An engineer can also opt for this scheme.
- Film Artists.
- Persons engaged in the accountancy profession, Interior decoration, Technical consultancy can also for this scheme.
- Freelancers engaged in the above profession can also opt for this scheme if their gross receipts do not exceed Rs 50 lakhs.
This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.
However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
Companies other than companies claiming exemption under section 11 must furnish their income tax must in ITR-6 Form.
Who is eligible to file the ITR-7 Form?
- Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
- Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
- Return under section 139(4C) is required to be filed by every scientific research association, news agency, association or institution referred to in section 10(23A), institution referred to in section 10(23B).
- Fund or institution or university or other educational institution or any hospital or other medical institution.
- Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.