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Income Tax Returns

Income Tax Return (ITR) is a form that an individual submits to the Income Tax Department of India to file information about an individualu2019s income and taxes payable during that financial year. Information filed in an ITR should be applicable for a particular financial year between 1st April to 31st March of the next year.

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Income Tax Returns

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  1. IncomeTaxReturns IncomeTaxReturn(ITR)isaformthatanindividualsubmitstotheIncomeTaxDepartment ofIndiatofileinformationaboutanindividual'sincomeandtaxespayableduringthat financialyear.InformationfiledinanITRshouldbeapplicableforaparticularfinancialyear between1stAprilto31stMarchofthenextyear. TheIncomeTaxDepartmenthasprescribed7typesofITRforms,whicharetobeusedby taxpayersaccordingly.TheseformsareITR-1,ITR-2,ITR-3,ITR-4,ITR-5,ITR-6andthenew form,ITR-2S.Thesuitabilityofeachformwilldependonthenatureandamountofincome andthetypeoftaxpayer. IsFilingITRnecessary IfyouearnmorethanthelimitthatisexemptedfrombeingtaxedbytheGovernment,then youarecompulsorilyrequiredtofilethetaxreturn.IncomeTaxrulesdictatethatifyouearn morethanthelimitthatisexemptedfrombeingtaxedbytheGovernment,youare compulsorilyrequiredtofileyourtaxreturnaccordingtoeveryyear.FilingyourITR,postthe duedatemayattractapenaltyandalsobecomeadeterrentingettingaloanorvisa approvedinthefuture. Thegovernmenthasnowmadeitmandatoryforanindividualtofileincometaxreturnsif his/hertotalTDS/TCSduringthefinancialyearisRs25,000ormoreeveniftheindividual's incomeisbelowthebasicexemptionlimit.Theminimumamountthatanindividualneeds topayasincometaxdeductionatsource(TDS)hasbeenincreasedfromRs10,000toRs 15,000. TypesofITRForms 1. ITR-1 AlsoknownastheSahajForm,thisisanincometaxreturnformthatistobefiledbyan individualtaxpayer.Anyotherassesseewhoisliabletopaytaxisnoteligibletoavailofthis formforfilingtheirreturns. 2. ITR-2A

  2. TheITR-2Aformisforpeoplewhosesourceofincomeisthroughsalary.ItisalsousedbyTheITR-2Aformisforpeoplewhosesourceofincomeisthroughsalary.Itisalsousedby Hinduundividedfamiliesandindividualswhoearnadditionalincomefrommultiplesources suchascapitalgains,residentialpropertysalesandotherinvestments. 3. ITR-2 ITR-2Formismeantforindividualswhoearnincomefromsalaryorcapitalgains.Thisform isusefultopeoplewhosesourceofincomeisfromthesaleofassetsorpropertyinIndiaor fromanybusinessventure. 4. ITR-3 TheITR-3FormisusefulforindividualtaxpayersoraHinduUndividedFamily,whosolely operateaspartnersinafirmbutwhodonotconductanybusinessunderthefirm.Thisis alsoapplicableforindividualswhodonotearnanyincomefromthebusinessconductedby thefirm. 5. ITR-4 TheITR4Sisanincometaxreturnformwhichcanbeusedbyanindividualwhoconductsa businessorearnsincomethroughaprofession.Thisformisapplicableforalltypesof businesses,undertakingorprofession.AnyindividualwithanyprofessioncanfiletheirITR usingthisform. 6. ITR-4S TheITR-4SformisapplicableforanindividualorHUF.ItcanbeusedbyindividualsorHindu UndividedFamilywithincomebasedonapresumptivemethodofcalculation.Thisformis usefulinspecialcircumstancesandapplicabletobusinesseswhereanyincomeearnedis basedonapresumptivemethodofcalculation. 7. ITR-5 ITR-5formsareusedbylimitedliabilitypartnerships,artificialjudicialpersonsand associationsofpersons,amongothers. 8. ITR-6 TheITR-6formisusedbyallcompanies.Organisationsthatclaimtaxexemptionasper Section11oftheActarethoseinwhichtheincomereceivedisaccumulatedfromthe propertywhoseuseisexclusivelyforreligiousandcharitablepurposes.Thisreturncanonly befiledonline 9. ITR-7 Section139(4A)-Underthissection,returnscanbefiledbyindividualswhoreceiveincome fromanypropertythatisheldforthepurposeofcharityorreligionintheformofatrustor legalobligation

  3. WhoisrequiredtofileanITR? 1. Individualtaxpayerswithanincomeofmorethan2.5lakhsperyeararerequiredtopay taxatthetimeoffilingthereturn.Seniorcitizentaxpayersoftheagegroup60to79years andsuperseniorcitizens(80yearsandabove)whoarenotabletoclaimexemptions undersection91formedicaltreatment,transportallowanceetc.areexemptfrompaying taxes. 2. Aregisteredcompanywithyearlyincome,evenifithasnotmadeanyprofitduringthe period.Theprofitabilityofacompanyismeasuredbythecompany’sabilitytogenerate revenueandmakeaprofit. 3. Apersonwhohasfiledhistaxreturnsandinformedthegovernmentabouthisincome,he canclaimarefundonsurplusincometaxortaxthatwasdeductedfromtheannual income. 4. Anindividualwithanassetorotherfinancialinterestinacountrydifferentfromtheir residence. 5. AcompanyoutofIndiaisofferingatreatybenefittocompaniesintheUSformaking transactionswithinIndia. 6. NRIswhoearnabovethebasicyearlyexemptionlimitofRs2.5lakh,willfaceaforeigntax onincomefromcapitalgainsexceedingRs2.5lakh.Thisincludessaleofproperty,equity mutualfundsandnon-equityfunds,sharesanddebenturesandunitsofbusinesstrusts thatareheadquarteredinIndia. WhatarethedocumentsrequiredtofileITR 1. PanCard 2. Aadharcard 3. Form16 4. Form-16A/Form-16B/Form-16C 5. BankAccountdetails 6. Form26AS 7. HomeLoanStatement 8. Taxsavinginstument 9. CapitalGainDetails 10. RentalIncome

  4. 11. Foreignincome 12. DividentIncome HowtofileITRonline Step1:Visitthee-filingwebsitehttps://www.incometax.gov.in/iec/foportal Step2:RegisterorLogintoe-fileyourreturns •Incaseyouhaveregisteredyourselfontheportalearlier,clickonthe‘Login’Here’ button. •Incaseyouhavenotregisteredyourselfontheportal,clickonthe‘Register’Yourself’ button. Step3:Clickon‘Taxpayer’andthenenterthedetailsofyourPANandclickon ‘validate’.Next,clickon‘Continue’. Step4:Providedetailssuchasyourname,address,gender,residentialstatus,dateofbirth, etc. Step5:ProvideyourEmailIDandregisteredmobilenumber. Step6:Oncetheformhasbeenfilledup,clickon‘Continue’. Step7:Youwillhavetoverifythedetailsfollowingwhicha6-digitOneTimePassword(OTP) willbesenttoyourregisteredmobilenumberandEmailaddress. Step8:EntertheOTPfollowtheinstructionsgiventocompletetheregistrationprocess successfully. Step9:OncetheOTPhasbeenverified,anewwindowwillopenwhereyouwillhaveto verifythedetailsprovidedbyyou.Incaseanydetailgivenisincorrect,youcanchangeit, followingwhichanotherOTPwillbesenttovalidatethechange. Step10:Thefinalstepwillbesetupapasswordandsecureloginmessage. Step11:Clickon‘Register’followingwhichyouwillreceiveanacknowledgmentmessage statingthattheregistrationprocesshasbeencompletedsuccessfully. WiththeIncomeTaxRefundfeature,themoneythathasbeenpaidwillberefundedtothat particularindividualbytheGovernment.Thismeansthat,ifthereisanytaxleftover,thenit willbegivenback.Itcanbeclaimedundersection80CofIncomeTaxAct,1961.Theeligible taxesincludeallkindsofinvestmentsmadewithpostofficedepositsandbankfixed depositsalongwithmutualfundsandequityinvestments.

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