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Income Tax Return Filing

Income Tax Return Filing

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Income Tax Return Filing

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  1. Income Tax Return

  2. Who can file ITR -1? • ITR–1 Form is to be used by an Individual having income from following sources: Income from Salary/ Pension Income from One House Property (not being brought forward losses from previous years) Income from Other Sources (not being income from lottery or race horses) Moreover, in case any income of spouse, minor child, etc. gets clubbed with the income of the assessee, then ITR–1 can be used only if the clubbed income falls into the above income source.

  3.  Who cannot use the ITR–1 Form? ITR–1 Form should not be used by an Individual if his total income consists of: •Income from more than one house property •Income from Winnings from lottery or income from Race horses •Income ( not exempt from tax) under Capital Gains •Income exceeding Rs. 5,000 from agricultural business •Income from Business or Profession •Income from stock & equity mutual funds •Losses which has to be carried forward •Person claiming relief of foreign tax paid under section 90, 90A or 91 •An individual who is a resident having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

  4. Who can use? ITR 2 is used by an individual or a Hindu Undivided Family whose total income comprises following income: • 1. Income from Salary / Pension. • 2. Income from House Property • 3. Income from Capital Gains • 4. Income from Other Sources (including income from Winning from Lottery and Race Horses).

  5. Who cannot use the ITR-2? ITR 2 is not used by •An Individual/ HUFs if his total income includes any income taxable under the head “Profit or Gain from Business or Profession. In other words, business or professional income does not form the part of ITR-2. •The person already using ITR-1 Form. •A Partnership Firm having exempt income by way of shares (& not earning any income by way of interest, salary, etc.).

  6. ITR-4 Form is used by an Individual or HUF who is carrying out a proprietary business or profession and who are not filing Return under Presumptive Taxation Scheme. The following income can be included in ITR-4 form: Income from Salary/Pension Income or Losses from House property Income from Business Profession Income or Losses from Capital gains Income or Losses from Other Sources Moreover, every Partnership firms, Individuals & HUF having their tax audits mandatorily u/s 44AB is required to file their ITR-4 Electronically using digital signature.

  7. Who can use the ITR-4S? ITR-4S Form is applicable on Individuals, HUFs & small business taxpayers deriving income from :- 1. Business income where Presumptive scheme under section 44AD & 44AE of the Act is used for computation of business Income. 2. Salary/Pension. 3. One House Property. 4. Other Sources.

  8. Who cannot use the ITR-4S? ITR-4S is not applicable if income is derived from •More than one House Property •Winning from lotteries/horse races •Capital gains not exempt from tax •Agricultural Business in excess of Rs. 5000 •Speculative Business •Losses to be carried forward Return in ITR-4S cannot be filed by a person, who: a) Is a resident Individual or a HUF (other than not ordinarily resident in India) deriving income as referred to in section 44AD or 44AE, and has: Any asset (including financial interest) located outside India; Signing authority in any account located outside India; b) Has claimed any relief of tax under section 90, 90A or 91; c) Has income exceeding Rs. 5,000 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under sections 10, 10A, 10AA, etc.

  9. Who can use ITR 5? The form can be used by a person being a Firm AOPs (Association of persons), BOIs (Body of individuals) Any other person Who cannot use ITR 5? The form should not be used by a person being an Individual HUFs Company And to those persons to whom ITR-7 is being applicable.

  10. ITR-6 Form: ITR-6 can be used by a company, other than a company claiming exemption under section 11. ITR-7 Form: ITR 7 Form can be used by persons including companies who are required to furnish return under :- • 1. Section 139(4A) : Filing return by charitable/Religious trust. • 2. Section 139(4B) : Filing return by political party. • 3. Section 139(4C) : Filing return by certain Institutions. • 4. Section 139(4D) : Filing return by Scientific Research University

  11. THANK YOU!!

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