Before talking about ITR forms, let's first understand that what is ITR. The income tax return is a statement of the incomes of an individual from different sources and the tax that is to be paid on that income. It also acts as a proof of the tax that is being paid by the Assessee. ITR [...]
Introduction The ITR 4 Form is the form which is applicable to those taxpayers who have chosen for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax. If the turnover of the business mentioned above more than Rs 2 Crores, the taxpayer will have to file ITR 3. Eligibility [...]
Introduction ITR V is required to be submitted at the time of e-filing of Income Tax Return. This article is all about what is this form and why is it required to be submitted physically when we have already submitted the ITR Form online. What is ITR V? ITR V means income tax return - verification is a [...]
Introduction ITR 3 is applicable for those Individuals and HUFs who have income from proprietary business or are carrying on any profession. 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 3 [...]
Introduction One of the simplest forms for filing income tax returns (ITR) is ITR 1 Form (also called Sahaj) because it applies to the most of the salaried employees and pension holders. However, it does not apply to all categories of salaried employees. In this article we will talk about ITR 1, eligibility for filing, non-eligibility to [...]
Introduction ITR 2 Form is the Income Tax Return form for Individuals and HUFs who do not have any income from Proprietorship Business or Profession. The due date of filing the ITR 2 form for the Financial Year 2016-17 is 31st July 2017. This article focuses mainly on ITR 2, Categories of taxpayers eligible/not eligible to file ITR 2, Structure [...]
Introduction ITR 6 Form is applicable for those companies and business organizations who do not hold any income share from the religious or charitable trust. Any organization which does not claim any exemption under Section 11 can use this form to the E-file income tax return. Companies other than companies claiming exemption under section 11 must [...]
Introduction ITR 7 Form is filed by those individuals and companies fall under Section 139(4A) Section 139 (4B) Section 139 (4C) Section 139 4(D) It is an annexure-less return so no document (including TDS certificate) should be attached with this return form while filing ITR 7. It is mandatory to match the taxes deducted or collected [...]
Introduction ITR 5 Form is the form which is applicable for LLPs (Limited Liability Partnership), AOPs (Association of persons) and BOI (Body of Individuals).In this article, we talked about the eligibility to file ITR-5, Structure, Mode of filing and document needed for filing ITR 5. Eligibility to file ITR 5 Form Firm Limited Liability Partnership Association of [...]
