Income Tax Return

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Income Tax Return in

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An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the ITR, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns .

For ITR filing , you have to know the Income-tax Act, 1961 contains provisions for filing of return of income. Return of income is the format in which the assessee furnishes information as to his total income and tax payable. The particulars of income earned under different heads, gross total income

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Every person, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed 54 form and verified in the prescribed manner. It's a good practice to file or e-file your income tax return. An income tax return is an important document that you must produce at the time of availing a home loan, as it reflects your financial prosperity. An income tax return—as a proof of income—shows your capacity to repay a loan. Even a winner of “Kaun Banega Crorepati” has to file return of income. income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some income tax return forms are longer than the others, and they may need additional disclosures such balance sheet and a profit and loss statement information.

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Types of ITR

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The CBDT has notified 7 types of Income-tax return forms. Each return form is applicable according to the status of taxpayer and type of income he earns during the year.

  • 1.ITR-1: Individuals, having income from salaries, one house property, other income and having total income up to Rs 50 lakhs. Besides, individuals who have dividend income exceeding Rs10 lakh, or have income from capital gains should also use other ITR forms as applicable.
  • 2.ITR-2: ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2:
  • 1. Income from Salary/Pension
  • 2. Income from House Property(Income Can be from more than one house property)
  • 3. Income from Capital Gains/loss on sale of investments/
  • 4. Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
  • 5. Foreign Assets/Foreign Income
  • 6. Agricultural Income more than Rs 5000
  • 7. Resident not ordinarily resident and a Non-resident
  • 3.ITR-3 The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession The persons having income from following sources are eligible to file ITR 3
  • (i) Carrying on a business or profession
  • (ii) The return may include income from House property, Salary/Pension and Income from other sources.
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  • 4. ITR-4 The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3
  • 5. ITR-5 Income Tax Return- 5 is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals).
  • 6. ITR-6 Companies other than companies claiming exemption under section 11 must furnish their income tax must in ITR-6 Form
  • Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
  • 7. ITR-7 ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

HOW WE HELP WITH INCOME TAX RETURN FILING

  • Information Collection GetMyCA Direct Tax Expert will collect the necessary information and documents for preparation of Income Tax Return.
  • Income Tax Return Based on the documents and information collected, GetMyCa Expert will prepare your Income Tax Return and send for your approval.
  • Income Tax Return Filing Once the IT Return is verified and approved by you, our Expert will file your Income Tax Return.

Various Threshold Limits under the Income Tax Act

Income tax return filing must be done by all individuals, businesses and not-for-profit entities on or before the due date to avoid penalty. The due date for income tax return for individuals is 31st July of each financial year

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