Wondering Which Form To Use For Income Tax Return? Find Out Here

Wondering which form to use to file your income tax return (ITR)? The Income Tax Department provides a total seven forms for assessees to file their income tax return. From salaried individuals to self-employed persons and companies, a range of income tax assessees can make use of the Income Tax Department's forms. In addition to the seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7, the taxman also provides a separate form, ITR-V (verification), for assessees to verify a filed tax return. Out of these income tax return forms, income tax return form ITR-1 - also known as "Sahaj" - is applicable to individuals having an income from salary, pension, house property or other sources under certain conditions..Here's a brief description of the seven forms provided by the taxman for assessees to file the income tax return (ITR):.Form ITR-1 ("Sahaj").This form is meant for resident individuals with income up to Rs 50 lakh from salary, one house property or other sources. Income from other sources excludes income such as one earned from winning of a lottery and income through a horse race, according to the Income Tax Department's website. .ITR-2.This form is meant for the individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of a business or profession. The form is meant for an individual or an HUF "who is not eligible to file Sahaj (ITR-1) and who is not having any income under the head 'Profits or gains of business or profession'," according to the income tax portal. .ITR-3.Also known as ITR 3, this form is meant for individuals and HUFs having income from profits and gains of business or profession. Such entities - individuals or HUFs - should not be eligible for the next ITR form, known as 'Sugam', to be able to use ITR 3, according to the Income Tax Department..ITR-4 ("Sugam").Form ITR 4 - also known as "Sugam" - is meant for those with a presumptive income from a business or profession. .ITR-5.This form can be used by entities such as a firm, limited liability partnership (LLP), association of persons (AOP), body of individuals (BoI), artificial juridical person and cooperative society, and registered societies..ITR-6.This form is meant for the companies other than those claiming exemption under Section 11 of the Income Tax Act. Exemption under Section 11 can be claimed by a charitable/religious trust, according to the taxman..ITR-7.This form is meant for assessees including companies required to furnish return under Sections 139 (4A), 139 (4B), 139 (4C), 139 (4D), 139 (4E) or 139 (4F), according to the I-T department. These include trusts, political parties, institutions, colleges and investment funds..The Income Tax Department has provided an independent portal for e-filing of income tax return - www.incometaxindiaefiling.gov.in. The online services provided by the taxman enables income tax assessees to file and submit their income tax return online in a paperless way..Meanwhile, the taxman has set September 30 as the due date for assessees to link their PAN with Aadhaar "unless specifically exempted".

Wondering Which Form To Use For Income Tax Return? Find Out Here

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