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Income Tax Return

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.

About Income Tax Return

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc.

Type Income Tax Return

INCOME TAX RETURN VARIES AS PER THE CATEGORY OF ASSESSES.
  • FOR INDIVIDULAS/HUF---ITR-1, ITR-2, ITR-3 & ITR-4
  • FOR COMPANY--ITR-6 & rnITR-7
  • FOR OTHER THAN INDIVIDUALS AND COMPANY ---ITR-5

ITR FORMS & TYPErnOF INCOME:

  • ITR-1  ⇒FOR INDIVIDUALS HAVING INOME FROM SALARYrn & INTEREST.
  • ITR-2  ⇒FOR INDIVIDULAS & HUFS NOT HAVINGrn BUSINESS/PROFESSIONAL INCOME.
  • ITR-3  ⇒FOR INDIVIDULAS & HUFS BEING PARTNERS IN FIRMSrn& CARRYING OUT BUSINESS OR PROFESSION UNDER & PROPRIETORSHIP.
  • ITR-4  ⇒FOR INDIVIDUALS & HUFS HAVING INCOME FROMrn PROPRIETARY BUSINESS OR PROFESSION.
  • ITR-5  ⇒FOR FIRMS, AOP, & BOI
  • ITR-6  ⇒FOR INCOME OTHER THAN COMPANIES CLAIMING EXEMPTIONrn U/S 11
  • ITR-7  ⇒FOR PERSONS INCLUDING COMPANIES REQUIRED TO FURNISHrnRETURN UNDER SECTION 139(4A)/139(4B)/139(4C)/139(4D).