INCOME TAX RETURN (INDIA)

 RETURN OF INCOME-FILE INCOME TAX RETURN (INDIA)

Who files returns?

Every Person

·         Being a company or a firm.

·         Being a person other than a Company or a firm.

If his total income exceeding a basic exemption (2.5lacs >) then he furnished a return of income on or before the due date specified in section 139(1).

6^th Proviso of section 139(1)

The total income of any other persons in respect of which he is assessable under this act.( i.e., section 163 agent of nonresident/ guardian of a minor child)  this income without the given effect of this section 54 to 54 GB & Chapter VI A ( deduction u/s 80C to 80U) during the previous year exceed the basic exemption limit then he furnished a return on or before the due date, in the prescribed form & verified in the prescribed manner and setting forth such other particulars as may be prescribed section 139(1).

When to file a return compulsory?

Any Person, being a resident shall furnish a return within the due date as specified in sec 139(1) in respect of INCOME or LOSS for the previous year.

4^th proviso to section 139(1)

If the assessee is satisfied the following conditions then the assess furnished a return within the due date, even that  If the total income does not exceed the basic the exemption, or does not have any taxable income.

The Following Conditions are:-

·         Holds, beneficial the owner or otherwise any asset (including any financial interest in any entity) located outside India.

·         Signing authority in any account located outside India. 

·         Beneficiary of any assets located outside India.

 

5^th proviso to section 139(1)

An individual is a beneficiary of any assets located outside India, where, income, if any arising from such assets is includible in the income of the person.

Example: -

A and B are husband and wife and A (husband) which is property is located outside India and this assets are gifted to his (B) wife, and this asset is in the name of the wife and not the legal document or not transfer the ownership, then the income of this property should be clubbed or included on the husband income referred above in accordance with the provision of this act.  

5th proviso to section 139(1)

7^th proviso to section 139(1)

A person other than FIRM or COMPANY, his total income does not exceed the basic exemption or does not have any taxable income then it’s not required to furnish a return as per aforesaid provision, who during the previous year:-

1.       Deposited total amount exceeding ( >1 crore) in one or more accounts maintained with the banking co. or a co-operative bank,

2.        Incurred a total expenditure for travel to a foreign country exceeding (>2 lacs) for himself or any other person,

3.        Incurred a total expenditure for the consumption of electricity exceeding (>1 lacs),

4.       Fulfills such other conditions as may be prescribed.

 During the previous year any of the above conditions are satisfied then he required to furnish a return on or before the due date in such form and verified in such the manner and setting forth such other particulars, as may be prescribed.

 

FORMS – RETURN OF INCOME

Rule 12 provides the following form for filing  return of income for different assessee:-

ITR-1 (Sahaj)

Who is eligible to use this return form ITR-1

·       For individuals having INCOME FROM SALARIES,

·       One HOUSE PROPERTY,

·       OTHER SOURCES – INTEREST ( does not have any loss under the head ) etc.

 Having total income up to Rs50,00,000/-

 But except winning form the lottery or income from horse race

This form ITR-1 ( Sahaj) is not be used

·         for an individual who is either  Director in a company,

·         invested in unlisted equity shares,

·         has any brought forwards/carry forwards loss under the head INCOME FROM HOUSE PROPERTY,

·         has to furnish a return under 7^th proviso to section 139(1) of the income tax act,

·         has agricultural income exceeding Rs5000/-,

·         all the condition of 4^th proviso to section 139(1),

·         has claimed any relief of tax u/s 90 or 90A or deduction of tax u/s 91,

·         has taxable income u/s 115BBDA,

·         has an income of nature referred to in sec.115BBE.

Click the below link and download the income tax return for excel or XML format

                  (CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

 

ITR-2

Who is eligible to use this return form ITR-2

·         For Individuals and HUFs  not carrying out BUSINESS OR PROFESSION under any proprietorship.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

 

ITR-3

Who is eligible to use this return form ITR-3

·       For Individuals and HUFs having income from  BUSINESS OR PROFESSION.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

 https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

                                        

                            ITR-4 ( sugam)

Who is eligible to use this return form itr-4 ( sugam)

·         For the PRESUMPTIVE INCOME from business or profession,

 

This form ITR-4 ( sugam) is not be used

·         for an individual who is either  Director in a company,

·         invested in unlisted equity shares,

·         has any brought forwards/carry forwards loss under the head INCOME FROM HOUSE PROPERTY.

·         has to furnish a return under 7^th proviso to section 139(1) of the income tax act,

·         has agricultural income exceeding Rs5000/-,

·         all the condition of 4^th proviso to section 139(1),

·         has claimed any relief of tax u/s 90 or 90A or deduction of tax u/s 91,

·         has taxable income u/s 115BBDA,

·         has an income of nature referred to in sec.115BBE.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

ITR-5

Who is eligible to use this return form ITR-5

·         This Form can be used by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP)/ Body of Individuals (BOI)/ Artificial Juridical Person (AJP) / local authority/ representative assessee referred to in section 160(1)(iii) or (iv)/ cooperative society/ society registered under Societies Registration Act, 1860 or under any other law of any State/ trust.

 This form ITR-5 is not be used

·         Individual

·         Huf

·         Company

·         Person filing form itr-7

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

ITR-6

Who is eligible to use this return form ITR-6

·         For COMPANIES,

 

This form ITR-5 is not be used

·         Companies claiming exemption u/s11.

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

ITR-7

Who is eligible to use this return form ITR-7

·                  For persons including companies required to furnish return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F)

 

Click the below link and download the income tax return for excel or XML format

(CTR+click the below link)

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

 

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