financial services

Use the right form to file your Income Tax Return

The extended due date to file Income Tax Return for the Financial Year 2017-18 or the Assessment Year 2018-19 is 31st August 2018. Any taxpayer who has income above the tax exemption limit, then the taxpayer is required to file Income Tax Return.

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The most important thing that a taxpayer should keep in mind while filing the Income Tax Return is the ITR Form that a taxpayer files. In general, there are 7 ITR Forms that a taxpayer can file according to their source of Income for the relevant Financial Year. These Income Tax Return forms are notified to the taxpayers by the Central Board Direct Taxes.

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In the new ITR Forms there are various additional columns. ITR-1 is filed by the maximum number of taxpayers in India. The ITR-1 form, is to be filed by an individual who is a resident of India and has an income of up to Rs 50 lakh from salaries, one owned house property and other sources as income. A detailed break-up of the salary is required in the new ITR-1 Form.

ITR-2 is applicable to those who are non-residents (NRs) and not ordinarily resident (NORs) individuals/HUF not having income under the head of Profits and Gains from Business or Profession.

ITR 3 is filed by those who have professional Income, Income from Capital Gain or business. ITR-4 is mainly for those who have income from business and profession and has opted for Presumptive Scheme.

Filing Income Tax Return

ITR 5 is for those who own a partnership firms, LLPs etc, who maintain their books of accounts. ITR-6 is generally filed by the companies. ITR-7 is filed by those who run trust or charitable institutions.

All India ITR Login | Start Filing Income Tax Return

 

 

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