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ITR Forms means Income Tax Return forms. An ITR form is a prescribed form through which you communicate the details of your income earned, deductions claimed and taxes paid in a financial year to the Income Tax Department. It also allows you to carry forward the losses and claim a refund from the Income Tax Department.
There are different ITR forms prescribed for different categories of taxpayers. The selection will depend upon your Taxpayer status, Nature of income and Residential Status in India etc.
People tend to use ITR forms and ITR as interchangeable terms but they are not really so. ITR forms are the forms in which the income tax return is filed. Once your form is submitted successfully with the tax department, it can be called as Income Tax Return, and not at any stage before that.
Every year new updated ITR forms are released by CBDT (Central Board of Direct Taxes) for duly furnishing your ITR of the relevant Financial Year with the tax department.
Let's discuss as to which form you need to file.
The Income Tax department’s official website lists different ITR forms that the taxpayers may be required to fill on the basis of their income. Some forms out of these are easy to file while others need some additional disclosures like P/L (profit and loss) statements etc. Know which ITR form is applicable for your e-filing of ITR -
Sahaj being one of the most simplified one page forms.Who can file ITR 1?
This form is for a resident individual whose total income includes the following:
This form is for individuals or a HUF (Hindu Undivided Family) whose income includes:
(Total income can exceed 50 lakhs in this ITR Form)
This form is to be used by either an individual or a Hindu Undivided Family who are carrying on profession or a business. The following persons are eligible to fill this form:
The following should choose ITR-5 form :
This form can be used by companies which are not claiming any exemptions under Section 11 and by a company other than a company which is required to file return in Form ITR-7.Who cannot file ITR 6?
Persons including companies that are required to file returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D) should choose ITR-7 form. The details against each section is briefed for you below:
Any other person from those specified above cannot report using ITR 7 Form.
ITR forms can be downloaded for any year from the Income Tax India website.
Steps to download ITR forms utility online -
The ITR forms have been notified vide Notification 1/2020 on 3rd Jan 2020 by CBDT. The changes brought are
One or more bank accounts can be selected for refunds. In case more than one account is selected, the final decision will be made by the CPC regarding the selection of one account to credit the refund.Earlier, only one account can be selected.
As per income tax provisions if the income exceeds basic exemption limit [ Rs 2.5 lakhs for those below 60 years of age] it is mandatory to file the ITR. In addition to this a proviso 7th has been added section 139(1) as per which filing should be done even if your income is below basic exemption limit in the following cases
The quantum of actual expenditure done in above categories should also be reported while filing ITR for FY 2019-20.
|ITR Form Number||Description|
|ITR 1||For individuals who are a resident other than Not ordinarily Resident, who have a total income upto Rs. 50 lakhs. Having income from salaries, one house property, other sources and agricultural Income upto Rs. 5 thousand ( not for any individual who is holding the position of a director in a company or invested in unlisted equity shares)|
|ITR 2||Income of both individuals and HUFs from salaries, house property, capital gains , foreign investments and agricultural Income Rs. 5 thousand or more. The total annual income can exceed Rs. 50 Lakhs. The individual should not have gains and profits of a business or profession.|
|ITR 3||The individual and HUF having gains and profits of business or profession.|
|ITR 4||For individuals, HUFs and firms other than LLP, a resident having total income of upto 50 lakhs and having income from business and profession which is computed under section 44AD, 44ADA and 44AE. ( not for any individual who is holding the position of a director in a company or invested in unlisted equity shares)|
|ITR 5||For persons other than Individual, HUFs, company and person filing for ITR-7|
|ITR 6||For all the companies other than the ones claiming exemption under Section-11|
|ITR 7||Persons/Companies who are required to furnish returns under sections 139(4A), 139(4B), 139 (4C) and 139 (4D).|
Ans. ITR for AY 2020-21(FY 2019-20) can be filed after the end of financial year i.e., 31st March, 2020.
Ans. You can refer to the above blog for knowing the applicability of ITR form.
Ans. ITR - 1 / ITR-2 / ITR-3 / ITR-4 can be filed by Individuals depending on the sources of income and other relevant information.
Ans. If a resident individual is having only Salary income then Form ITR-1 is relevant subject to other conditions.
Ans. The applicability of ITR form depends upon the source of income. For example, the commission agency income can be treated as other sources of income or business income.
If an individual is having a major source of income as salary and is also earning commission income, then he can choose to file ITR1. Whereas if the individual is having the main source of income as commission then it may be treated as business income and he can choose to file ITR3 in this case.
Ans. ITR-4 is applicable in case business/ professional income is reported on presumptive basis under section 44AD/ 44ADA/ 44AE whereas ITR-3 is applicable on business or professional income reported on other than presumptive basis. There are many other differences which can be derived from the blog above.
Ans. ITR-1 is applicable on Resident Individuals having Income from Salaries, One House property , Other sources of income as specified .On the other hand, ITR-4 is applicable on Resident Individuals, HUF or Firms except LLP having Income from business and profession which is computed under Section 44AD/ 44ADA/ 44AE (i.e.,on presumptive basis)
Ans. ITR Form depends on the type of taxpayer , source of income and such other factors. For eg., If a nil return is to be filed of a HUF then ITR-2 or ITR-3 or ITR-4 shall be relevant depending on sources of income and other factors.
Ans. If the commission is business income of an individual then it should be reported as business income and accordingly, ITR-3 shall be applicable and if it is not his business income then it shall be treated as income from other sources, consequently, ITR-1 or ITR-2 shall be relevant subject to other conditions.
Ans. ITR-2 or ITR-3 is applicable on Non- resident Individuals.
Ans. ITR-3 or ITR-4 shall be applicable on a self-employed.
Ans. ITR is to be filed using details appearing in Form-16. ITR can be filed either on income tax website directly or by downloading Excel or JAVA utility of the Income Tax Return Form from IT website. Tax2win.in also assists in ITR filing in a smooth and simplify manner with maximum tax saving.
Ans. ITR 1 is used for salaried persons. But in case assessee is dealing in shares trading which may result in capital gains then ITR 2 is filed.
Ans. Professional tax is declared in deductions u/s 16 in ITR 1
Ans. ITR 4 is filed if person having income from salary and profession if the person wants to report consultancy income on presumptive basis.
Ans. ITR forms are available throughout the year and every year updated ITR forms are released after the end of the relevant financial year. There is no fixed specified date in this regard.
Ans. ITR 1 is available for salary income and other sources of income.
Ans. ITR form 2 is filled for income from multiple house property.
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