Income Tax Return

Understanding Income Tax Returns

In India, individuals and businesses are required to pay income tax on their earnings. Income tax is levied and collected by the Central Government. The tax liability is calculated and informed to the taxpayer in the Assessment Year, which is the year following the financial year in which the income was earned.

Income Tax Return Forms

The ITR form is a document used to declare your income, calculate your tax liability, and claim deductions or exemptions. The specific ITR form and filing deadline vary depending on your income level, sources of income, and other factors.

The ITR forms have been recently modified to make the filing process more user-friendly. However, it's important to note that taxpayers still bear the responsibility of providing accurate information and supporting documentation for claims of expenses, exemptions, and deductions.

Documents required for filing ITR

PAN Card of the Taxpayer
Aadhaar card of Taxpayer (in case of non-individual Aadhaar of Directors or Partners)
Cancelled cheque of the taxpayer’s bank account is required
Bank account Statement
Financial Statements
Details of investments
Form 16 (if salaried person)

Types of ITR forms

ITR-1

For Income from Salary & Interest

ITR-2

For all incomes other than business income

ITR-3

Used by an individual or Hindu Undivided Family

ITR-4

For all incomes including business income

ITR-4 (Saral)

For Presumptive tax, 8% is deemed income of turnover

ITR-5

For Partnerships business, this ITR is used for all income

ITR-6

For companies that do not claim an exemption under Section 11, income from the property held for charitable or religious purposes.

ITR-7

For persons and companies who need to furnish returns under:

Section 139(4A) , Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E), Section 139(4F)

Page updated

Google Sites

Report abuse

Income Tax Return

Understanding Income Tax Returns