Income Tax Return

Income tax return must have been filed by all the person whose taxable income 

is more than maximum amount not chargeable to tax.

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Income Tax Return

Income tax is direct tax imposed on the income of a person by government. Income Tax Return (ITR) is a form which is filed the income tax with the Income Tax Department. It is a duty of every citizen who is having income more than the threshold limit prescribed under the Income Tax Act, 1961 to file ITR on time. The Income tax department has issued various forms to file Income Tax return such as, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 depending upon the legal status & source of income.

ITR 1 Form: It must be filed by a person having income less than 50 lakhs whose source of income should be limited to Salary/Pension, one house property, and other sources excluding winning from lottery or horse races. ITR 1 must be filed on or before 31st July of every year.

ITR 2 Form: It can be filed by Indian citizens and Non-residents of India as well with the Income tax department who have income exceeding 50 lakhs through Salary or Pension, more than one house property, income from Capital gains, Income from foreign assets, Income from business or profession as a partner and other sources including lottery, racehorses, and legal gambling. ITR 2 must be filed on or before 31st July of every year.

ITR 3 Form: It must be filed by those who have income from carrying on a profession or from Proprietary business. Due date to file ITR 3 is 31st July for individuals and 30th September for businesses having applicability of the tax audit.

ITR 4 Form: It must be filed by those who are running a business or professions with turnover less than 2 crores and Professionals with gross receipts exceeding 50 Lakhs and opted to file their business income as presumptive income. Due date to file ITR 3 is 31st July for individuals and 30th September for businesses having applicability of the tax audit.

ITR 5 Form:  It can be used by Firms, Limited Liability Partnerships, Association of persons and Body of Individuals, Artificial Juridical Person, Cooperative society and Local authority as they are not required to file the income tax return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).

ITR 6 Form: It can be used by only those companies who are not claiming exemption under Section 11 that is, Income from property held for charitable or religious purpose. Due date to file ITR 6 is 30th September.

ITR 7 Form: It can be filed by Companies, Firms, Local authority, Association of Person and Artificial Judiciary Person that are claiming exemption in the following :

  • Charitable /Religious trust under Section 139 (4A)

  • Political party under Section 139 (4B)

  • Scientific research institutions under Section 139 (4C)

  • University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D)