ITR Filings
Income Tax Return is a form where an assessee files the particulars about his income and tax thereon to Income Tax Department.
Income tax is a tax imposed on income of a person by the Central Government
Documents required for Income Tax Filing in India
- PAN card registration
- Bank statements
- T.D.S. Certificates in Form 16 or 16A as applicable
- Investment details
- Rent receipts for claiming house rent allowance
- Details of advance tax or self-assessment tax if paid
- For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
- Statement of receipts and payments if books not maintained
- Receipts of payment such as insurance premium, donations made, new equity shares, mutual fund, medical expenses etc... to claim deductions
Type of Income Tax Return Form
1) ITR 1
The form ITR 1 is for resident individuals with total income not more than Rs. 50 lakhs. Disclosure should be provided for breakup of salary and house property.
2) ITR 2
The form ITR 2 is applicable for individuals and HUFs who are not having income from profits and gains of business or profession.
3) ITR 3
The Form ITR 3 is for individuals and HUFs having income from profits and gains of business or profession.
4) ITR 4
The Form ITR 4 is for presumptive income from business and profession.
5) ITR 5
The Form ITR 5 is for persons other than individual HUF company namely Firms, BOI and AOP
6) ITR 6
The Form ITR 6 is for companies other than companies claiming exemption under Section 11.
7) ITR 7
The Form ITR 7 is for person including companies which are required to furnish return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.