INCOME TAX RETURNS​

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INCOME TAX RETURNS

Individual Salaries | Individual Sole proprietor | Firm | Private Limited Company | Public Limited Company | LLP | HUF | Trust | Others (AOP/BOI/AJP)

As per the provisions of income Tax Act 1961, every tax payer have to file an income tax return for the financial year(April-March). The Central Board of Direct Taxes (CBDT) has prescribed different due dates and different forms for various tax payers such as Individual, Partnership Firms, LLPs,Companies, Co-operative Societies , HUF etc. The tax payers are also entitled to claim deductions under various provisions Income Tax act as applicable respective categories, claims the credit of the taxes deducted by the payers of income in the form and at the end pays the taxes due or claims refund of the excess taxes paid. After the income tax returns are filed online , the Central Processing Centre (CPC) processes the returns and pass the assessment orders in the prescibed time frame.

Individuals who have Income from salaries, One House Property, other Sources (Interest etc) and having total income upto Rs. 50 lacs are required to file their income tax return in form ITR-1, in case the income exceeds Rs. 50.00 lacs , the  same Individual is required to file in ITR-2.

HUFs which do not carry on any buisness or profession  under proprietorship are required to file Income Tax return in Form ITR-2

Individuals and HUFs having Income from any Proprietorship Buisness are required to file Income Tax return in Form ITR-3.

For the Individuals , HUFs and professionals who  opt for income on presumptive basis as per section 44AD, 44ADA and section 44AE of the Income Tax Act CBDT have prescribed form ITR-4.

For Limited Liability Partnership firms (LLPs), Partnership firms , Association of Persons (AOP), Body of Individuals(BOI) , Artificial judicial Persons , co-operative societies and local authority  form no. ITR-5 have been prescribed.

For Companies other than companies claiming exemption under section 11, form no, ITR-6 have been prescibed.

For Companies, AOPs,Local Authority, Firms and Artificial Judicial persons those who are claiming exemptions having Income from charitable /religeous Trust (section 139(4A)), Income from Political Party (Section 139(4B)), having Income from scientific reasearch institution (section 139(4C)) or having income from university or colleges or Institutions or Khadi and Village Industries (Section(139(4D)) form no. ITR-7 has been prescribed.

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  • Computation of Income from Salaries, Capital Gains, profits and gains from business and profession, House Property and Other sources.
  • Deductions under Chapter VIA of the Income tax Act 1961
  • Preparation and filing of returns
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