Income tax return is a tax form containing details about the income earned under the various heads and tax payable on such income earned. Income is divided into 6 major heads and there are 8 ITR forms that have been made available by the Income Tax department. Following is the list of such forms:
ITR form |
Description |
ITR-1- Sahaj |
For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh |
ITR-2 |
For Individuals and HUFs not carrying out business or profession under any proprietorship |
ITR-3 |
For individuals and HUFs having income from a proprietary business or profession) (Please see rule 12 of the Income-tax Rules, 1962 |
ITR-4 |
For Individuals/HUF having income from presumptive business or profession |
ITR-4 (Sugam) |
For Presumptive Income from Business & Profession |
ITR-5 |
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 |
ITR-6 |
For Companies other than companies claiming exemption under section 11 |
ITR-7 |
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) |
Collecting all the documents relevant for the preparation of return.
Computation of tax liability and preparation of tax return.
Sending the Computation and return for the clients review.
E-Filing of return on the Income tax e-filing portal.
– It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
– ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income.
– Financial year is the year for which the ITR is filed and Assessment year is the year succeeding the Financial year i.e. the year in which return is filed and income is assessed. For example, for the year ended March 31, 2016, FY is 2015-16 and Assessment year for this FY is 2016-17.
Type of Assessee’s |
Due Date |
Assessee’s governed by Transfer pricing provisions and liable to tax audit |
30th November |
Assessee’s liable to tax audit or partners of the firm liable to tax audit |
30th September |
Other assessee’s (individuals, etc) |
31st July |
– A penalty of Rs 5,000 shall be levied in case of failure to file the ITR by 31st March of the succeeding year for which the return is to be filed. However, with regard to delay in filing of ITR for FY 2016-17, the penalty shall be Rs. 5,000 in case of failure to file the return by due date and Rs 10,000 in case of failure to file ITR by 31st December.
– Yes. Only those return which have been filed on or before the due date of filing can be revised.
– For claiming the said Income tax refund, filing of the ITR is mandatory. The said refund can be claimed at the time of filing of the ITR.
– You are required to get your accounts audited if your turnover or gross receipts exceeds Rs. 2 Crore in case of Business and Rs. 25 lakhs in case of profession.