Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
1. If your gross annual income is more than-
|For individuals below 60 years||Rs 2.5 Lakh|
|For individuals above 60 years but below 80 years||Rs 3.0 Lakh|
|For individuals above 80 years||Rs 5.0 Lakh|
2. If you have more than one source of income like house property, capital gains etc.
3. If you want to claim an income tax refund from the department.
4. If you have earned from or have invested in foreign assets during the FY.
5. If you wish to apply for visa or a loan
6. If the taxpayer is a company or a firm, irrespective of profit or loss.
There are mainly seven types of ITRs which are uses for the purpose of Income tax return filing are as follows:-
Applicability of following forms is vary from cases to cases.
No, Jobaaj.com completely provides the ITR filing service online. So, you need not have to be physically present during the return filing process. All we need is just a computer or laptop or phone, Internet connection, and the required papers. We can get the job done for you, even if you are at the remotest location in India.
This Return Form is for a resident individual whose total income for the assessment year 2018-19 includes:
ITR 2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2018-19 includes:
(Total income from the above should be more than Rs 50 Lakhs)
Further, in a case where the income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
This Return Form should not be used by an individual whose total income for the AY 2018-19 includes Income from Business or Profession.
The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 :
The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crore, the taxpayer will have to file ITR-3.
ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes), this return has to be filed electronically only.
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).
|ITR Form||Applicable to||Salary||House Property||Business Income||Capital Gains||Other Sources||Exempt Income||Lottery Income||Foreign Assets/Foreign Income||Carry Forward Loss|
|ITR 1 / Sahaj||Individual, HUF (Residents)||Yes||Yes(One House Property)||No||No||Yes||Yes (Agricultural Income less than Rs 5,000)||No||No||No|
|ITR 2||Individual, HUF||Yes||Yes||No||Yes||Yes||Yes||Yes||Yes||Yes|
|ITR 3||Individual or HUF, partner in a Firm||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|
|ITR 4||Individual, HUF, Firm||Yes||Yes(One House Property)||Presumptive Business Income||No||Yes||Yes (Agricultural Income less than Rs 5,000)||No||No||No|
|ITR 5||Partnership Firm/ LLP||No||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|