Types of Income Tax Return (ITR) Forms
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Types of Income Tax Return (ITR) Forms

Types of Income Tax Return (ITR) Forms
  • 28th Nov 2019 |
  • 32,453

The income tax return is a form that allows you to file your taxes with the Income Tax Department. In most cases, the tax return is a worksheet with predefined parameters, which helps calculate your income tax liability based on your income.

The legal framework requires every individual and business to file income tax for each financial year. The types of return must be filed for any income earned as a salary, interest, dividends, capital gains, or other sources. More importantly, income tax returns must be filed before the specified date to avoid late ITR file charges and penalties, and there are different benefits of filing ITR.

If the income tax return (ITR) shows that you have paid more than the liability, you may claim a refund for excess tax. However, such refunds are subject to the calculations made by the Income Tax Department.

Types of ITR forms.

These are classified as under:

ITR 1

This form is used if your income is earned through a salary or pension. Additionally, if you have income from house property or other sources, excluding lottery winnings or income earned through horseracing, you need to file this ITR form.

When your annual income exceeds ₹50 lakh or you own foreign assets, you cannot file using this form. Moreover, the form may not be used for taxable capital gains, income from multiple properties, agricultural income exceeding ₹5,000, or income from a profession or business.

ITR 2

If your annual income from house property, salary or pension, or other sources exceeds ₹50 lakh, you must file your ITR using this form. If you club the income of your spouse or children with your annual income, you must file income tax using form 2. However, this form will not be used if your income includes a profession or business earnings.

ITR 3

An individual who earns an income from carrying on a profession or business is eligible to file income using form 3. The form may also be used if your earnings include income from pension, salary, or other sources.

ITR 4

When you opt for the presumptive income scheme under sections 44AD, 44ADA, and 44AE, you must use form 4 to file your income tax ITR. However, if your total annual turnover is more than ₹2 crore, you must file your income tax using form 3.

ITR 5

Form 5 is used to file income tax by limited liability partnerships (LLPs), a body of individuals (BOIs), and an association of persons (AOPs).

ITR 6

Form 6 must be filed electronically by companies not exempt under section 11. This section offers guidelines for income from property held for religious or charitable uses.

ITR 7

This is the ITR type for a company or individual that must furnish income tax ITR under sections 139 (4A), 139 (4B), 139 (4C), and 139 (4D) must file returns using form 7. In addition, you may easily file your ITR form online, also known as e-filing, which makes the entire procedure simple, quick, and hassle-free.

Here’s how you can file returns online:

Know the basic rules

Before you file your returns online, you must understand the basic rules and changes that may have been made for the current year. You must also know the tax rates to calculate your tax liability accurately.

Modifications to the ITR form types

The Income Tax Department has modified the various forms of return in the current year. Before you file your returns online, understanding these changes will ensure you can complete the procedure without any trouble.

Decide the appropriate ITR form

As discussed above, there are multiple forms, and you must know the one you need to file. You must read the various rules and regulations to know the form you must use to file your income tax return.

Verify Form 26AS

You should verify the details of the tax credit statement (Form 26AS) are accurate. This form provides details on the tax deducted at source (TDS) by your employers and others.

Check the minutia

Specific headings, like interest, may be slightly complicated. Moreover, salary misreporting is another standard error. You must check all these minor details to avoid any issues in the future.

Missed out deductions

The Income Tax Act provides several tax benefits and deductions. It would be best if you took advantage of the income tax deductions to minimize your tax liability.

Once you file the returns online with the digital copies of the required documents, you must verify the same. Failing to do so renders the filing incomplete, and you may have to pay the penalty for late filing.

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