Sunday, July 19, 2015

All About Income Tax Return you need to know

What is Income Tax Return ? and Tax refund ?
1. Tax Return: Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.

2. Tax Refund: A return of excess taxes paid during a given tax year; this is more accurately known as a "tax refund".

Last Date / Due Date for filing the tax return :
July 31 (August 31 for AY 2015-16): Due date for filing the tax return for salaried individuals. Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return

List of ITR Forms - Different Types of ITR Forms:
1) SAHAJ (ITR-1) :
2) ITR - 2A
3) ITR - 2
4) ITR - 3
5) SUGAM (ITR-4S)
6) ITR - 4
7) ITR - 5
8) ITR - 6
9) ITR - 7

ITR V

ITR 1: This form is applicable for an individual who has no income other than Salary/ Pension and Interest.
ITR 2: This form is applicable for an individual who has income under different heads but not business /profession income.
ITR 3: This form is applicable for an individual who is partner in a partneship firm .
ITR 4: This form is applicable for an individual who has income from business/profession.
ITR 5: This form is applicable for a Firms, AOP,BOI, Local Authority.
ITR 6: This form is applicable for a Company.
ITR 7: This form  is applicable for a Trust.
ITR 8: This form is used for filing only FBT Return.

For detail of ITR forms :

SAHAJ (ITR-1) : 

This Return Form CAN be used by an individual whose total income includes:-
  1. Income from Salary/ Pension; or
  2. Income from One House Property (excluding cases where loss is brought forward from previous years); or
  3. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE  Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assesses, this Return Form can be used only if the income being clubbed falls into the above income categories.

This Return Form CANNOT be used by an individual whose total income for the assessment year 2015-16 includes:-
  1. Income from more than one house property; or
  2. Income from Winnings from lottery or income from Race horses; or
  3. Income under the head "Capital Gains' e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
  4. Agricultural income in excess of Rs. 5,000; or
  5. Income from Business or Profession; or (Loss under the head 'Income from other sources'; or
  6. Person claiming relief under section 90 and/or91; or
  7. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
  8. Any resident having income from any source outside India

ITR - 2A

This Return Form CAN be used by an individual or a Hindu Undivided Family whose total income includes:-
  1. Income from Salary / Pension; or
  2. Income from House Property; or
  3. Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor 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 form should not be used by an individual or HUF whose income includes income from Business or Profession.
This Return Form CANNOT be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
  1. Income from Capital Gains; or
  2. Income from Business or Profession; or
  3. Any claim of relief/deduction under section 90, 90A or 91; or
  4. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
  5. Any resident having income from any source outside India.

ITR - 2

This Return Form CAN be used by an individual or a Hindu Undivided Family whose total income includes:-
  1. Income from Salary / Pension; or
  2. Income from House Property; or
  3. Income from Capital Gains; or
  4. Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor 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 CANNOT be used by an individual or a Hindu Undivided Family whose total income includes Income from Business or Profession.
ITR - 3
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietor-ship
SUGAM (ITR-4S)
This Return Form CAN be used by an individual/ HUF whose total income includes:-
  1. Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
  2. Income from Salary/ Pension; or
  3. Income from One House Property (excluding cases where loss is brought forward from previous years); or
  4. Income from Other Sources (Excluding winning from lottery and Income from Race Horses).
Note:  The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act. Note:  Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
This Return Form CANNOT be used by to file return for the following incomes
  1. Income from more than one house property; or
  2. Income from winnings from lottery or income from Race horses; or
  3. Income under the head 'Capital Gains', e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc. or
  4. Agricultural income in excess of Rs. 5,000 ,
  5. Income from Speculative Business and other special incomes; or
  6. Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission for brokerage; or
  7. Person claiming relief of foreign tax paid under section 90, 90A or91; or
  8. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
  9. Any resident having income from any source outside India

ITR - 4

For Individuals and HUFs having income from a proprietory business or profession

ITR - 5

For Firms, Co-operative Banks, Co-operative Societies, Limited Liability Partnerships (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Persons

ITR - 6

For Companies other than companies claiming exemption under section 11

ITR - 7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

ITR V

Acknolwledgement Form for all ITR Forms except ITR 7

With the help of below diagram it will help you to figure out which form is used for ITR
ITR

ITR

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