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Income Tax Return
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Income Tax Return
About Income Tax Return
WHAT IS INCOME TAX :
BASICALLY INCOME TAX MEANS TAX ON INCOME. SOME AMOUNT OF YOUR INCOME YOU ARE SUPPOSED TO PAY TO CENTRAL GOVERNMENT. THE GOVERNMENT OF INDIA IMPOSES AN INCOME TAX ON TAXABLE INCOME TO ALL PERSONS (INDIVIDUALS, HINDU UNDIVIDED FAMILIES(HUFS), COMPANIES, FIRMS, BODY OF INDIVIDULAS, LOACAL AUTHORITY AND ANY OTHER ARTIFICIAL JUDICIARY PERSONS).
WHY INCOME TAX RETURN AND WHO HAS TO FILE IT? :
INCOME TAX RETURN IS SUBMISSION OF DECLARATION BY A PERSON REGARDING HIS/HER INCOME FOR THE PARTICULAR YEAR.IF A PERSON HAVE INCOME MORE THAN BASIC EXEMPTION LIMIT OR A PERSON HAVE FOREIGN ASSETS THEN ONLY FILING OF INCOME TAX IS COMPULSORY.E-FILING OF INCOME TAX RETURN IS COMPULOSRY IF YOU ARE EARNING MORE THAN 5 LAKHS IN A YEARS. DIGITAL SIGNATURE FOR FILING OF INCOME TAX RETURN IS COMPULSORY FOR :
- ALL COMPANIES
- INDIVIDUALS AND FIRMS WHO ARE COVERED UNDER TAX AUDIT.
TYPES OF ITR RETURNS :
INCOME TAX RETURN VARIES AS PER THE CATEGORY OF ASSESSES.
- FOR INDIVIDULAS/HUF—ITR-1, ITR-2, ITR-3 & ITR-4
- FOR COMPANY–ITR-6 & rnITR-7
- FOR OTHER THAN INDIVIDUALS AND COMPANY —ITR-5
ITR FORMS & TYPE OF INCOME :
ITR-1(SAHAJ )–FOR INDIVIDUALS HAVING INOME FROM SALARY & INTEREST.
ITR-2—FOR INDIVIDULAS & HUFS NOT HAVING BUSINESS/PROFESSIONAL INCOME.
ITR-3—FOR INDIVIDULAS & HUFS BEING PARTNERS IN FIRMS & CARRYING OUT BUSINESS OR PROFESSION UNDER & PROPRIETORSHIP.
ITR-4—FOR INDIVIDUALS & HUFS HAVING INCOME FROM PROPRIETARY BUSINESS OR PROFESSION.
ITR-5—FOR FIRMS, AOP, & BOI
ITR-6—FOR INCOME OTHER THAN COMPANIES CLAIMING EXEMPTION U/S 11
ITR-7—FOR PERSONS INCLUDING COMPANIES REQUIRED TO FURNISH RETURN UNDER SECTION 139(4A)/139(4B)/139(4C)/139(4D).
WHAT IS FORM 16 & WHY?
FORM 16 IS ISSUED BY EMPLOYER TO EMPLOYEE. FORM 16 INCLUDES SALARY BIFURCATION IN DETAILS. IT ALSO INDICATES TDS AMOUNT DEDUCTED BY EMPLOYER FROM EMPLOYEE. FORM 16 IS ISSUED TO EMPLOYEES BEFORE 30 TH APRIL OF EVERY YEARS.
Documents Needed
