There is a prescribed form through
which the particulars of income earned by a person, and the taxes paid thereon,
are communicated to the Income Tax Department. There are different forms for
the filing of returns based on different status and heads of income. This is
called the return of income.
It’s basically just you telling the
government how much you’ve earned, from where you’ve earned it, and how much
tax you’ve paid on it.
Tax Forms:
The different forms which have been
prescribed for different classes of taxpayers are as follows:
ITR
Form Name
|
Description of Taxpayer
|
ITR
– 1
|
This is
applicable to all individuals having salary or pension income or income from
one house property, or income from other sources (which aren’t income from
lottery winnings and income from race horses). This is also known SAHAJ.
|
ITR
– 2
|
This is for
Hindu Undivided Families that have income from sources other than “Profits
and Gains of Business or Profession”.
|
ITR
– 3
|
This is for
Hindu Undivided Families or individuals who are partnered in a firm. The
income here is either by the way of interest, salary, bonus, commission or
remuneration that’s due or received from the partnered firm. The head of
income should be “Profits and Gains of Business or Profession”.
|
ITS
– 4S
|
This is for
individuals and Hindu Undivided Families who’ve opted for the presumptive
taxation scheme of Section 44AD / 44AE. This is also called SUGAM.
|
ITR
– 4
|
This is for
individuals or Hindu Undivided Families who carry on a proprietary business
or profession.
|
ITR
– 5
|
This is for
firms, LLPs, AOPs, BOIs, artificial judiciary persons, co-operative societies
and local authorities. This does not apply to trusts, political parties,
colleges, etc. who are required to instead file return of income under
Sections 139(4A), 139(4B), 139(4C) and 139(4D) and do not use this form.
|
ITR
– 6
|
This for
companies that don’t claim exemptions under Section 11. Charitable and
religious trusts can claim exemptions under Section 11.
|
ITR
– 7
|
This is for
persons and companies who are required to furnish returns under Sections
139(4A), 139(4B), 139(4C) and 139(4D).
|
ITR
– V
|
This is the
acknowledgement of filing of return of income.
|
One can acquire these forms from
http://www.incometaxindia.gov.in.
You can also file your return
electronically through a free software that the Income Tax Department has
provided on www.incometaxindiaefiling.gov.in.