Income Tax Return Filing (ITR Filing)

Overview

The income earned by the individuals and companies is subject to tax liability therefore, they have to file income tax return with the income tax department as per the provisions of Income Tax Act, 1961. The tax levied on the income is collected by the Central Government.

Type of Income Tax Return Filing Forms
ITR 1 (Sahaj)
For individuals earning income from salary, single house property, agriculture, & income from other sources. This form is to be filed by individual residents having total income up to Rs. 50 lakhs and agricultural income up to Rs. 5,000
Note Not applicable to individual being director in a company or has invested in unlisted equity shares or having foreign assets or foreign income
ITR 2
For individuals and HUFs having earnings other than from PGBP (profits and gain of business or profession). It may be from capital gain, lottery, or foreign assets, etc. while total income should exceed Rs. 50 lacs. In case of agriculture income, it should exceed Rs. 5,000. Also, it is filed by those who invested in unlisted equity shares during the financial year
ITR 3
For individuals and HUFs having earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their income as a partner in a firm
ITR 4 (Sugam)
For Individuals, HUFs, and Firms (other than LLP) being a Resident having entire Income of up to Rs.50 lakhs from business or Profession. It also covers those who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
Note
Not applicable to individual director in a company or who has invested in unlisted equity shares
ITR 5
ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals) etc.
ITR 6
ITR 6 is filed by companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
ITR 7
It is required to be filed by those falling under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) that can either be individual or a company.

What Documents are required to file Income Tax Return?
• Copy & PAN of Aadhaar
• Address details
• Bank Account details
• Additional disclosures with reference to income from payroll & fixed deposits
• Data required for claiming deduction
• Data required regarding TDS return filing and advance tax payments
• Investment proof
• TDS certificate in Form 16
• Interest income certificate in Form 16A
Form 26AS