Income Tax Return Filing

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    What is Income Tax?

    Income tax is a type of tax that the central government charges on the income earned by the individuals and businesses and professions during a financial year. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/agriculture sector and in other government welfare schemes. Taxes are mainly classified in two types, direct taxes and indirect form of taxes. Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.

    Types of Income tax Payers

    The Income tax Act has classified the types of taxpayers in categories so as to apply different tax rates for different types of taxpayers.

    Taxpayers are categorized as below:

    • Individuals (Resident /Non-Resident)
    • Hindu Undivided Family (HUF)
    • Association of Persons(AOP)
    • Body of Individuals (BOI)
    • Firms (Partnership /LLP)
    • Individuals (Resident /Non-Resident)
    • Companies

    Further, Resident Individuals are further classified into below mentioned categories for tax purposes-
    • Individuals less than 60 years of age
    • Individuals aged more than 60 but less than 80 years
    • Individuals aged more than 80 years

    Types of Income/
    Heads of Income

    Everyone who earns or gets an income in India is subject to income tax. May be it a resident or a non-resident of India .For simpler classification, the Income tax department breaks down income into five main heads:-

    types of income

    Income tax Return Forms and Category of Taxpayers

    Every person whether (Individual/HUF/Company/LLP/Trust/Firm) are liable to pay tax on the income earned during a financial year. The tax levied on their income is known as Income Tax and is collected by Central Government. Every person shall file Income Tax Return with the Income Tax Department to intimate about the income earned by them and tax payable and paid thereon. The forms used to file return are different for different taxpayers based on criteria. Such taxpayers are also known as “Assessee” for the purpose of Income Tax.

    ITR FORM

    CATEGORY OF TAXPAYER

    Form ITR-1 (SAHAJ)

    Individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 Lakhs having income from salaries, one house property, other sources (Interest etc.) and agricultural income up to Rs. 5,000

     

    Form ITR-2

    Individual (other than covered in above category) and HUF not having income from profits and gains of business or profession

    Form ITR-3

    Individual and HUF (other than above 2 category) and having income from profits and gains of business or profession

    Form ITR-4

    Individual, HUF and Firm (Other than LLP) being a resident having total income upto INR 50 Lakhs and having income from business and profession which is computed under section 44AD, 44ADA or 44AE (Presumptive Income)

    Form ITR-5

    Person other than Individual, HUF, company and person filing Form ITR-7

    Form ITR-6

    Companies other than companies claiming exemption under section 11

    Form ITR-7

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

    Documents required for filing return

    1. PAN Card of the business entity/proprietor
    2. Aadhar card of proprietor
    3. PAN Card of all partners/directors/trustees in case of firms/companies/LLP/Trust
    4. Aadhar Card of all partners/directors/trustees
    5. All Bank Statements- Saving
    6. DSC of signing person where the accounts are audited
    7. In case of business & profession- cancelled cheque of current account
    8. Proof of investments made- LIC, Mutual funds, NSC, Sukanya Samridhi, PPF, Donation receipts, NSS, Tuition Fees paid, Rent paid receipt etc.
    9. Documents of purchase or sale of properties/ investments
    10. Global report in case of share transactions
    11. Form 16 in case of salaried person
    12. Details of house rental income generated (in case of house owner)
    13. Loan repayment certificate or schedule (in case of housing loan)
    14. A copy of Financial statements (Balance Sheet, Trading & P&L), Cash Flow Statement (in case of companies), capital account of owner/ partners
    15. A copy of audit report (if accounts are audited)
    16. Receipt & Payments Statement where books of accounts are not maintained

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