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ITR Compliance

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1. What is ITR?

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.

2. Why you should file ITR?

It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:

1. If your gross annual income is more than-

Particulars Amount
For individuals below 60 years Rs 2.5 Lakh
For individuals above 60 years but below 80 years Rs 3.0 Lakh
For individuals above 80 years Rs 5.0 Lakh

2. If you have more than one source of income like house property, capital gains etc.

3. If you want to claim an income tax refund from the department.

4. If you have earned from or have invested in foreign assets during the FY.

5. If you wish to apply for visa or a loan

6. If the taxpayer is a company or a firm, irrespective of profit or loss.

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Which ITR to file?

What is Income Tax E Filing?

ITR 1 – Sahaj

If you are Individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5 thousand then you have to file ITR-1.

ITR 2 –

If you are  Individuals and HUFs not having income from profits and gains of business or profession then you are required to file

ITR – 3

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 :

a. Carrying on a business or profession
b. The return may include income from House property, Salary/Pension and Income from other sources

ITR 4- Sugam

The ITR-4 Form is the Income Tax Return form for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3.

Form No.:ITR-5

This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

ITR-6

For Companies other than companies claiming exemption under section 11 (Charitable Trust)

What are the companies claiming exemptions under section 11?

Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.