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What is a return of income?

ITR stands for Income Tax Return​. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.​Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxindia.gov.in

​What are the forms of return prescribed under the Income-tax Law?

​​​Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2017-18 (i.e., financial year 2016-17) are as follows:

 

Return Form Brief Description
ITR - 1Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA).
ITR - 2​It is applicable to an individual or an Hindu Undivided Family who is not eligible to file ITR - 1​ and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
ITR - 3It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietory business or profession.
ITR - 4Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.​
ITR - 5This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)
ITR - 6It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR - 7It is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).
​ITR - VIt is the acknowledgement of filing the return of income.

​What are the different modes of filing the return of income?
​​he Return Form can be filed with the Income-tax Department in any of the following ways, -

  (i) by furnishing the return in a paper form;

 (ii) by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note

Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to "Income-tax Department - CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.

Which mode of filing of return is applicable to whom?|​what is the mode of submission of income tax return ​?

​​The applicable return of income shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:—

TABLE

Sl.PersonConditionManner of furnishing return of income
(i)(ii)(iii)(iv)
1 Individual or Hindu undivided family
(a)  Accounts are required to be audited under section 44AB of the Act;
Electronically under digital signature;


(b)  Where total income assessable under the Act during the previous year of a person,-
(i)  being an individual of the age of 80 years or more at any time during the previous year; or
(ii)  whose income does not exceed five lakh rupees and no refund is claimed in the return of income,

  and who furnishes the return in Form No. SAHAJ ITR-1 or Form No. SUGAM (ITR-4)
(A)  Electronically under digital signature; or
(B)  Transmitting the data electronically in the return under electronic verification code; or
(C)  Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or
(D)  Paper form;


(c)  In any other case
(A)  Electronically under digital signature; or
(B)  Transmitting the data electronically in the return under electronic verification code; or
(C)  Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; ]
2 Company In all cases. Electronically under digital signature.
3

A person required to furnish the return in Form ITR-7

 

 

(a)  In case of a political party;
Electronically under digital signature;
 
(b)  In any other case

 

(A)  Electronically under digital signature; or
 
(B)  Transmitting the data in the return electronically under electronic verification code; or
   
(C)  Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.
4

Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5

 

 

(a)  Accounts are required to be audited under section 44AB of the Act;
Electronically under digital signature;
 
(b)  In any other case.
(A)  Electronically under digital signature; or
 
(B)  Transmitting the data in the return electronically under electronic verification code; or
   

  (C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

 

​Is it necessary to attach any documents along with the return of income?

​​​​​ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section​ 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW​​​​ or to give a notice under section 11(2)(a) shall furnish it electronically on or before the date of filing the return of income.

​Who can use ITR – 1 (SAHAJ)?
​​Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:

(1) Income from salary/pension; or

(2) Income from one house property (excluding cases where loss is brought forward from previous years); or

(3) Income from other sources (excluding winnings from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).

Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used only when such income falls in any of the above categories.

​​
  • ITR Description
  • ITR 1 (SAHAJ) For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

​Who cannot use ITR – 1 (SAHAJ)?
​​Return Form ITR - 1 (SAHAJ) cannot be used by an individual:

   •  Whose total income for the Assessment year 2017-18 exceeds Rs. 50 lakh;

   •  Whose total income for the year includes income from more than one house property.

   •  Whose total income for the year includes income from winnings from lottery or income from race horses or income taxable under section 115BBDA.

   •  Whose total income for the year includes income chargeable to tax under the head "Capital Gains".

   •  Whose total income for the year includes income of the nature refferred to in section 115BBE.

   •  Whose total income for the year includes agricultural income of more than Rs. 5,000.

   •  Whose total income for the year includes income from business or profession.

   •  Whose total income for the year includes loss under the head "Income from other sources".

   •  Who has claimed relief under section 90 and/or 91​.

   •  Any Resident​ having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

   •  Any resident having income from any source outside India.

​Who can use ITR – 2?

​ITR 2 is to be used​ by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this Return Form can be used if income to be clubbed falls in any of the above categories.

​ITR 2 For Individuals and HUFs not carrying out business or profession under any proprietorship

​Who cannot use ITR – 2?

​Return Form ​ITR - 2 cannot be used by an individual whose total income for the year includes income from Business or Profession under any proprietorship.

​Who can use ITR – 3?

​​Form ITR – 3 can be used by an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession. ​


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