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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 I​ncome-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 2018-19 (i.e., financial year 2017-18) 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 or income referred in section 115BBE).
ITR - 2It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”
ITR - 3It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession
ITR - 4Also known as SUGAM is applicable to individuals or Hindu Undivided Family or 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), cooperative 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) shall not use this form (i.e., trusts, political parties, institutions, colleges)
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 section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).
​ITR - VIt is the acknow​ledgement 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?

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

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) A super senior citizen (whose age is 80 years or above at any time during the previous year) who furnishes the return either in ITR-1 or 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(2​3C)(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:

   •  Who is a Non-resident or Not Ordinarily Resident

   •  Who is a Director of a company

   •  Whose total income exceeds Rs. 50 lakhs

   •  Who has income from more than 1 house property

   •  Who has held unlisted equity shares at any time during the previous year

   •  Who claims deduction under section 80QQB or Section section 80RRB in respect of royalty from patents or books

   •  Who claims deduction under section 10AA or Part-C of Chapter VI-A

   •  Who has brought forward loss or losses to be carried forward under any head

   •  Person claiming deduction under section 57 from income taxable under the head 'Other Sources'(other than deduction allowed from family pension)

   •  Who wants to claim relief under ​section 90 or section 91

   •  Who wants to claim credit of tax deducted at source in the hands of any other person.

   •  Who has any assets (including Financial Interest in an entity) located outside India.

   •  Who has signing authority in any account outside India

   •  Who has any income to be apportioned in accordance with provisions of Section 5A

   •  Who has any of the following income:

   a)  Income from Business or Profession

   b)  Capital Gains

   c)  Income taxable under the head 'Other sources' which is taxable at special rate

   d)  Dividend income exceeding Rs. 10 lakhs taxable under section 115BBDA

   e)  Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under section 115BBE

   f)  Agricultural Income exceeding Rs. 5,000

   g)  Income from any source outside India

Who can use ITR – 2?

​​​​​For A.Y 2019-20, ​​Form ITR – 2 can be used by an individual and Hindu Undivided Family who is not eligible to file ​​ITR-1 Sahaj​ and not having income from “profit and gains of business or profession” and also not having income from “Profits and gains of business or profession” 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 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.

Who cannot use ITR – 2?
​For A.Y 2019-20, Form ITR - 2 cannot be used by an individual and HUF whose total income for the year includes income from profit and gains from business or profession and also having income in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from partnership firm

​proprietorship business and also long term capital gain
​​​For A.Y 2019-20, ​​Form ITR – 3 can be used by an individual or a Hindu Undivided Family who is having income from profits and gains of business or profession. ​​​ITR – 3 is also required to be filed by a person whose income is chargeable to tax under the head “Profits and gains ofbusiness 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.


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