What are Income-tax returns?

If total taxable Income earned during the Financial Year of the taxpayer exceeds the basic exemption limit, the taxpayer is required to file his Income-tax return for that year. Income-tax department has provided different Income-tax returns (ITR Forms) as per the type of income. ITR Forms 1 to 4S are for individual taxpayers. Whereas ITR Forms 5 to 7 are for non-individual taxpayers.

Income-tax returns (forms) are classified as follows-

  1.    ITR 1 (SAHAJ):- This ITR is applicable if the taxpayer is having-
  1. Salary income,
  2. Income from one house property,
  3. Income from other sources,
  4. Exempt income.
  1.    ITR 2A:- This ITR is applicable if the taxpayer is having-
  1. Salary income,
  2. Income from more than one house property,
  3. Income from other sources,
  4. Exempt income.
  1.    ITR 2:- This ITR is applicable if the taxpayer is having-
  1. Salary income,
  2. Income from more than one house property,
  3. Income from other sources,
  4. Exempt income,
  5. Capital gains.
  1.    ITR 3:- This ITR is applicable if the taxpayer is having-
  1. Salary income,
  2. Income from more than one house property,
  3. Income from other sources,
  4. Exempt income,
  5. Capital gains,
  6. Income from partnership firm as a partner.
  1.    ITR 4:- This ITR is applicable if the taxpayer is having-
  1. Salary income,
  2. Income from more than one house property,
  3. Income from other sources,
  4. Exempt income,
  5. Capital gains,
  6. Income from business/profession (except presumptive business).
  1.    ITR 4S (SUGAM):- This ITR is applicable if the taxpayer is having-
  1. Salary income,
  2. Income from more than one house property,
  3. Income from other sources,
  4. Exempt income,
  5. Capital gains,
  6. Income from presumptive business.
  1.    ITR 5:- This ITR is applicable if the assessee is a-
  1. Partnership Firm,
  2. Limited Liability Partnership (LLP),
  3. Association of person or body of individual.
  1.    ITR 6:- This ITR is applicable if the assessee is a Body Corporate i.e. Company.
  1.    ITR 7:- This ITR is applicable if the assessee is a –
  1. Charitable Institution,
  2. Political party,
  3. News agency,
  4. Scientific research organization,
  5. School, college, university etc.

Click here to know- Why do I require to file my Income-tax return?

Summary
Article Name
What are Income-tax returns?
Description
If total taxable Income earned during the Financial Year of the taxpayer exceeds the basic exemption limit, the taxpayer is required to file his Income-tax return for that year. Income-tax department has provided different Income-tax returns (ITR Forms) as per the type of income. ITR Forms 1 to 4S are for individual taxpayers. Whereas ITR Forms 5 to 7 are for non-individual taxpayers.
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myITreturn
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