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Income Tax Filing

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Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes:

  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • A Firm
  • An Association of Persons (AOP) or a Body of Individuals (BOI)
  • A Local Authority
  • Artificial Juridical Persons

Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.

Income tax return form can be e-filed or manually filed. Income tax returns do not have the ability to accept any attachment while efiling or manually filing. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc.) must be retained by the taxpayer and should be readily available if requested by tax authorities during assessment, inquiry, etc.

Efilingworld is the largest business services platform in India, offering a variety of services like company registration, trademark registration, GST registration, income tax filing and more. Efiingworld can help you file income tax returns. Get a free consultation for income tax filing through Efilingworld by scheduling an appointment with an Efilingworld Advisor.

Income Tax return Types

The table below gives a brief overview of all forms and its applicability:

Return FormBrief Description
ITR – 1 (Also known as SAHAJ)It 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).

·         Exempt income without ceiling limit (other than agricultural income exceeding Rs. 5000)

ITR – 2It is applicable to an individual or a Hindu Undivided Family having income from any source other than “Profits and gains of business or profession”
ITR – 2AIt is applicable to an individual or a Hindu Undivided Family having income from Salary, more than one House Property but does not have Capital Gain or PGBP.
ITR – 3It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR – 4SAlso known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.
ITR – 4It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR – 5It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, 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) or139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)
ITR – 6It is applicable to a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11).
ITR – 7It is applicable to a person including companies who are required to furnish return under section 139(4A) or139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
ITR – VIt is the acknowledgement of filing of return of income
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