Ways to file ITR-1
Form ITR-1 can be filed in paper form, applying a Digital signature, through an e-verification code, or simply by filing it online along with submission of ITR-V via post to Post Bag No.1, Electronic City office, Bengaluru- 560 100, Karnataka.
Income Tax Return—2
Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.
Mandatory Documents for filing ITR 2
- PAN card of the Assessee.
- Form -16 issued by your employer.
- Form 26AS.
- Aadhaar Number (If applied then provide Aadhar enrolment number).
- Capital Gain statements (if applicable).
- Details of foreign assets/income (if applicable).
Ways to file ITR – 2
Form ITR-2 can be filed by using a Digital signature, through an e-verification code, or simply by filing it online along with submission of ITR-V via post to Post Bag No.1, Electronic City office, Bengaluru- 560 100, Karnataka.
Income Tax Return — 3
The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business and are not only filling under presumptive scheme (in that case ITR 4 is applicable). If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.
Income Tax Return – 4
The ITR-4 is applicable specifically in the case of individual carrying income from profession or trade and are willing to file the return under the presumptive taxation scheme laid down by the government, the presumptive taxation scheme is for specific professionals having income below 50 Lakhs per annum, as per the scheme they can declare the profit to be 50% of the gross receipts and for traders who can declare profit 6%/8% of the total turnover.
Income Tax Return – 5
The ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of Persons(AOPs)and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).
Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.
Income Tax Return – 6
ITR-6 Form can be used only by Companies. Only companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) can use the form to file their Tax Returns with the Income Tax Department of India.
Income Tax Return – 7
ITR-7 Form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption as one the following:
- Charitable /Religious trust under Section 139 (4A).
- Political party under Section 139 (4B).
- Scientific research institutions under Section 139 (4C).
- University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D)).
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What is Revised ITR ?
To rectify the error or omission of facts made at the time of filing the original return is what a filing revised return means. Therefore, filing a revised return simply means filing the return again but this time with the correct information. When filing a revised return, the details of the original return should be mentioned, but this return can be filled within the permissible time limit.
Who can file a revised ITR?
Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department.
How to file revised ITR?
The process of filing a revised ITR is the same as filing an original one. However, while filing a revised ITR, you are required to file it under section 139(5) of the Income-tax Act. You are required to select option ’17 – Revised u/s 139(5)’ in the ‘return filed under’ column.
