INCOME TAX RETURN

Income tax return is a form that a person submits information of his income and tax payable for a particular financial year to the Income Tax Department of India.

Here, the sources of income for an individual can be salary, business income, capital gains and income from other sources.

Here, person can be an individual, association or a firm, LLP, local authority or a Hindu undivided family.

The following services are provided by us:

For resident Individuals whose total income does not exceed Rs. 50 lakhs during the financial year and such income comprises:

  • Salary.
  • One house property.
  • Family pension income.
  • Agricultural income up to Rs. 5000/-, and;
  • Income from other sources.

For Individuals and HUF whose total income from salary/pension, house property and other sources exceed Rs. 50 lakhs.
Here income can be from more than one house property and other income includes winnings from lottery and income from race horses.

  • It must be filed by individuals who are:
  • Resident not ordinarily resident (RNOR) and non-resident (NR).
  • Directors of companies.
  • Shareholders in private limited companies.
  • Having income from capital gains.
  • Having agricultural income more than Rs. 5000/-
  • Having foreign income/ foreign assets

Individual or HUF whose total income for the financial year includes income from profit and gains from business or profession are not eligible for ITR 2.

For Individuals or HUF who have:

  • Income from proprietary business or are carrying on profession.
  • Income from one or more house properties.
  • Income from other sources including income from winnings from lottery and income from race horses.
  • Income from foreign assets.
  • Income from capital gains.

ITR 3 is also for partner of a partnership firm earning income by way of salary, remuneration, interest and profits from such firm.

For Individuals, HUFs, Partnership firms (other than LLPs), which are residents and whose total income does not exceed Rs. 50 lakhs and includes:

  • Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE.
  • Income from Salary / Pension.
  • Income from one House Property.
  • Agricultural Income (up to ₹ 5000/-).
  • Income from other sources excluding winning from lottery & income from race horses.

ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

ITR 6 is for companies registered in India other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).

ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.

ITR 7 is to be filed by:

  • Individuals having income from property that is used solely or partially for charitable or religious
  • Political
  • Scientific research association, News agency, Association or institution referred to in section 10(23A), institution referred to in section 10(23B).
  • Schools, colleges, and institutions which are not covered under any section of the Income Tax
  • Business trust which are not covered under any section of the Income Tax Act
  • Investment fund referred to in section It is not required to furnish return of income or loss under any other provisions.

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