fbpx

 

ITR -1

ITR -1  is simple Return for Resident Individual Assesse having: - Income from Salary or Pension,  Income from one House Property, Income from Other Source excluding Income from Winning from Lottery and Income from Race Horses having Income up to Rs. 50 Lakh.

 

Details Required to be Provided in ITR Form -1: -

·         Name, Address and Contact Details along with Aaddhar Number need to quoted.

·         Break up of Income from Salary –

Ø  Salary excluding all allowances, perquisites and profits in lieu of salary.

Ø   Allowances not Exempt

Ø  Value of Prequisites

Ø  Profits in lieu of Salary

Ø  Deduction under 16

Note: - Details Declared as Income from Salary should be Match with Form 16 and 26AS.

·         Break of Income from House Property: -

Ø  Option – Self Occupied or Let Out

Ø  Gross Value of Rent Receivable or Gross Let Out Value

Ø  Annual Value

Ø  Standard Deduction of Gross Income from House Property

Ø  Interest on Housing Loan

·         Income from Other Source

·         Tax Deducted at Source and Tax Collect at Source.

 

Note: - ITR – 1 shall be filed in electronic mode, however an Individual of the age of 80 years or at any time during previous year or any individual of Hindu Undivided Family (HUF) who had not claimed refund in Income Tax Return having Income not exceeding Rs. 5 Lakhs. 

 

ITR -2

ITR – 2 is Return form for Individual including Resident not Ordinary Resident and Non Resident Individual or Hindu Undivided Family (HUF) assesse having: - Income from Salary or Pension, Income from House Property, Income from Capital Gains, Income from other Source including Income from Winning from Lottery and Income from Race Horses

·         Break up of Income from Salary –

Ø  Salary excluding all allowances, perquisites and profits in lieu of salary.

Ø   Allowances not Exempt

Ø  Value of Prequisites

Ø  Profits in lieu of Salary

Ø  Deduction under 16

Note: - Details Declared as Income from Salary should be Match with Form 16 and 26AS.

·         Break of Income from House Property: -

Ø  Option – Self Occupied or Let Out

Ø  Gross Value of Rent Receivable or Gross Let Out Value

Ø  Annual Value

Ø  Standard Deduction of Gross Income from House Property

Ø  Interest on Housing Loan

·         Income from Other Source

·         Tax Deducted at Source and Tax Collect at Source.

·         Deduction under Chapter VI of Income Tax Act 

 

 

ITR - 3

·          ITR -3 is Return for Individual or Hindu Undivided Family (HUF) asessee who are partners in a firm or having income from Profits or Gains of Business or Profession along with Income from Salary or Pension, Income from House Property, Income from Capital Gains, Income from other Source including Income from Winning from Lottery and Income from Race Horses. Break up of Income from Salary –

Ø  Salary excluding all allowances, perquisites and profits in lieu of salary.

Ø   Allowances not Exempt

Ø  Value of Prequisites

Ø  Profits in lieu of Salary

Ø  Deduction under 16

Note: - Details Declared as Income from Salary should be Match with Form 16 and 26AS.

·         Break of Income from House Property: -

Ø  Option – Self Occupied or Let Out

Ø  Gross Value of Rent Receivable or Gross Let Out Value

Ø  Annual Value

Ø  Standard Deduction of Gross Income from House Property

Ø  Interest on Housing Loan

·         Income from Other Source

·         Tax Deducted at Source and Tax Collect at Source.

·         Profit and Loss Account and Balance for Complete Financial Year for Income from Business and Profession

 

Note: - If any Person having Income from Business and Profession along with Income from House Property or Income from Capital Gains or Agriculture Income than Assesse have to file Income Tax Return in ITR Form 3 even if Assesse is declaring Income from Business and Profession declaring Income as Presumptive Income.  

 

ITR – 4

ITR – 4 is Return form for Individual or Hindu Undivided Family assessee having: -  Income from Salary or Pension, Income from one House Property, Income from Other Source excluding Income from Winning from Lottery and Income from Race Horses and Income from Business and Profession declaring Income from Business under Sec 44AD or Sec 44AE or Sec 44ADA etc.

·         Break up of Income from Salary –

Ø  Salary excluding all allowances, perquisites and profits in lieu of salary.

Ø   Allowances not Exempt

Ø  Value of Prequisites

Ø  Profits in lieu of Salary

Ø  Deduction under 16

Note: - Details Declared as Income from Salary should be Match with Form 16 and 26AS.

·         Break of Income from House Property: -

Ø  Option – Self Occupied or Let Out

Ø  Gross Value of Rent Receivable or Gross Let Out Value

Ø  Annual Value

Ø  Standard Deduction of Gross Income from House Property

Ø  Interest on Housing Loan

·         Income from Other Source

·         Tax Deducted at Source and Tax Collect at Source.

·         Income from Business and Profession under Presumption Income Under Sec 44AD, Sec 44ADA and Sec 44AE shall have to Report following Details in ITR Form ITR – 4

Ø  GST Registration Number of Assessee

Ø  Gross Turnover or Gross Receipt as Per GST Return

Ø  Partner’s Capital or Capital of Member

Ø  Secured Loan

Ø  Unsecured Loan

Ø  Loan and Advances made by Assessee

Ø  Fixed Assets held by Assessee

Ø  Inventories held by Assessee

Ø  Trade Name

Ø  Nature of Business

 

 

 

Note: - ITR – 4 shall be filed in electronic mode, however an Individual of the age of 80 years or at any time during previous year or any individual of Hindu Undivided Family (HUF) who had not claimed refund in Income Tax Return having Income not exceeding Rs. 5 Lakhs.  

 

Note: - If any Person having Income from Business and Profession along with Income from House Property or Income from Capital Gains or Agriculture Income than Assesse have to file Income Tax Return in ITR Form 3 even if Assesse is declaring Income from Business and Profession declaring Income as Presumptive Income.  

  

ITR - 5

ITR – 5 is for assessee other than Individual, Hindu Undivided Family, Company and assessee filing ITR -7

 

ITR – 6

ITR – 6 is Return form Companies other than Companies claiming exemption under section 11.

 

ITR – 7

ITR – 7 is Return for assessee including companies required to furnish Return under section  139 (4A) or section 139 (4B) or Section 139 (4C) or Section (4D)  or Section 139 (4E).