Income Tax Filing
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.
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Top Income Tax Return Types
ITR 1 (SAHAJ)
Income Tax Form ITR-1 (SAHAJ) is for individuals having income from salaries, one house property and other sources like interest, etc., This is the most used income tax return type.
Income Tax Form ITR 4 is for individuals and Hindu Undivided Families having income from a proprietary business or profession. This form is used by proprietorship firms.
Income Tax Form ITR 5 is used by most partnership firms as it is intended for persons other than individuals, Hindu Undivided Families, companies and person filing Form ITR-7.
Income Tax Form ITR 6 is used by companies like one person company, private limited company, public limited company and other for-profit companies.
Income Tax Form ITR 7 is used by persons, political parties, news agencies, universities and entities in receipt of income from property held under trust for charitable or religious purposes.