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Income Tax Return (ITR)

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97 views3 pages

Income Tax Return (ITR)

Uploaded by

abinayanandhakumar26
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Income Tax Return (ITR)

1. Obligation:

Every citizen of India must pay taxes on their income to the Government of India according to
income tax rules.

2. Taxable Entities:

This includes individuals, associations, firms, LLPs, local authorities, and Hindu Undivided
Families (HUFs).

3. Annual Filing:

Filing an Income Tax Return is essential every financial year.

4. Filing Method:

Taxpayers can choose to file their ITR online or offline.

5. Definition:

ITR is a form submitted to the Income Tax Department containing details about income and
taxes payable during a financial year (1st April to 31st March).

6. Sources of Income: Income can arise from:

● Salary
● Profit from business
● Sale of property
● Dividends or capital gains
● Interest received

7. Tax Refunds:

If you have overpaid taxes, you may receive a refund from the Income Tax Department.

Documents Required to File ITR


1. Form 16:

Issued by the employer, it details salary paid and TDS deducted.


2. Form 16A:

Contains TDS details on interest from fixed or recurring deposits.

3. Form 16B:

Details TDS on property sale proceeds received from the buyer.

4. Form 16C:

Records TDS on rent paid by tenants.

5. Form 26AS:

A comprehensive statement of taxes against your PAN, including TDS, advance taxes,
self-assessment taxes, and proof of tax-saving investments (Sections 80C to 80U).

Types of ITR Forms


1. ITR-1:

● Applicable for resident individuals with total income up to Rs 50 lakhs.


● Income sources: Salary/Pension, One house property, Other sources.

2. ITR-2:

● Applicable for individuals/HUF not eligible for ITR-1.


● Who are having Income from sources other than business or profession.

3. ITR-3:

● For individuals and HUF with income from profits and gains from business or profession.

4. ITR-4:

● For resident individuals/HUF/Firms (other than LLP) with total income up to Rs 50 lakhs.
● Income sources: Business/profession on a presumptive basis (Sections 44AD, 44AE,
44ADA), Salary/Pension, One house property, Other sources.

5. ITR-5:

● For entities other than individuals, HUF, and companies filing ITR-7.
● Covers partnership firms, LLPs, AOP, BOI, artificial judicial persons, co-operative
societies, and local authorities.

6. ITR-6:

● For all companies (except those claiming exemption under Section 11, applicable to
charitable/religious trusts, which use ITR-7).

7. ITR-7:

● For persons (including companies) required to furnish returns under various sections
(139(4A), 139(4B), 139(4C), 139(4D), 139(4E), 139(4F)).
● Includes religious & charitable trusts, political parties, scientific research associations,
universities, and colleges.

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