Income Tax filing - Biz Setup Global

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Income Tax Filing!

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Basic Facts on Income Tax Return

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on the income of a person.
Filing income tax is every citizen’s responsibility.
The IT department verifies these income declarations, and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account.
All entities are required to file taxes on time to avoid penalties.
The form that contains information on income and tax paid by an assessee is called Income Tax Return.
The Income Tax Department of India has various forms, such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

Returns and Forms Applicable for Salaried Individuals for AY 2023-24

ITR-1 (SAHAJ) – Applicable for Individual

This return applies to a Resident (other than Not Ordinarily Resident) Individual with Total Income from any of the following sources up to ₹ 50 lakhs.

ITR-2 - Applicable for Individual and HUF

This return is applicable for Individuals and Hindu Undivided Families (HUF). Not having Income under the head Profits and Gains of Business or Profession.

ITR-3- Applicable for Individual and HUF

This return is applicable for Individuals and Hindu Undivided Families (HUF). Having Income under the head Profits and Gains of Business or Profession

ITR-4 (SUGAM) – Applicable for Individual, HUF and Firm (other than LLP)

This return is applicable for Individuals and Hindu Undivided Families (HUF). Not having Income under the head Profits and Gains of Business or Profession.

ITR-5

This return applies to a person being a:

Firm
Limited Liability Partnership (LLP)
Association of Persons (AOP)
Body of Individuals (BOI)
Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)
Local Authority referred to in clause (vi) of Section 2(31)
Representative Assessee referred to in Section 160(1)(iii) or (iv)
Cooperative Society
Society Registered under the Societies Registration Act, 1860 or under any other law of any State.
Trust other than Trusts eligible to file Form ITR-7
Estate of Deceased Person
Estate of an Insolvent
Business Trust referred to in Section 139(4E), and Investment Fund referred to in Section 139(4F) info.

ITR-6

Applicable for Indian Companies other than those claiming exemption u/s 11.

ITR-7

Applicable for Persons, including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D).

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