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Types of ITR available under Income Tax Act
As a taxpayer in India, filing your Income Tax Return (ITR) is a crucial annual obligation. While you can file your ITR on your own, it is recommended to consult a Chartered Accountant (CA) for ITR filing to ensure that you file your returns accurately and on time.
A CA is a qualified professional who specializes in tax laws and regulations. They can provide valuable guidance and advice on tax planning, tax-saving strategies, and the correct filing of tax returns.
As there are different types of ITR forms available in India, it is important to choose the right form based on your income and tax profile. This is where a CA for ITR comes in handy. They can help you select the appropriate ITR form and ensure that you fill it correctly.
Apart from filing your ITR, a CA for tax filing can also assist you in tax planning. They can analyze your income and investments and suggest ways to reduce your tax liability. For instance, a CA can advise you on tax-saving investments such as Public Provident Fund (PPF), National Savings Certificate (NSC), or Equity-Linked Savings Scheme (ELSS) funds.
Moreover, a CA for tax filing can also provide support in case of any tax-related issues or disputes with the tax authorities. They can represent you during tax assessments, audits, and appeals.
Therefore, if you want to file your ITR accurately and on time while ensuring that you minimize your tax liability, it is advisable to consult a CA for ITR filing. They can help you save time and avoid any potential errors or penalties that can arise from incorrect filing.
In India, there are different types of Income Tax Return (ITR) forms available, depending on the type of income and the category of the taxpayer. Below are the seven types of ITR forms available in India:
ITR-1 (SAHAJ): This form is for individuals who have income from salary, one house property, and other sources, excluding lottery and horse races.
- Salary should be less than 50 Lakh per annum.
- Only One house property income will be considered in this ITR.
- Other Sources include Bank Interest from Saving Account, Fixed Deposit, and Recurring Deposit.
- Dividend from Shares is also considered in Other Sources.
- Capital Gain from selling of shares or Mutual Fund is not considered in this ITR.
ITR-2: This form is for individuals and HUFs who have income from salary, house property, capital gains, and other sources.
- Salary should be more than 50 Lakh per annum
- Disclosure regarding all assets and liabilities including outside India will be required.
- Capital Gain from Selling of Shares or MF will be considered in this ITR.
- HUF can’t have salary so they can’t file ITR 1(Sahaj)
ITR-3: This form is for individuals and HUFs who have income from business or profession.
- All the person having any income arising from any Business & profession will file ITR 3.
- Person having Freelancing Income from any Business or profession will fall under this category.
- If you have Salary Income along with Business Income then you need to file ITR 3
- Partners of Partnership Firms or LLP will fall in this category too.
- Individuals & HUF are eligible to file ITR 3
ITR-4 (SUGAM): This form is for individuals, HUFs, and firms (other than LLP) who have presumptive income from business or profession.
- This is for persons who do not want to maintain books and want to show presumptive income.
- A Pvt Ltd Company and LLP cannot file ITR 4(SUGAM).
- Minimum profit to declare is 6% and 8% for online and Cash transactions respectively.
- All business or profession, which are eligible, are mentioned in section 44AD, 44AE, 44AF.
ITR-5: This form is for LLPs, AOPs, BOIs, and firms.
- Only Partnership Firms, LLP, AOPs BOI can file ITR 5.
- No other person can file this ITR.
- Partners of Firms or LLP will file ITR 3 and not ITR 5.
ITR-6: This form is for companies other than those claiming exemption under section 11 of the Income Tax Act, 1961.
- All Pvt Ltd Companies will compulsorily file ITR 6.
- One Person Company will also fall in this category
ITR-7: This form is for persons and companies required to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
In conclusion, filing your ITR is a crucial annual obligation that requires careful consideration and planning. Consulting a CA for ITR can help you file your returns accurately, minimize your tax liability, and avoid any potential tax-related issues. So, do not hesitate to seek professional assistance from a CA for tax filing and enjoy peace of mind knowing that your taxes are in good hands.
Note: The ITR forms are updated from time to time by the Income Tax Department, so it is recommended to check for the latest version before filing your income tax return or contact us for help in filing ITR.
