Income Tax Forms Explained Income Tax Department has notified six Income Tax Return Forms applicable for various kinds of assesses. In this article we have tried to explain each form, who should file using the mentioned form, who should not be using this form, and the details to be provided in the various ITRs. ITR 1 SAHAJ The ITR 1 SAHAJ as its name implies was introduced to simplify the procedure of tax filing for common people through an [...]

ITR 5 Income tax Form Explained ITR 5 Income Tax Return Form mentions that it is applicable for persons other than Individuals, HUFs, Companies and Persons filing ITR 7. Which means ITR 5 is applicable for Firms, Limited Liability Partnerships, Body Of Individuals (BOI) and Association Of Persons (AOP) etc. Who should file ITR 5 ? This Income Tax Return can only be filed by the following: Partnership Firms, Limited Liability Partnership, Association Of Persons (AOP), Body of individuals [...]

ITR 4 SUGAM Income Tax Form Explained ITR 4 SUGAM Income Tax Return Form is for Individuals, HUFs and Firms (Other than Limited Liability Partnerships) being a resident having total income up to a maximum of INR 50 Lakhs and having Income from business and profession computed under section 44AD or 44ADA or 44AE of Income Tax Act. One thing to be noted is that this form can only be filed by a resident individual who is not holding [...]

ITR 3 Income Tax Return Explained ITR 3 Income Tax Return form is for Individuals and Hindu Undivided Families which have income from business and profession. ITR 3 also supports income from other heads of income such as Salary/pension, House Property, Other Sources and Income from Capital Gains unlike ITR 2. This is an exhaustive form and covers individuals who are residents, nonresidents or not ordinary residents. Who should be filing ITR 3 ? An Individual or a HUF [...]

ITR 2 Form Explained ITR 2 form is for Individuals or Hindu Undivided Families not having Income under the head Income from Profits & Gains from Business and profession. There is no restriction as of total income or residential status under this form unlike ITR 1 SAHAJ. Which means Ordinary residents, non-residents or not ordinary residents can also file returns using this form. This form also supports filing of returns for individuals holding directorship in companies or holding equity [...]

Tax On Income From House Property | Saving Taxes On House Property For income to be charged under the head house property it generally requires two conditions i.e. ownership and a building, if you are having a building and own it then you can charge your income under Income From House Property whether self occupied or let out. The thing to be noted here is ownership includes beneficial ownership as well while calculating Tax On House Property. Your house [...]