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Don’t Know Which Return to File?

Choose the right form according to your source of Income.

In India, the Income Tax Return (ITR) forms are used by different categories of taxpayers to file their income tax returns. The choice of the correct ITR form depends on the nature of the taxpayer’s income, their residency status, and other criteria. Below is a summary of ITR 1 to ITR 6, including who needs to file each form:

ITR 1

Who Should File:

Resident individuals with a total income up to ₹50 lakh.
Income sources include salary, one house property (not involving loss brought forward from previous years), and other sources like interest income.
Agricultural income up to ₹5,000

ITR 2

Who Should File:

Individuals and Hindu Undivided Families (HUFs) not having income from business or profession.
Individuals with income from salary/pension, multiple house properties, capital gains, and other sources.
Individuals with income from foreign assets and foreign income.
Directors in companies and those who have invested in unlisted equity shares

ITR 3

Who Should File:

Individuals and HUFs having income from a proprietary business or profession.
Individuals with income sources as mentioned for ITR 2, but also including income from business/profession.
Directors in companies and those with investments in unlisted equity shares.

ITR 4

Who Should File:

Individuals, HUFs, and Firms (other than LLPs) that are residents and have a total income up to ₹50 lakh.
Income from business and profession which is computed under sections 44AD, 44ADA, or 44AE (Presumptive Taxation Scheme).
Income from salary/pension, one house property, and other sources.

ITR 5

Who Should File:

Partnership Firms, LLPs, Associations of Persons (AOPs), Bodies of Individuals (BOIs), and other entities such as cooperative societies, local authorities.
Businesses or professions that do not file ITR 7.

ITR 6

Who Should File:

Companies other than those claiming exemption under section 11 (income from property held for charitable or religious purposes).

ITR 7

Who Should File:

Persons including companies who are required to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
Trusts, political parties, institutions, and entities involved in scientific research, news agencies, etc., claiming exemptions.

Filed ITR, now what?

ITR need to be E- Verified within
30 days from the date of filing.

E-Verified nOW

E-verification can be done using

Aadhaar OTP

Net Banking

Digital Signature Certificate

Electronic Verification Code (using bank account / demat account)

Electronic Verification Code (using Bank ATM – offline method)

People Also Ask

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form you fill out to report your total income and pay taxes to the government. It’s like giving the government a summary of how much money you earned and how much tax you’ve already paid.

What are the due dates for filing Income Tax returns?

For most individuals, the due date is July 31st of each year. However, if you need to get your accounts audited, the deadline is usually October 31st. Always check the official Income Tax Department website for the latest dates, as they may change.

Who is required to file Income tax returns?

You must file an ITR if:
• Your total income exceeds the basic exemption limit
• You want to claim a tax refund
• You have foreign assets or income
• You want to apply for a loan or visa
• What are the different ITR Forms?

There are several ITR forms based on your income sources:

• ITR-1 (Sahaj): For salaried individuals
• ITR-2: For individuals and HUFs with income from capital gains
• ITR-3: For individuals and HUFs having income from business or profession
• ITR-4 (Sugam): For presumptive income from business or profession

What is AIS/TIS?

Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) are comprehensive statements of your financial transactions. They help you verify your income and taxes paid, making it easier to file your ITR accurately.

What are popular tax-saving options?

Popular tax-saving options include:
• Section 80C investments (PPF, ELSS, etc.)
• Section 80D (health insurance)
• Home loan principal and interest
• National Pension System (NPS)

How to save tax other than 80C and 80D?

You can save tax by:
• Investing in tax-free bonds
• Claiming House Rent Allowance (HRA)
• Donating to registered charities (80G)
• Paying for children’s tuition fees
• Am I eligible to pay advance tax?

Am I eligible to pay advance tax?

If your estimated tax liability for the financial year (after deducting TDS) is ₹10,000 or more, you’re eligible to pay advance tax.

Do salaried persons need to pay advance tax?

Usually, no. Your employer deducts TDS from your salary. But if you have significant income from other sources, you might need to pay advance tax.

How to calculate advance tax?

Estimate your total income for the year, calculate the tax on it, subtract any TDS, and pay the remaining amount in installments as per the due dates.

What is TDS (Tax Deducted at Source)?

TDS is tax deducted by the payer on behalf of the payee at the time of making specified payments like salary, rent, or professional fees. It’s a way to collect tax at the source of income.

I have a TAN but no TDS is deducted by me during the quarter/year. Do I need to file a TDS return?

Yes, you should file a ‘NIL’ TDS return even if no tax was deducted. This shows the tax department that you’re compliant with regulations.

Can I claim TDS in my income tax return without a TDS certificate from the deductor?

Yes, you can. Check your Form 26AS online, which shows all TDS deducted on your income. You can claim this TDS even without the physical certificate.

Can I claim TDS deducted from my salary without a TDS certificate from my employer?

Yes, you can. Your Form 16, issued by your employer, shows the TDS deducted. You can also verify this in your Form 26AS.

What is a PAN (Permanent Account Number)?

PAN is a unique 10-digit alphanumeric identifier issued by the Income Tax Department. It’s mandatory for filing tax returns and making many financial transactions.

How to apply for PAN?

You can apply online through the NSDL or UTITSL websites, or offline by submitting Form 49A (for Indian citizens) or 49AA (for foreign citizens) along with required documents.

How to check the status of Aadhaar-PAN linking?

Visit the Income Tax Department’s e-filing portal and use the ‘Link Aadhaar Status’ service. Enter your PAN and Aadhaar number to check the linking status.

How to get an area code for PAN allotment?

The area code is based on your communication address. When you apply for PAN, the correct area code is automatically assigned based on your address.

What is e-PAN?

E-PAN is an electronically generated PAN card that you can download instantly after applying online. It has the same validity as a physical PAN card.

Who is an Assessing Officer?

An Assessing Officer is an Income Tax Department official responsible for assessing your tax liability, conducting scrutiny, and ensuring tax compliance in their jurisdiction.

Is my responsibility under the Income Tax Act over once taxes are paid?

No, you’re also required to file your ITR correctly and on time, even if you’ve paid all taxes. Maintaining proper records is also important.

What is the due date for filing a Tax Audit Report?

Generally, it’s September 30th of the assessment year. For transfer pricing cases, it’s November 30th. Always verify the latest dates on the official website.

What is the penalty for not filing an Income Tax Return before the due date?

The penalty can be up to ₹5,000 if filed before December 31st, and up to ₹10,000 if filed later. If your income is below ₹5 lakhs, the maximum penalty is ₹1,000.

What is the interest liability for delay in filing ITR?

Interest at 1% per month (or part of a month) is charged on the unpaid tax amount under Section 234A.

How is an HUF (Hindu Undivided Family) formed?

An HUF is formed automatically by birth for Hindu, Buddhist, Jain, or Sikh families. It consists of all lineal descendants of a common ancestor and their wives and unmarried daughters.

How is an AOP (Association of Persons) formed?

An AOP is formed when two or more individuals (or entities) join together for a common purpose or a common action to produce income.

If I have paid excess tax, how will it be refunded to me?

File your ITR claiming the refund. Once processed, the refund will be directly credited to your bank account linked with your PAN.

Is it necessary to attach documents with the Income tax return?

Generally, no. But keep all documents ready in case the tax department asks for verification.

What is Form 26AS?

Form 26AS is your Annual Tax Statement. It shows details of tax deducted, tax collected, advance tax paid, self-assessment tax, and high-value transactions related to your PAN.

What should I do if there are discrepancies in actual TDS and TDS credit as per Form 26AS?

First, contact the deductor to correct the TDS return. If unresolved, you can file a grievance with the Income Tax Department through their online portal.

How many times can I file a revised return?

You can file a revised return any number of times before the end of the relevant assessment year or before the assessment is completed, whichever is earlier.

Where can I get expert help on Income-tax related matters?

You can consult a Chartered Accountant, visit an Income Tax help center, or use the help features on the Income Tax e-filing portal.

I am an agriculturist. Is my income taxable?

Agricultural income is generally exempt from income tax. However, if you have other sources of income, you need to file ITR and may have to pay tax on that non-agricultural income.

What are Part A and Part B of Form 16?

Part A contains your and your employer’s details along with the total tax deducted. Part B provides a detailed breakup of your salary and the tax calculation.

How to e-Verify Income Tax Return?

You can e-Verify your ITR through:
• Aadhaar OTP
• Net banking
• Bank account-based validation
• Demat account-based validation
• Bank ATM