Income Tax Returns

The income tax returns are used to file income tax with the Income tax department. Income Tax returns are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves. Income Tax returns must be filed every year for an individual or business that received income during the year, whether through salary, interest, dividends, capital gains, or business profits. A return of excess taxes paid during a given tax year; this is more accurately known as a “tax refund”.

Type of Forms Who can use/ Description

ITR-1

For Individuals having Income from Salary / Pension, Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)]

ITR-2

For Individuals and HUFs having Income from salary/pension, house property, capital gains and other sources

ITR-3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

ITR-4

For Individuals and HUFs having income from a proprietory business or profession

ITR-5

For Firms, Co-operative Banks, Co-operative Societies, Limited Liability Partnerships (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Persons

ITR-6

For Companies

ITR-7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)