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HOW MANY TRPES OF INCOME TAX RETURNS WHICH YOU CAN FILED WITH US

ITR-1 OR SAHAJ

This Return Form is for a Salaried person/ Pensioner person (resident individual) whose total income for the AY 2021-22 exceed 250000 rs.

ITR-2

ITR 2 is for those individual/ Hindu Undivided Family (HUF) whose total income for the AY 2021-22 includes:

Income from Salary/Pension; or
Income from House Property; or
Income from Other Sources likes- interest,Commission,Dividend from the company etc,or
Income of another person like one’s spouse, child etc and
Agricultural income more than Rs 5,000.

ITR-3

ITR3 Form is to be used for an individual/Hindu Undivided Family who have income from proprietorship business & profession. The persons having income from the following sources :

Running a business & profession
If he is a Director in a company(private/public both)
If he had investments in unlisted equity shares
If he have income from House property, Salary/Pension and Income from other sources.
If he have Income of partnership firm.

ITR-4

ITR 4 filed by individuals/ HUFs/Partnership firms (other than LLPs), which total income include:

presumptive Business income scheme under section 44AD / 44AE
presumptive Professional income under section 44ADA
Income from salary/ pension up to Rs.50 lakh
Income from one house property, not more than Rs.50 lakh
Income from other sources having income not more than Rs.50 Lakh.
Having foreign assets or foreign income .
If he is a Director in a company(private/ public ,both)

ITR-5

ITR 5 is for thoes who get income from :-

Firms, LLPs (Limited Liability Partnership),
AOPs (Association of Persons),
BOIs (Body of Individuals), Artificial Juridical Person (AJP),
Estate of deceased, Estate of insolvent,
Business trust and investment fund.

ITR-6

In itr -6 ,following income are included from :-

Companies other than companies claiming exemption under section 11
Income from property held for charitable or religious purposes, this return has to be e-filed only.

ITR-7

This itr filed by the following persons who get income from:-

Companies required to furnish returns under section
139(4A)-charitable or religious purposes
139(4B)- filed by a political party
139(4C)- Scientific research association,News agency,Association or institution referred to in section 10(23A),or other educational/hospital or other medical institution.
139(4D)-filed by every university, college or other institution
139(4E)-income or loss under any other provisions of this section.
139(4F)-filed by any investment fund referred to in section 115UB.

Some Advantages of Filing ITR:

Loans

This itr helps to take vehicle loan (two-wheeler or four-wheeler).
All bank managar can ask for a copy of income tax returns.
Applying for a housing loan, bank managar ask you for Form 16/ ITR receipts,

To claim refund

If your tds is deducted than you recived a refund due from the Income Tax Department, firstly you will have to file your returns and claim your tds.

To carry forward losses

If you are able to carry forward capital losses (short/long-term),than you adjusted against capital gains made in the subsequent years.
A long-term capital loss in one year can be carried forward for eight consecutive years immediately succeeding the year in which the loss is incurred.

Visa processing

If you wanting traveling , foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview, says Rao. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate.

This is especially true if you plan to travel to the US, UK, Canada or Europe, not so stringent for South East Asia or Middle East.

Buying a high life cover

Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. “especially LIC, ask for ITR receipts.

FAQs

Ask question

What is efiling of income tax return?

Two way procedure of filling of income tax return-1st offline procedure and 2nd online procedure.offline procedure is a long way but online is very easier.you track your filling status very easly and maintain efilling return online .now at current time online efilling procedure is very popular among the peoples.

How can you file an income tax return on justefillng?

You send your request though request form. Our expert contract with you with in 5 mints. And they help for filling your income tax return on justefilling portal.

My company deducts TDS. Do I still have to file my tax return?

Yes, you can get your tds refund though justefilling very easly.
Our expert are eligible to refund your tds in a very easier manner.
They get all information realated your tds on income tax portal.

How do I pay tax to the government?

If you are liable to pay tax to the government ,than our expert help you to pay income tax challan. Challan paid by online method or offlne procedure base. Our expert tell you about both types of challan.

I am a salaried individual and don't have a Form 16. How can I file my tax return?

Yes, You can file your tax return on justefilling without a Form 16.

What is ITR-V?

ITR-V is a 1-page document that you receive after e-filing your income tax return. In case you have not e-verified your income tax return, you must print, sign and send the ITR-V to the Income Tax Department within 120 days from e-filing your tax return.

Is it necessary to attach any documents along with the return of income?

No any requirements to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically).

Can I file ITR-1 with exempt agricultural income?

Yes,You can file ITR 1 if the agricultural income is up to Rs 5,000. For agricultural income exceeding Rs 5,000, you have to file ITR 2.

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

By filling your Income-tax return you claimed excess tax as refund .this refunded amount is credited it in your bank account through ECS transfer.
Is it necessary to file return of income when I don’t have any positive income?
Yes, you get many benefits after filling income tax return. It is very usefull documents.

Who can file tax return on JUSTEFILLING?

As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).

A personal who only have Salary income.
A personal who have switched jobs (Multiple Form 16).
A personal having Income from Capital Gains (mutual funds & stocks), business/profession, House Property, Like- Interest etc.
A personal having Foreign Income , Foreign Assets, NRI

Income Tax Return