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Income Tax Return Filing


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Begin e-filing by submitting your Form-16. Our software will gather data automatically. Verify your data and watch as it is safely entered into the correct format.

Understanding Income Tax Returns in India

We have two types of taxes in India – Direct Tax and Indirect tax.

Direct Tax

A direct tax is one that is determined directly on your income, such as a salary tax. Income tax is a type of direct tax.

Indirect Tax

An indirect tax is one that is levied indirectly. And is applied to goods or services. So, whether you're buying a new phone or a suit. The Goods and Services Tax (GST) currently covers the majority of indirect taxes.

Income Tax (Direct Tax)

Anyone earning more than a particular amount of money is liable to income tax. Salary, rent, and interest income from savings, income from mutual funds, sale of land or business, or professional revenue could all be sources of income. Income tax rates are set in the Union Budget (in the Indian Parliament) at the start of each fiscal year. The income tax is the tax paid on these earnings.

Income Tax Return

It is merely a form that must be submitted to the Income Tax Department. A form to be filed as a statement of earned income. It is set up in such a way that calculating tax liabilities, arranging tax payments, or requesting refunds for overpayment of taxes is made simple for taxpayers. They must first decide the sort of Income Tax Return (ITR) Form required before filing their Returns. The Form that must be completed is determined on the taxpayer's income. Its goal is to submit our earnings and taxes to the government.

Types of ITR

Currently, there are up to 8 different types of Income Tax Return Forms. We divided them into two sections:

ITR Forms for Individuals ITR Forms for Non-Individuals
ITR – 1 – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.
ITR – 5 – Entities other than,- (i) individual,
(ii) HUF,
(iii) company, and
(iv) person filing Form ITR-7
ITR - 2 - For individuals and HUFs with income other than business or profession profits and gains. It could be through a monetary gain, a lottery, or foreign assets, among other things.
ITR - 6 - All companies save those claiming Section 11 tax exemption.
ITR - 3 - For individuals and HUF who derive their income from a company or profession.
ITR - 7 - Persons, including corporations, are only obliged to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
Individuals, HUFs, and Firms (other than LLP) with presumptive business income tax returns should use ITR-4 (Sugam). Sections 44AD, 44ADA, or 44AE are used to calculate this.

Benefits of Filing Income Tax Returns

Because many investors have extremely minimal or no tax burden, this component is not required to file returns. Despite the fact that they have some form of income.
And there is another section that only files returns when there is an urgent necessity for their last few years of ITR. They go to a neighbouring CPA and file their previous tax returns.
In India, there has been low-income tax filing compliance. However, in recent years, the Indian government has taken some strict measures to enforce the Income Tax Act by tying various incentives to timely tax payers.

The benefits of filing taxes include, but are not limited to:

Processing of Loans & Visa:

If you apply for a loan, such as a home loan or a car loan, your eligibility and loan amount will be determined by your income. This can be proven by the submission of ITRs. ITR will assist your lender in determining your repayment potential. Proof of earnings is essential if you intend to go abroad. If you are salaried, a certificate from your company will suffice. However, if you are self-employed, you must provide proof of income and contact information.

Claiming Refund:

TDS may be reduced on some investments. You will also need to file an ITR in order to receive a refund. Alternatively, you may have paid too much tax on your earnings. You must file an ITR to receive this refund. Many salaried individuals do not file ITR because they believe that their income tax has already been deducted and that they have Form 16. However, your employer may have paid more tax on your behalf. Not including your actual housing rent, your children's school expenses, tax-saving investments, or insurance. As a result, completing an ITR will allow you to receive a reimbursement from the IT department.

Carry-forward Losses:

Losses can be carried forward and offset against capital gains under income tax regulations. However, this only applies to persons who submit ITR in the appropriate assessment year. If you have had losses for a year and earned less than the exemption level. To be able to carry over your losses, you must file your returns. And it is offset by future gains and income. According to the IT Act, capital losses can be carried forward for an additional eight years.

Establishing Income in Compensation Cases:

Although the Motor Vehicles Act does not require the presentation of the ITR when determining compensation in cases of accidental death or disability, the processes adopted by the Delhi High Court do. This assists in determining the individual's income in order to determine proper remuneration.

Self-Employed Individual Filing for Tenders:

Form 16 is not issued to businessmen, consultants, or partners. ITR receipts are a crucial document for such self-employed individuals. For them, the ITR is the only proof of income and tax payment in all financial activities. If they want to take on a contract or tender, they may be required to submit their tax return receipts from the previous three to five years.

Being a Responsible Citizen:

Keeping on the right side of the law is beneficial. Similarly, keeping the income tax department up to date on your earnings and taxability is beneficial. This is only available if you submit your ITR. Those earning less than the prescribed income threshold can file returns voluntarily. Filing taxes demonstrates that you are a conscientious taxpayer.


Under the Income Tax Act, numerous fines have been directed for various defaults committed by the taxpayer. Some are required, while others are being considered by the tax authorities. The provisions relating to the various penalties levied are shown below.

Incorrect Form

If an erroneous form was used to file the returns, they will be considered "defective" and the assessee will be required to file a revised ITR using the correct form.
The taxpayer now has some time to correct the error. And, according to Section 139(9), the return must be filed within 15 days of receiving the intimation. On application by the assessee, the assessing officer (AO) may extend this time limit. If the problem is not remedied within the time frame specified, it will be considered an invalid return. That is equivalent to not filing a return at all.
As a result, the individual will face all of the penalties for failing to file an ITR. In addition, interest will be assessed for the delay under Section 234A.


If it is discovered that the person's actual income surpasses the income claimed. Or when no return is submitted while earning more than the basic exemption level. A penalty of 50% of the tax due on such unreported income is imposed. If under-reporting is caused by income misreporting, the tax will be increased by 200%.

Late Filing

Section 234F of the Income Tax Act states that if you submit after July 31st but before December, you would face a Rs. 5000 penalty. The penalty for returns filed after December is Rs. 10,000. To provide comfort to small taxpayers, the IT department has declared that a maximum penalty of Rs. 1,000 will be imposed. Your entire annual income must be less than Rs 5 lakh.

Penalty for Default

If the taxpayer has received a demand notice under section 156 for payment of tax (other than a notification for payment of advance tax). Then, according to section 220(1), such amount must be paid within 30 days of the notice's service at the location and to the person named in the notice. If a taxpayer fails to pay any tax owing, he is classed as an assessee in default, in addition to other penalties. The penalty will be imposed on an assessee who is in default, as determined by the AO. The penalty, however, cannot exceed the amount of tax arrears.
Before imposing a penalty, the taxpayer is given a reasonable opportunity to be heard. If the taxpayer can demonstrate that the default was caused by a good and adequate reason, no penalty is imposed.

Delay in filing the TDS/TCS statement

Section 200(3) requires everyone who is required to deduct tax at the source to provide a TDS statement. It is known as TDS Return. And, under Section 206C (3), everyone who is required to collect tax at the source must file a TCS statement, often known as a TCS Return.
If a person fails to file the TDS/TCS return on or before the due date, he is liable to pay a fine of Rs. 200 for each day of delay, according to Section 234E. This amount, however, must not exceed the TDS/TCS sum. This late fee cannot be applied to a late TDS/TCS return.

Penalty for income from unreported sources

If a taxpayer's answer about the type and source of his income is not adequate, the AO may make an addition to his income under Sections 68, 69, 69A, 69B, 69C, or 69D. If any addition is made, the AO has the authority to levy a penalty of 10% of the tax payable. However, no penalty will be imposed if this income was stated in the ITR and tax was paid in accordance with Section 115BBE on or before the end of the relevant prior year.

Fee for failure to file an income tax return

If a taxpayer who is required to file an ITR under section 139 fails to file a return of income by the due date specified in section 139(1), he will be subject to the same penalty as a late filing under section 234F.
That is to say:
1) 5000 if the ITR is submitted on or before the 31st of December of the assessment year.
2) In any other situation, $10,000.
However, if the person's total income is less than Rs. 5 lakh, the charge payable is Rs. 1000.

Common Errors Made When Filing ITR

Some of the most typical tax filing errors that you can prevent are listed below.

Choosing the Wrong Form

For filing taxes, the proper ITR form must be chosen. Failure could prevent the income tax division from processing your return.
Which form should be chosen based on the categories and the sources of revenue for the financial year.
All taxable and/or tax-exempt income must be reported using the appropriate ITR form. The ITR will be deemed "defective" if it is submitted in the incorrect sort of form. You will then have a specific amount of time to file an amended return using the appropriate form.
Using the LegalRaasta e-filing platform, where the form selection is handled technically, relieves you of the concern of selecting the appropriate form

Not revealing all sources of income

Taxpayers frequently make the error of neglecting to disclose all of their sources of income. Regardless of whether the income is taxable or exempt, it must be stated.
It is required to record all income, not only the main one from a job, profession, or business. Whether they come from the interest on savings accounts, the interest on fixed deposits, the rent from real estate, the income from short-term capital gains, or any other source.
Keep in mind that any money a kid makes from investments, interests, etc. is taxable to the parent. When a minor's income is combined with that of the parents, a tax exemption of up to Rs. 1,500 u/s 10(32) may be claimed, per the tax slab.
If such incomes are not reported, the income tax department may issue a warning.
If you changed employment, be sure to include the salary you received from your old employer as well. If such incomes are not reported, the income tax department may issue a warning.

Incorrectly providing personal information

Because all information is recorded in the Department's databank and may be verified, it is critical that you enter your personal information correctly before filing your taxes. PAN number, name, address, email address, phone number, date of birth, bank account number, IFS Code, and other information must be provided precisely. A little error in these details could result in you missing your refund claim or other critical notifications. So double-check everything before filing.

TDS not reconciled with Form 26AS

Before filing, it is critical to compare ITR with Form 26AS. Form 26AS contains information about your income, Tax Deducted at Source (TDS), advance tax paid, self-assessment tax, and so on. TDS could have been taken from your pay. You must cross-check the information on Form 16 with the information on Form 26AS. Your refund and tax deduction credit will be forfeited if the TDS is not represented in Form 26As. More tax would be paid as a result of the mismatch.

Excludes exempt income

Income tax regulations require all income, whether exempt or not, to be recorded. Many types of income are tax-free. Long-term gains, dividends, and so on. Even if you do not have to pay taxes on them, you must still disclose them. In addition, even if your gross total income does not exceed the basic exemption ceiling, you must submit an ITR in certain circumstances.

Manually entering the information

Returns must be filed in a specific format. All information must be input in a certain manner, in the rows and columns supplied. If this difficult format is not followed correctly, the returns will be erroneous. This is where Sahyog's professional aid is recommended.

If TDS is paid, there is no need to file an ITR.

Employers must deduct tax at the source from pay and interest income, respectively. When your annual income reaches Rs. 2.5 lakh, you must file an income tax return. Also, include interest income in those returns. In your income tax return, you must report the income from which tax has been deducted and claim TDS credit.
The interest on bank deposits is paid after a 10% flat tax is deducted. Section 80TTA allows you to deduct up to Rs 10,000 in interest earned on deposits. Senior citizens can claim an interest deduction of up to Rs 50,000 under section 80TTB.

Choosing not to take advantage of the available deductions

An annual deduction of up to Rs 1.5 lakh by investing in particular funds and programmes. But it's difficult to say how much money can be made from these scams. Similar to this, many taxpayers are unaware of certain expenses that qualify as deductions.

Private Limited Company-Related Concerns

Sahyog GST Return Services:

Provisions for penalties in LLP annual compliance failure

The process for registering a limited liability partnership takes between 15 and 30 working days to complete. Depending on the ROC department's reactions, the timeline can change.

What is Form 16?

The Salary TDS (Tax Deducted at Source) Certificate that your employer issues to you for the TDS deducted is known as Form 16. Form 16 is an income tax form that businesses use to disclose tax deduction information to their salaried employees. The employer is liable to deduct TDS as soon as your salary income for the fiscal year reaches the basic exemption threshold. The sum that was subtracted must be deposited with the government.
The employer must provide the employee with a certificate including the information after deducting TDS from the employee's wage. Form 16 is the title of this certification. Part A and Part B make up its two components. Details about the employer and employee are included in Part A, including name and address, PAN and TAN information, TDS deducted and deposited, etc. And Part B contains information on other income, permitted deductions, etc.

Frequently Asked Questions

Who needs to pay Income Tax?

Every person or entity is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates.
1. Individual - Salaried, Self-employed or Professional,
2. Hindu Undivided Family (HUF)
3. Company
4. Firm
5. Association of Persons (AOP)
6. Local Authority
7. Artificial Juridical Person
8. Body of Individuals (BOI)
9. Political Party,
10. Educational or medical institution,
11. Trade Union, etc.

Should I pay income tax?

For the Assessment Year 2019–2020, regardless of whether you are a man, woman, or NRI, you must submit income tax returns in India if any of the following circumstances apply to you: (According to the Income Tax Act):

  1. Gain annual gross income (before deductions under Sections 80C to 80U) greater than
    1. Rs. 2.5 Lakhs - For people under 60 years old,
    2. For those over 60 but under 80 years old, Rs. 3 lakhs 3. Rs. 5 lakhs - For people above 80 years old,
  2. Earn income outside of a paycheck, such as via real estate, etc.
  3. Wishing to claim a tax refund for money already paid in taxes. For instance, TDS, advance tax, etc.
  4. Earning from or owning foreign assets,
  5. Interested in applying for a loan or visa,
  6. a company or a firm, regardless of profit or loss,
  7. having bank deposits above Rs. 1 crore,
  8. urchasing foreign currency exceeding Rs. 2 lakh, and
  9. paying an electrical bill exceeding Rs. Lakh

What is the basis for calculating income tax?

The Income Tax Act of 1961's provisions and guidelines must be followed for calculating taxable income. Slab rates are applied to the taxable income produced during the prior year to determine income tax. The budget includes a notification of these slabs at the conclusion of each fiscal year. The income is accumulated and calculated under several income headings. Then, to determine the net income chargeable to tax, deductions and/or exemptions available under Chapter VI-A are subtracted.

What paperwork needs to be included with the income tax return?

If you are an employee, all you need is Form 16. No additional paperwork, such as a TDS certificate or investment proof, is required to be submitted with your ITR. However, you must keep them close by in case you are asked to provide them to the authorities. In the event that you don't receive Form 16, the following list of documents is what you might have:

  1. A copy of the tax return from the prior year (to disclose any losses or other information),
  2. Your bank statements (for the balances, loans, and interest paid),
  3. Your TDS certificates (which should reflect any previously paid taxes),
  4. Your savings certificates, charitable contributions, and other items (including deductions)
  5. Certificates of Disability in your family (for deductions),
  6. An interest statement (perhaps from a bank or post office) that details the interest that has been paid to you
  7. Have balance sheets, Profit & Loss account statements, and any other necessary Audit Reports if there is business income or loss.

What do the terms fiscal year, prior year, and assessment year mean?

The Financial Year in which the money is earned is the same as the prior year. On the income received during the previous year, tax is due. And the Assessment Year, which is the year following the Financial or Previous Year, is when this tax is due. For instance, the Assessment Year, which runs from April 1 to March 31, 2025, is when tax obligations for income made during the Financial Year (Previous Year) will be due.

How do you pay your income tax to the government?

You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. In both circumstances, payment must be made in Challan-280. For further processing, the Challan must be filled out correctly.

How do you pay your income tax to the government?

You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. In both circumstances, payment must be made in Challan-280. For further processing, the Challan must be filled out correctly.

When should income tax returns be filed?

All ITRs must be filed by July 31st for individuals and September 30th for businesses. Following this deadline, tax returns would be filed as a "Belated Return" any time before March 31, 2024. With a cost. It is critical to file Income Tax Returns within the time frame specified.

Can I claim the deductions that were overlooked on my employer's Form 16?

Yes. If you missed any exclusions or deductions on Form-16, you can claim them in your ITR. Various deductions under section 80 can be claimed, including ELSS, PPF, life and health insurance, NSC, children's tuition fees, 5-year fixed deposits, charitable contributions, home loan repayment, and even HRA.

Can I claim the deductions that were overlooked on my employer's Form 16?

Yes. If you missed any exclusions or deductions on Form-16, you can claim them in your ITR. Various deductions under section 80 can be claimed, including ELSS, PPF, life and health insurance, NSC, children's tuition fees, 5-year fixed deposits, charitable contributions, home loan repayment, and even HRA.

How can I file an ITR?

Both physically and online, the return can be lodged. Download the government software for e-filing from the Income Tax portal (in spreadsheet format or java utility). Fill in all of the blanks with the necessary information. Pay your taxes and produce the XML. By logging into your account, you can upload this XML to the government portal. Download the acknowledgment in ITR-V once the XML has been published. This ITR-V can be validated using an EVC code or couriered to CPC Bangalore for further processing.

How do I fill out ITR forms?

Here are some tips to follow when filing income tax returns.
• If any of the schedules do not apply to you, mark it with —NA—.
• Use "Nil" to denote nil figures.
• Before negative figures, use a "-" sign.
• Except for total income/loss and tax payable, all figures must be rounded to the nearest Rupee. These must be rounded to the nearest multiple of ten rupees.

What is 26AS? Why is it required?

The 26AS is a consolidated statement that shows the numerous taxes deducted from your income by your job, bank, or tenant. It displays how much tax the government has received through TDS deposited by the deductor (employer, bank), advance tax or any self-assessment tax that has been paid, and so on. It also includes information about any income tax refunds you may have received. It also displays AIR (Annual Information Return) transaction details, which your bank may have filed if you engaged in a certain transaction. To receive a tax credit, you must match your tax payments and TDS deducted with 26AS before completing your ITR, as the tax credit is only available for goods that show in our database.

Who is required to file ITR-1 or SAHAJ?

This form is for resident Indians who earn money from one of the following sources: 

• Salary income, 
• Pension,
• Profit or Loss from a Single House Property (assuming no loss was carried forward or is to be carried forward),
• Other Income (other than winning the lottery or owning and keeping race horses),
• Exempt income (for example, agricultural income of up to Rs. 5000),

• The total income from all of the above sources does not exceed Rs. 50 lakh. The gross salary must be reported under "Income from Salary" by taxpayers. Instead of pay, this is salary, perks, and profits. Exempt allowances must be declared in "Allowance" format and subtracted from gross salary. For example, if a portion of the HRA is claimed to be exempt, that amount must be reported separately. The assessee must also submit a detailed breakdown of income obtained from other sources. For instance, interest from savings or fixed deposits, etc. In the case of clubbed income, when another person's income (spouse, minor kid, etc.) is to be clubbed, this Return Form can only be utilised if the entire income falls under the above income categories

Who cannot utilise the ITR-1 Form or the SAHAJ?

Individuals who fall into the following categories are not eligible for ITR-1:
(a)Total income in excess of Rs. 50 lakh, 
(b)Agricultural income in excess of Rs. 5000, 
(c)Taxable capital gains, 
(d)Income from a business or profession, 
(e)Income from more than one house property, 
(f)You are a Director in a company, 
(g)You held investments in unlisted equity shares at any time during the fiscal year, 
(h)Own assets or financial interest in any entity outside India,

(i)For Indian residents with foreign assets or income (including signing authority in any international account),
(j)You are a Non-Resident Indian (NRI) or a Resident Not Ordinarily Resident (RNOR). Have any overseas assets or income?
(k)If you are assessable in respect of another person's income on which tax is deducted in the other person's hands,
(l)Income subject to special taxation under Sections 115BBDA or 115BBE,
(m)Income to be allocated in accordance with Section 5A,
(n)Any claim for relief under sections 90 and/or 91, 
(o)Any claim for deduction under section 57, other than deduction for family pension,
(p)TDS credit claim in the hands of another person.

What is the ITR-1 Form's structure?

Part A contains personal information, Part B contains gross total income, Part C contains deductions and taxable total income, and Part D contains tax computation and tax status. Schedule IT contains information on Advance Tax and Self-Assessment Tax Payments, whereas Schedule TDS contains information on Tax Deducted at Source. If you are requesting double taxation relief under Section 90/90A/91, you cannot use the ITR-1.

How do I complete Form ITR-1?

You should have the following documents ready before filling out your ITR-1 form:
1. Form 16: Issued by all of your employers for the fiscal year,
2. Form 26AS: Make sure that the TDS on Form 16 matches the TDS on Part A of your Form 26AS.
3. Receipts: If you were unable to provide documentation of certain exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) to your employer on time, keep these receipts with you so that you can claim them directly on your income tax return.
4. a PAN card
5. Bank investment certificates: Interest from bank account information - bank passbook or FD certificate.

Is exempt dividend income from stocks/mutual funds required to be reported on Form ITR-1?

Yes. There is a column for exempt income on ITR Form 1 under Part D - computation of tax payable. You must record your exempt dividend income here. If you get a dividend from an Indian company's stock, you must disclose it under section 10(34). Furthermore, if the dividend was earned via mutual funds, it can be declared under the heading "others" under exempt income.

Is it necessary for me to disclose exempt Long Term Capital Gain (LTCG) on ITR-1?

Yes. There is a column for exempt income in Part D - Computation of Tax Payable. You must report any exempt LTCG here. If the LTCG is derived via the sale of equity shares, it must be reported in the column designated for "Sec10 (38)". Mention it under the heading "others" for every other LTCG.

How do I declare bank accounts on Form ITR-1?

You must give information on any savings and current accounts that you held at any time during the fiscal year for which you are filing the return. So, if you are filing the return in 2019-20, provide information about all accounts during FY 2018-19. In addition, specify the bank account to which your return should be credited. Whether or not you have a refund. The account number should correspond to the bank's core banking solution (CBS).

Who are to file ITR-2?

ITR-2 is for an individual or Hindu Undivided Family (HUF) who is ineligible to submit Form ITR-1 (Sahaj) and has no income under the heading "Profits or gains of business or profession." As a result, individuals with income from the following sources are entitled to file Form ITR-2:

(1)Income from more than one house property,

(2)Capital Gains/Losses on Sale of Investments/Property (Both Short and Long Term), Income from Other Sources (including Lottery Winnings, bets on Race Horses, and other legal means of gambling),

(3)Foreign Assets/Foreign Income,

(4)Agricultural Income of more than Rs. 5000,

(5)A non-resident ordinarily resident (RONR) and a resident not ordinarily resident (NRI),

(6)A director of both listed and unregistered firms.

Who is not eligible to file ITR-2?

Individuals whose income includes "Profits or Gains of Business or Profession" are exempt from filing ITR-2 for the Assessment Year 2019-20. A firm, LLP, or other sort of legal entity cannot also file an ITR-2 form. The ITR-2 Form should not be used if you are claiming double taxation relief under Sections 90/90A/91.

When is the ITR-2 due?

Individuals and HUFs must file ITR-2 forms on or before July 31st of each year.

What is the ITR-2 Form's Structure?

ITR-2 is divided into:

  1. Part A: General Information. 
  2. Part B-TI: Computation of Total Income.
  3. Part B-TTI: Computation of tax liability on total income.
  4. Fill in the blanks if the return was prepared by a Tax Return Preparing Agent.
  5. Details to fill out if the return was prepared by a Tax Return Preparing Agent.
  6. Schedule S: Details of salary/salary income.
  7. Schedule HP: Income from the House Property(s).
  8. Schedule CG: Income computation for capital gains.
  9. Schedule OS: Income from Other Sources.
  10. Schedule CYLA: Income statement after deducting current year losses.
  11. Schedule BFLA: Income statement after deducting unabsorbed losses carried forward from previous years.
  12. Schedule CFL: Losses to be carried forward to the following year.
  13. VIA Schedule Chapter VIA deductions statement (from total income).
  14. Schedule 80G: Statement of donations deductible under Section 80G.
  15. Schedule 80GGA: Donation statement for scientific research or rural development.
  16. Schedule AMT: Calculation of the Alternate Minimum Tax due under Section 115JC.
  17. Schedule AMTC: Tax Credit Calculation u/s 115JD.
  18. Schedule SPI: Statement of income of the assessee's spouse/minor child/son's wife or any other person or association of persons to be included in Schedules-HP, CG, and OS.
  19. Schedule SI: Statement of income subject to special tax rates.
  20. Schedule EI: Exempt Income Information.
  21. Schedule PTI: Details of pass-through income from a business trust or investment fund in Sections 115UA, 115UB.
  22. FSI Schedule: Statement of income accruing or arising outside of India.
  23. Schedule TR: Taxes Paid Outside of India.
  24. Schedule FA: Information on foreign assets and income earned outside of India.
  25. Schedule 5A: Income apportionment statement defined by the Portuguese Civil Code.
  26. Schedule AL: Assets and liabilities at the conclusion of the fiscal year (applicable if income exceeds Rs. 50 lakhs).

How do I file an ITR-2?

For many transactions, Form ITR-2 requires thorough disclosures. When it comes to donations, segregation into cash and other ways must be provided. The address of the immovable property sold, along with the buyer's PAN, for the immovable property sold. The location and ownership data of agricultural land must be submitted if agricultural income exceeds Rs. 5 lakhs.

1)The Directors must provide information about their directorships in multiple firms as well as details about their investments in unlisted equity shares.
2)Specifications for the sums falling under salaries, benefits, and profits other than salary must be included. This information would be available to taxpayers in the annexure to Form-16 submitted by the employer.
3)During a fiscal year, an employee who earns income from more than one employer must give comprehensive pay details (salary, perks, and profits) for each employer.

4)When declaring "Residential Status," the taxpayer must provide information on the number of days spent in India in the previous year, the preceding four years, and so on. Additional information regarding the jurisdiction of residence outside India and taxpayer identification numbers of such a country is required for NRIs.

Who will utilise the ITR-3 form?

The ITR-3 Form is intended for individuals and HUFs that earn a living from a profession or a proprietary business. If an individual or HUF earns income as a partner in a partnership firm that does business/profession, he is not required to file ITR-3. ITR 2 must be filed by him.

Who is not required to file the ITR-3 Form?

If an Individual/HUF earns money as a partner in a partnership firm that does business/profession, he cannot file ITR-3. In this situation, he must file Form ITR 2.

What is the format of ITR-3?

ITR-3 is broken into the following sections:
Part A-Gen: Taxpayer and business general information.
Part A-BS: FY balance sheet of the firm or profession.
Part A-P&L: Profit and loss statement for the fiscal year.
Part A-OI: Additional Information.
Part A-QD: Quantitative Information.
Part B: Outline of total income and tax computation on chargeable net income. Verification. Tax Payments: Information on advance tax, TDS, and so on.


Who is responsible for filing ITR-4?

ITR-4 is the income-tax return form for taxpayers who have elected the presumptive income scheme under sections 44AD and 44ADA of the Income-tax Act. However, if the taxpayer's total income exceeds Rs. 50 lakhs, he cannot file ITR-4 and must file another return form. A resident Indian, HUF, or resident firm (other than an LLP) can file ITR-4 if their total income includes any of the following components:
1. Presumptive Income calculated in accordance with Sections 44AD, 44ADA, and 44AE.
2. a salary or a pension
3. Income from a single-family residence (assuming no brought-forward loss or loss to be carried forward),

4. Income from other sources (including lottery and racehorse winnings or losses, income not subject to special taxation, and family pension)
5. In the case of clubbed income, the income of another person (spouse, minor child, etc.) is to be combined with the taxpayer's income. ITR-4 returns can only be filed if the income fits into one of the categories listed above.

Who can't choose ITR-4?

It is prohibited for the following people and HUFs to choose ITR-4:
1. More than Rs. 50 lakh in revenue has been earned overall.
2. If any losses from prior years have been carried forward.
3. If the person is authorised to sign documents outside of India.
4. If there are ever any equity investments in the FY that are held in unlisted shares.
5. Limited Liability Partnerships (LLPs) are not permitted to choose this.
6. For people who own international property or have earned foreign revenue.
7. If more than one residential property was used to generate the income.

8. For a company's director.

9. if the individual is an RNOR or NRI.
10. He has any income that must be divided in accordance with Section 5A.
11. income from a business or profession other than income from the presumed tax scheme.
12. Profits and losses on investments and real estate sales,
13 He can be assessed for all or a portion of the income from someone other than the assessee for which TDS has been deducted.
14. Revenue from dividends exceeding Rs. Ten lakhs are subject to Section 115BBDA tax.
15. Assessee has any unexplained pay (for example cash credit, unexplained venture, and so forth.) 115BBE imposes a 60% tax on it.
16. Income that the assessee has claimed exemption from under section 57 under the heading "income from other sources."
17. In relation to royalty from books or patents, a deduction has been claimed under sections 80QQB or 80RRB.
18. Under Section 10AA or Part-C of Chapter VI-A, a deduction has been claimed. Assuming an individual is available in regard of a pay however TDS for such pay has been deducted by some other individual (i.e., clubbing of pay, Portuguese Common Code, and so on.). 19. The Assessee is claiming tax relief under Sections 90, 90A, or 91.

What does it mean to use a presumed scheme?

Under certain circumstances, an individual operating a business is required to keep regular books of account under Section 44AA of the Income Tax Act of 1961. Possible tax assessment plot under areas 44AD, segments 44ADA, and segments 44AE, has been outlined to give help to little citizens from this monotonous work.
1. AD Section 44: for small taxpayers who run businesses other than hiring, leasing, or plying goods carriages.
2. ADA Section 44: for low-income taxpayers with professional income.
3. AE Section 44: for low-income taxpayers operating a plying, hiring, or leasing of goods carriages. A person who follows this plan is freed from the difficult task of keeping track of accounts and can declare income at a predetermined rate. The participant in this program will be able to declare all of their taxable income at a rate that has already been established.

Who is qualified to take advantage of the presumed scheme under Section 44AD?

Any of the following people may adopt it:
1) Residents alone, 
2) Residents in HUFs, 
3) Residents in Partnership Firms (but not LLPs),

Who is unable to file ITR-4 in accordance with Section 44AD?

Non-residents and partnerships other than individuals, HUFs, and LLPs are not permitted to implement the plan. And the individual who filed a claim for any deductions made in accordance with Sections 10A, 10AA, 10B, or 80HH to 80RRB during the FY.

Who is qualified to record ITR-4 under 44ADA?

A person who is a resident of India and works in a specific profession with gross receipts that do not exceed Rs. 10,000 may use the presumptive tax scheme outlined in Sections 44ADA. 50 lakhs in a fiscal year. The specified professions are as follows:
1) Legal,
2) Medical,
3) Engineering or architectural,
4) Accounting,
5) Technical consulting,
6) Interior decoration, and
7) Any other occupation that CBDT specifies.

Who is qualified for hypothetical tax assessment u/s 44AE for ITR-4?

Every individual (individual, HUF, business, etc.), who, at any given time in the preceding year, owned no more than ten goods carriages and is engaged in the business of plying, hiring, or leasing these carriages.

Is it necessary for professionals who choose the presumptive income scheme to keep books of accounts?

No, professionals who choose the presumed method are not required to keep accounting records. They are exempt from section 44A's requirements to keep books.

How can the person's taxable income under Section 44ADA of the presumptive income scheme be calculated?

People who are employed in a profession that qualifies and whose annual revenue is under Rs. The presumptive taxation scheme under Section 44 ADA is available to 50 millionaires. They will be required to declare taxable income equal to or greater than fifty percent of gross turnover or gross receipts. Further expenses will not be permitted. The tax on this sum will fall under the heading "Profits and gains of business or profession." Profits declared by the taxpayer may be higher, but they cannot be less than 50% of gross turnover.

Is it possible to claim expenses under the presumptive income system?

No, a person cannot claim expenses under the presumptive taxation scheme because final taxable income is calculated according to this section at 8% (for businesses) or 50% (for professionals). This final taxable income is assumed to have been adjusted for all expenses.

For the presumed scheme, which format should the income tax return be filed in?

If an assessee qualifies for the presumptive taxation scheme, he or she must file an ITR-4 return.

What are the restrictions associated with opting out of the presumptive taxation plan?

An assessee deciding on hypothetical tax collection plan ought to proceed with similar plan for the following 5 evaluation years. He cannot choose a presumptive scheme if he fails to file ITR.

Who can record ITR-5?

Only the following organizations are permitted to use the ITR-5 form:
1. Firms,
2. Limited Liability Partnerships (LLPs),
4. Body of Individuals (BOIs)
5. Association of People (AOPs) Societies Cooperative,
7. Artificial Judges and Jurists Authorities in your area

Who is not qualified to submit an ITR-5 Form?

Taxpayers cannot submit an ITR-5 in the following category: a) Assessees who are required to submit a return of income in accordance with sections 139(4A), 139(4B), 139(4C), or 139(4D) (trusts, political parties, institutions, colleges, and other similar entities). b) Individuals, businesses, and HUFs (Hindu Undivided Families).

Who is qualified to submit an ITR-6?

Companies that do not claim an exemption under Section 11 must file ITR-6.

Who is unable to select ITR-6?

The following taxpayers are not permitted to file an ITR-6:
1. People, Hindu Unified Family (HUF), Firm, Relationship of Individual (AOP), Group of People (BOI), Neighborhood Authority and Fake Legal executive Individual,
2. Organizations asserting an exclusion u/s 11, who have Pay from property held for magnanimous or strict purposes.

Who can submit an ITR-7?

ITR-7 is a form filed by those individuals and associations that fall under:

1. Section 139 (4A)

2. Section 139 (4B)

3. Section 139 (4C)

4. Section 139 (4D) The following individuals and companies are eligible to file the ITR-7 form:

a) Who obtain income from property if the said property is in the name of a trust,

b) All individuals receiving income for the sole purpose of charity or religious offering,

c) Any political party earning a net income which is more than the ceiling limit that is exempt from income tax,

d) Associations carrying out scientific research,

e) News organizations and companies,

f) Organizations mentioned in Section 10(23A) and Section 10(23B),

g) Educational institutions like school, colleges or universities,

h) Medical institutions such as clinics, hospitals, etc.

Who is unable to use the ITR-7 Form?

An assessee who does not claim an exemption under sections 139 (4A), 139(4B), 139(4C), or 139(4D) cannot use the ITR-7 Form.

Possesses a PAN (Permanent Account Number) compulsory for ITR recording?

Yes, in order to file an ITR, a person must have a PAN.

Consider the possibility that I have missed the due date of recording ITR.

A late return is an option. It very well may be recorded either toward the finish of the important evaluation year or before the culmination of the appraisal, whichever is prior. with a punishment. For the assessment years 2014–25, for instance, if your returns were not submitted by August 31, 2023. After that, a belated return may be filed at any time prior to March 31, 2024.

How do I look at my 26AS?

26AS can only be viewed by registered users of the Income-tax Portal. The client is diverted to the Follows Entryway when he demands to see 26AS. The statement for the selected Assessment year can be viewed and downloaded. Sahyog consequently brings data of your 26AS structure, for you.

My taxes have already been paid. Should I still submit my return?

If your taxable income exceeds the slab, you are required to file a return, regardless of whether you have paid taxes. Only if your return is filed can you get a refund or claim a tax credit.

What to do on the off chance that a slip-up has been made in recording the return?

Under Section 139(5), the return may be revised if any errors are discovered after it has been filed. An assessee can file a revised return of income tax anytime before the end of the relevant assessment year or before the assessment is finished, whichever comes first.

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