Income tax returns (ITR) filing: Which income tax form to use; all you want to know in short and precise manner
Income tax returns (ITR) filing: In case you missed the deadline of July 31, 2017 to file your income tax return for the financial year ended March 31, 2017, you have the last chance to file the same belatedly by March 31, 2018 without any penalty. Here are some of the tips which can be adhered to avoid any mistakes or errors:
Each assessee has to identify the correct ITR Form applicable in its case before filing the return of income. These forms are available at http://incometaxindiaefiling.gov.in/downloads/offlineUtilities under the download tab.
Various type of ITR Form: Choose correct income tax return (ITR) form. Income tax returns filing form number and details of the form are given below:
ITR-1 (SAHAJ) For Individuals having income from salaries, one house property, other sources (Interest etc.) and having total income upto Rs 50 lakh.
ITR-2 For individuals and HUFs not carrying out business or profession under any proprietorship
ITR-3 For individuals and HUFs having income from a proprietary business or profession
ITR-4 (SUGAM) For presumptive income from Business & Profession
ITR-5 For Persons other than-
IV. Person Filling Form ITR-7
ITR-6 For Companies other than companies claiming exemption under section 11
ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
Needless to say, income tax returns filing is not an easy task. In fact, it can get quite complicated if one is not very careful. And the first step to ensure that you are successful in your ITR filing attempt, the use of the correct form is a must. In case of confusion, one should always look for help and guidance rather than dash into the unknown blindly. Doing a bad job of it can backfire.
By Taranpreet Singh & Rohit Grover
(The authors are senior tax professionals with TASS Advisors LLP. The views expressed are personal).