Income Tax Return

Income Tax Return Is The Form In Which An Assessee Files Information About His Income And Tax Thereon To Income Tax Department. Various Forms Are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 And ITR 7.When You File A Belated Return, You Are Not Allowed To Carry Forward Certain Losses. The Income Tax Act, 1961, And The Income Tax Rules, 1962, Obligates Citizens To File Returns With The Income Tax Department At The End Of Every Financial Year.

These Returns Should Be Filed Before The Specified Due Date. Every Income Tax Return Form Is Applicable To A Certain Section Of The Assessees. Only Those Forms Which Are Filed By The Eligible Assessees Are Processed By The Income Tax Department Of India. It Is Therefore Imperative To Know Which Particular Form Is Appropriate In Each Case. Income Tax Return Forms Vary Depending On The Criteria Of The Source Of Income Of The Assessee And The Category Of The Assessee.

ITR-1

This Return Form is to be used by an individual whose total income for the assessment year 2019-20 includes:-

Income from Salary/ Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

ITR-2A

This tax return form has been discontinued in FY 2016-17.If you have filed ITR 2A in FY 2015-16, then you should file ITR 2 now for FY 2019-20.

ITR-2

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2019-20 includes:-

Income from Salary/ Pension
Income from House Property
Income from Capital Gains
Income from Other Sources
Income of a person as a partner in the firm

ITR-3

The old ITR-4 tax form has been renamed ITR-3. If you’ve e-filed an ITR-3 for FY 2019-20, then you must file an ITR-2 now.The Current ITR3 Form is to be used by an individual or an Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 :

Carrying on a business or profession
Return may include income from House property,Salary/Pension and Income from other sources

ITR-4 S

This tax return form has been discontinued in FY 2019-20.If you have filed ITR 4S in FY 2019-20, then you should file ITR 4 now for FY 2019-20.

ITR-4

The old ITR-4S tax form has been renamed ITR-4. If you’ve e-filed an ITR-4 for FY 2015-16, then you must file an ITR-3 now. The current ITR 4 is applicable to individuals and HUFs having income from a business or profession and who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crores, the tax payer will have to file ITR-3.

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes). This return has to be filed electronically only.