Income Tax

Return means statement. 

Income tax return means Statement of Income Tax. 

It is a document in which a person declares all his income earned throughout the year along with investments made. 

For declaring income, investments and tax thereon the Income Tax Department has provided with 7 types of ITR that can be filled. They are the following

• ITR 1 : For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).

• ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession

• ITR 3: For individuals and HUFs having income from profits and gains of business or profession

• ITR 4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

• ITR 5: For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing 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)

In this section, pieces of information are focussed only on individual who earns through salary or rent from house property or other minor sources like bank interest, etc. 

For people doing business should move to the Business tax filing section.