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Income Tax

Overview
Who should fill ITR
Documents Required
General FAQ

Who should fill ITR


  • Every individual has to file the return of income if his total income before any exemption or deduction exceeds Rs 2,50,000. (including income of any children or wife or any person whose source of income is legally assumed to be your income) 



Even if his income does not exceed  Rs 2,50,000, if he/she:


  • is holding beneficial ownership  or any asset (including any financial interest in any entity) located outside India.


  • Has signing authority in any account located outside India


  • Is a beneficiary of any asset (including any financial interest in any entity) located outside India.


  • If he deposits more than Rs. 1 crore in bank account


  • An Individual or HUF shall file his return of Income, even if income does not exceed Rs 2,50,000, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank.


  • If foreign travel expense is more than Rs. 2 lakh .


  • An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred more than Rs. 2 lakh on travel to a foreign country, either for himself or for any other person.


  • If electricity consumption is more than Rs. 1 lakh


  • An Individual or HUF shall file his return of Income, even if income does not exceed Rs 2,50,000, if he has incurred an expenditure exceeding Rs. 1 lakh on electricity consumption.

Overview

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. 

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