In order to make e-filing of Income Tax Return easy for the taxpayers the Income Tax Department has explained different categories of the ITR Forms like for self-employed professionals, businesses, salaried employees, freelance workers etc.
The taxpayers can sit comfortably at file their Income Tax Return on the Income Tax Department’s official website. The last date to file Income Tax Return is 31st July 2018 for the Financial Year 2017-18.
How to choose the correct Income tax return Form?
There are all in all 7 Income tax return Forms and they are used by following set of taxpayers: –
- ITR-1: – Income tax return-1 or Sahaj is an Income Tax Return Form that is used by individuals who have income from salary and interest, basically whose income is up to Rs.50 lakh per annum.
- ITR-2: – Individuals and Hindu Undivided Family or HUFs who do not have income from business or profession are required to file this Income tax return Form.
- ITR-3: – This Income Tax Return Form is filed by the individuals or HUFs being partners in firms and not carrying out business or profession under any proprietorship.
- ITR-4: – Income tax return 4 is filed by individuals and HUFs having income from a proprietary business or profession.
- ITR-5: – Firms, Association of Person or AOPs, Body Of Individuals or BOIs and Limited Liability Partnership or LLPs are required to file this Income Tax Return Form.
- ITR-6: – Companies other than companies claiming exemption under section 11, are required to file this Income Tax Return Form.
- ITR-7: – Persons including companies required to furnish return under section 139[4A] or section 139[4B] or section 139[4C] or section 139[4D] are required to file this Income Tax Return Form.
While filing your Income Tax Return a salaried taxpayer requires Form 16. Form 16 is a TDS Certificate that is provided to the taxpayer by his/her employer. It is a certificate which validates that, the employee’s TDS has been deducted and deposited by the employer to the Income Tax Department on behalf of the employee.