Income tax return filing

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Income Tax Return
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Who can file ITR -1?

• ITR1 Form is to be used by an Individual having
  income from following sources Income from
  Salary/ Pension Income from One House Property
  (not being brought forward losses from previous
  years) Income from Other Sources (not being
  income from lottery or race horses) Moreover, in
  case any income of spouse, minor child, etc. gets
  clubbed with the income of the assessee, then
  ITR1 can be used only if the clubbed income
  falls into the above income source.

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•  Who cannot use the ITR1 Form? ITR1 Form should
  not be used by an Individual if his total income
  consists of Income from more than one house
  property Income from Winnings from lottery or
  income from Race horses Income ( not exempt from
  tax) under Capital Gains Income exceeding Rs.
  5,000 from agricultural business Income from
  Business or Profession Income from stock
  equity mutual funds Losses which has to be
  carried forward Person claiming relief of
  foreign tax paid under section 90, 90A or 91 An
  individual who is a resident having assets
  (including financial interest in any entity)
  located outside India or signing authority in any
  account located outside India.

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• Who can use? ITR 2 is used by an individual or a
  Hindu Undivided Family whose total income
  comprises following income
• 1. Income from Salary / Pension.
• 2. Income from House Property
• 3. Income from Capital Gains
• 4. Income from Other Sources (including income
  from Winning from Lottery and Race Horses).

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• Who cannot use the ITR-2? ITR 2 is not used by
  An Individual/ HUFs if his total income includes
  any income taxable under the head Profit or Gain
  from Business or Profession. In other words,
  business or professional income does not form the
  part of ITR-2. The person already using ITR-1
  Form. A Partnership Firm having exempt income by
  way of shares ( not earning any income by way of
  interest, salary, etc.).

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• ITR-4 Form is used by an Individual or HUF who is
  carrying out a proprietary business or profession
  and who are not filing Return under Presumptive
  Taxation Scheme. The following income can be
  included in ITR-4 form Income from
  Salary/Pension Income or Losses from House
  property Income from Business Profession Income
  or Losses from Capital gains Income or Losses
  from Other Sources Moreover, every Partnership
  firms, Individuals HUF having their tax audits
  mandatorily u/s 44AB is required to file their
  ITR-4 Electronically using digital signature.

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• Who can use the ITR-4S? ITR-4S Form is applicable
  on Individuals, HUFs small business taxpayers
  deriving income from -
• 1. Business income where Presumptive scheme
  under section 44AD 44AE of the Act is used for
  computation of business Income.
• 2. Salary/Pension.
• 3. One House Property.
• 4. Other Sources.

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• Who cannot use the ITR-4S? ITR-4S is not
  applicable if income is derived from More than
  one House Property Winning from lotteries/horse
  races Capital gains not exempt from tax
  Agricultural Business in excess of Rs. 5000
  Speculative Business Losses to be carried
  forward Return in ITR-4S cannot be filed by a
  person, who a) Is a resident Individual or a HUF
  (other than not ordinarily resident in India)
  deriving income as referred to in section 44AD or
  44AE, and has Any asset (including financial
  interest) located outside India Signing
  authority in any account located outside India
  b) Has claimed any relief of tax under section
  90, 90A or 91 c) Has income exceeding Rs. 5,000
  which is not chargeable to tax. In other words,
  if assessee claims exemption in respect of any
  income under sections 10, 10A, 10AA, etc.

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• Who can use ITR 5? The form can be used by a
  person being a Firm AOPs (Association of
  persons), BOIs (Body of individuals) Any other
  person Who cannot use ITR 5? The form should not
  be used by a person being an Individual HUFs
  Company And to those persons to whom ITR-7 is
  being applicable.

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• ITR-6 Form? ITR-6 can be used by a company,
  other than a company claiming exemption under
  section 11. ITR-7 Form ITR 7 Form can be used by
  persons including companies who are required to
  furnish return under -
• 1. Section 139(4A) Filing return by
  charitable/Religious trust.
• 2. Section 139(4B) Filing return by political
  party.
• 3. Section 139(4C) Filing return by certain
  Institutions.
• 4. Section 139(4D) Filing return by
  Scientific Research University

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THANK YOU!!