Income Tax Return (ITR) forms not only seeks information of the taxpayers as to income and tax but also seeks various other information and data. With an objective to control tax evasion & widening the tax base, new income tax return forms are notified every year with additional reporting requirements. It is expected that an automated scrutiny system will be enforced for data analysis & comparison of the same with other agencies. It’s time to know the correct return forms and the changes therein:
ITR FormsApplicable to
a. This is the simplest form of Income Tax return which for Resident Individual/HUF having income only from salary, One House Property, income under the head “Income from other sources” can file the return in ITR-1 provided that
1. Total income doesn’t exceed Rs. 50 Lakh.
2. Such a person is not a director or shareholder in an unlisted company
3. Agricultural income don’t exceed Rs. 5,000/-
4. Dividend income does not exceed Rs. 10 Lakh
5. No income is taxable u/s 115BBE
6. Such a person has signing authority or assets located outside India
7. No relief u/s 90 or 90A.
b. Individual/HUF having no business/professional income.
c. Individual/HUF having business & professional income.
d. Individual/HUF having business & professional income and opting for the presumptive scheme of taxation U/s 44AD, 44ADA or 44AE. This form cannot be used if individuals is a director in a company or have invested in equity shares of an unlisted company.
e. Firm, LLP, AOP, BOI, artificial juridical person, cooperative society or local authority. (A person who is required to file return in ITR 7 shall not use this form).
f. The company, other than a company claiming exemption u/s 11
g. Persons (including companies) who are required to furnish return u/s 139(4A), 139(4B), 139(4C) or 139(4D) (i.e., trusts, political parties, institutions, colleges, etc.)
Here is a compilation of few of the changes in current ITR forms vis-a-vis last year’s ITR forms:
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