What are the forms of return prescribed under the Income-tax Law?
by splan startup adviser / Monday, 24 August 2015 / Published in What are the forms of return prescribed under the Income-tax Law?
Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2014-15 (i.e., financial year 2013-14) are as follows (*):
|Return Form|| Brief Description|
|ITR – 1||Also known as SAHAJ. It is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).|
|ITR – 2||It is applicable to an individual or a Hindu Undivided Family having income from any source other than “Profits and gains of business or profession”.|
|ITR – 3||It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.|
|ITR – 4S||Also known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.|
|ITR – 4||It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.|
|ITR – 5||It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)|
|ITR – 6||It is applicable to a company, other than a company claiming exemption under section 11(charitable/religious trust can claim exemption under section 11).|
|ITR – 7||It is applicable to a persons including companies who are required to furnish return under section 139(4A) or139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).|
|ITR – V||It is the acknowledgement of filing of return of income.|
(*) The aforesaid table gives only a brief overview of the return forms and is not an exhaustive discussion. For more provisions of applicability/non-applicability of the ITR Forms, the readers should go through the discussion on each ITR Form covered in later part.