Studyhatch Forum -Income Tax

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What are the forms of return prescribed under the Income-tax Law? ????
Solution

i) ITR - 1 Also known as SAHAJ 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). ii) ITR 2A It is applicable to an individual or HUF whose total income for the assessment year 2016-17 does not include income from business or profession, capital gains. Further, an individual or HUF claiming foreign tax credit or having any asset (including financial interest in any entity) located outside India or having any signing authority in any account located outside India or having income from any source outside India cannot use this form for filing of return of income. iii) 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 where income chargeable to tax 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. iv) ITR - 4S Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/44AE.? v) ITR - 4 It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession. vi) ITR - 5 This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.) vi) ITR - 6 It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust). vii) ITR - 7 It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund, etc.). viii) ?ITR - V It is the acknowledgement of filing the return of income.

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