What is Income Tax & How to File Income Tax Return?
- Blog|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 1 March, 2022
Latest from Taxmann
Income Tax:
Income-tax is a tax levied and collected by the Central Government on income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government. The provisions relating to the income-tax are governed by the Income-tax Act, 1961.
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What is an Income-Tax Return?
Income–tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources. For filing of income-tax return in respect of Financial Year 2016-17 (i.e., Assessment Year 2017-18), following forms have been prescribed:-
|
Form |
Applicability |
|
ITR-1 |
For Individuals having income from salary, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh |
|
ITR-2 |
For Individuals and HUFs not carrying out business or profession under any proprietorship |
|
ITR-3 |
For Individuals and HUFs having income from a proprietary business or profession |
|
ITR-4 |
For Individual, HUF or Firm opting for presumptive taxation scheme |
|
ITR-5 |
For Firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial juridical person, Private Discretionary Trust, Cooperative society, Registered societies, Local authority. However, a person who is required to file ITR-7 shall not use this form. |
|
ITR-6 |
For company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust) |
|
ITR-7 |
Persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) of the Income-tax Act, 1961 (i.e., trusts, political parties, institutions, colleges, investment fund, etc.). |
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