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INCOME TAX RETURN

INCOME TAX: This is the tax on an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India).

Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money.

For simpler classification, the Income Tax Department breaks down income into Five Heads:

  • Income from Salary: Income from salary and pension are covered under here
  • Income from House Property: This is rental income mostly
  • Income from Business and Profession: This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers
  • Income from Capital Gains: Income from sale of a capital asset such as mutual funds, shares, house property
  • Income from Other Sources: Income from savings bank account interest, fixed deposits, winning KBC

ITR-1: Income from Salary/ Loss rom House Property/ Income from Other Sources

ITR-2: Income from Salary/ Income from House Property/ Income from Other Sources/ Partners Remuneration

ITR-3: Income from Salary/ Income from House Property/ Income from Other Sources/ Partners Remuneration/ Income from Business/ Income from Agriculture/ Income form Capital Gain
Note: When Books of Accounts are Maintained

ITR-4: Income from Salary/ Income from House Property/ Income from Other Sources/ Income from Agriculture <5000/-
Note: When Books of Accounts not Maintained

ITR-5: Partnership Firm

ITR-6: Company/ AOA/ Society/BOI/BOA/LLP