Who is Eligible to File an Income Tax Return?

• Individuals (Indian residents & NRI's) – Necessary for those whose income exceeds the prescribed limit.
• Sole Proprietors
• Companies
• LLP, Partnership Firms (The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, Income, profit, or loss.)
• Individuals earning Income from mutual funds, bonds, stocks, fixed deposits, Income from interest, house property, etc.
• Individuals obtaining Income from property under charitable trusts, religious trusts, or Income from voluntary contributions and those who want to claim tax refunds.
• Salaried persons whose gross Income before deductions under sections 80C to 80U exceeds the exemption limit.
• All individuals with foreign income and assets, NRI’s and technology professionals on onsite projects.

Types of ITR Forms

The types of ITR Forms are given below:

ITR 1 (Sahaj)

Individuals earning income from salary, single house property, agriculture, & Income from other sources. This form is to be filed by individual residents having total Income up to Rs. Fifty lakhs and agricultural Income up to Rs. 5,000.

Note: This is not applicable to an individual being director in a company, having invested in unlisted equity shares, or having foreign assets or foreign Income.

ITR 2

This form is for individuals and HUFs earning from any source other than PGBP (profits and gain of business or profession). It may be from capital gain, lottery, foreign assets, etc., while total Income should exceed Rs. 50 lacs. In the case of agriculture income, it should exceed Rs. 5,000. Also, it is filed by those who invested in unlisted equity shares during the financial year.

ITR 3

Individuals and HUFs have earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their Income as a partner in a firm.

ITR 4 (Sugam)

For Individuals, HUFs, and Firms (other than LLP), being a Resident has an entire Income of up to Rs.50 lakhs from business or Profession. It also covers those who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

Note

This applies to individual director in a company or who has invested in unlisted equity shares

ITR 5

ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), Bois (Body of Individuals) etc.

ITR 6

ITR 6 is filed by companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).

ITR 7

It is required to be filed by those falling under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) that can either be individual or a company.

What are the Benefits of Income Tax Return Filing? Following are the benefits of Income Tax Return Filling:

• It makes the taxpayer eligible for loan processing.
• It helps claim a TDS refund or any other tax paid in excess.
• Also, it allows carrying forward losses.
• It makes an individual a responsible citizen.
• Helps in avoiding penalty provisions.
• Considered as financial evidence for availing loan or visa.
• Helps the government to keep track of income of the taxpayer.

List of Documents required for Income Tax Return Filling: The following documents are required for Income Tax Return filling:

• Copy & PAN of Aadhaar
• Address details
• Bank Account details
• Additional disclosures regarding income from payroll & fixed deposits
• Data required for claiming deduction
• Data required regarding TDS return filing and advance tax payments
• Investment proof
• TDS certificate in Form 16
• Interest income certificate in Form 16A
• Form 26AS

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