Which Income Tax Return form to be submitted?
There are as many as 7 Income Tax Forms (ITRs) which are prescribed for different circumstances or situations. Mainly the following factors shall determine which Income Tax Form you will need to use.
1. Type of Person. There are 7 types of Persons under the Income Tax Act, 1961. i.e, Individual, HUF, Firm, Company, AOP/BOI, Local Authority and Other Artificial Juridical Person
2. Source of Income. There are 5 sources of Income under the Income Tax Act, 1961. i.e., Salary, Income from House Property, Business / Professional Income, Capital Gains and Income from Other Sources
3. Amount of Total Income that a person is reporting
4. Type of Business one is receiving income from. i.e., Income from Proprietary Business, Income from Partnership Firm or LLP
5. Type of assessment of Business / Professional Income, i.e., Presumptive basis, Regular basis
6. Are you claiming exemption u/s.11 of the Income Tax Act (normally such exemption is claimed by non for profit organisations who carries on charitable activities)?
7. Are you filing Income Tax Return u/s. 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F)? (These are special types of business like political parties, universities, mutual funds, investment funds, etc.
Based on the above factors, you must choose the prescribed form from the following table.
Feel free to email us on firstname.lastname@example.org, in case you find difficulties in selecting your own Income Tax Return form.