Income Tax

Income Tax

Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. 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 ).

It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies. ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.

Indians living abroad or Indians earning foreign income are also taxed differently based on their residential status and their income in India.

  • If you are a NRI, only your income earned or accrued in India is taxable.
  • If you are resident Indian for that financial year, then your global income is taxable.

26AS BEFORE FILLING THE RETURN

26AS is a consolidated statement showing the tax credit associated with our PAN. It shows how much tax has been received by government by way of TDS deposited by deductor (employer, bank) on our behalf, Advance tax deposited by us, self-assessment tax deposited etc.


It is important to match tax payments and TDS deducted with 26AS before filing your income tax return to get tax credit as we can take tax credit of only those items appearing in our 26AS.

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TYPES OF RETURN

Form Name

Brief

ITR-1

Otherwise known as SAHAJ, deals with income of an individual with salary or pension or income from one house property or other sources (not including lotteries or race horses)

ITR-2

Applicable for individuals or Hindu Undivided Families having any income other than ‘Profits and gains of business or profession’

ITR-3

Applicable for individuals or Hindu Undivided Families having income sources from ‘Profits and gains of business or profession’

ITR-4S

Known as SUGAM, it is applicable to individuals and HUFs opting for presumptive taxation scheme under Section 44AD/44AE

ITR-4

Applicable for an individual or a HUF carrying out a proprietary business or profession

ITR-5

For entities being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. This, however, does not include trusts, political parties, institutions, colleges or entities who are required to file the return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)

ITR-6

Applicable to companies other than the ones which claim a deduction under section 11

ITR-7

Applicable to all entities who should furnish a return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)

ITR-V

The acknowledgement form of filing a return of income

 

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Now you can file your Income Tax Return with the help of One point Compliance without any hassle.

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