Types of ITR forms AY 2020-21
Types of ITR
There are up to 7 types of Income Tax Return Forms, currently. We have divided them into 2 parts:
| ITR Forms for Individuals | ITR Forms for Non-Individuals |
| ITR – 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc. | ITR – 5 – Entities other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 |
| ITR – 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc. | ITR – 6 – All companies except those that claim tax exemption as per Section 11. |
| ITR – 3 – For individuals and HUF with income from profits of a business or profession. | ITR – 7 – Persons incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. |
| ITR – 4 (Sugam) – For Individuals, HUFs and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA or 44AE. |
Palankarta helps you in ITR Filing
- Experience Peace of Mind
- Fill in Simple Form Yourself
- E-file your returns directly. We guarantee the calculations are 100% accurate. Thousands of error checks are done as you go. And your tax return is double-checked before you file.
- We help you to start Filing
- The perks of using our free ITR-Filing service
- Easy To Operate
- Time Saving
- Best Experts
- Tax Saving
- Security
- 100% Accuracy
- Satisfaction
- Refund Tracking
Benefits of Filing Income Tax Returns
Following are the benefits of Income tax Return
- Helps in Processing of Loans and Visa
- Helps for Claiming Income Tax Refunds
- Necessary for Carry-forwarding the Losses
- Important in case of Compensation cases of Insurance
- Necessary for getting Term Plan Insurance
- Income Document for Self Employed
Procedure of Filing IT Returns?
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Frequently Asked Questions
FAQ
Income Tax
An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction.
By law, taxpayers must file an income tax return annually to determine their tax obligations.
Income taxes are a source of revenue for governments.
Anybody who is less than 60 years of age and has an annual income more than Rs2. 5 lakh has to file income tax returns, according to the Income Tax Act.
For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh.
Total Income is the income on which tax liability is determined.
It is necessary to compute total income to ascertain tax liability. For theis Deduction under Chapter VI-A will be claimed from from Gross Total Income (GTI)
Frequently Asked Questions
FAQ
ITR Filing
An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department.
If you are in the taxable bracket, you must file income tax returns (ITR).
In case you miss this deadline, you can still file your income tax returns but in that case, it may invite a penalty of up to Rs 10,000.
Besides this, a delay in filing of income tax returns also makes you liable to pay interest
ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)
For the salaried, Form 16 is a basic document used for filing their income tax returns (ITR).
Filing one’s ITR without Form 16 seems almost impossible for most salaried individuals.
Now, even if you don’t have Form 16, there are several documents you can use as reference to file your return.
It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income.
However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession
- Filing ITR avoids penalties
- ITR receipt is a very important document
- ITR receipt is a useful document for hassle-free processing of bank loans
- Visa processing
- Compensate losses in the next financial year
- Aadhar Card
- PAN Card
- Bank Details
- 4 Other Relevant Infoier