Every person who is earning income which are exceeding minimum threshold limit is liable to pay income tax to government however for certain class of taxpayer there is no limit and they are liable to pay tax on whatever the income earned during financial year. Income Tax Department has prescribed various forms that have to be filed by taxpayer to file their income tax return.
Income tax return is a reporting format to be filed by every tax payer in which he have to provide required information to the government including income, assets liability and tax payment details.
- ITR 1
This Income tax return filing is for individuals (other than Director and Non Resident) whose income from Salary, Pension, House Property, or Other Sources does not exceed from INR 50 Lakhs. i.e. if an individual have income from business he cannot file ITR 1
- ITR 2
This income tax return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources. The difference between ITR 1 and 2 is, ITR 2 can be HUF also, Individual having capital gain, an Individual have income exceed 50 Lakh.
- ITR 3
This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).
- ITR 4
This income tax return is for Individuals or HUF who have income from profit and gains of business or profession (PGBP) but have opted for presumptive taxation income scheme
- ITR 5
This income tax return is for Partnership Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP)
- ITR 6
This income tax return is for all companies other than companies claiming exemption under section 11
- ITR 7: This income tax return is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)
|An individual or Firm who are not liable for audit||31st July of assessment year i.e. next to the year in which income earned|
|Company or other person who are liable for audit||30th September of assessment year|
|Taxpayer who are liable for transfer pricing report||30th November of assessment year|
However CBDT has extended the due date for all the income tax returns to 30th November 2020 for AY 2020-21