Filling your Tax Returns

Filling your Tax Returns

There is a common misconception among many taxpayers that if their tax has been deducted at source, they don’t need to file income tax returns. That’s not true. Whether you are a salaried employee, a consultant, a businessman or even a part time worker, if your income for the year exceeds the tax-free limit, you have to file your returns.
ITR1: Indian Tax Return for individuals having income form salary/ pension/ family pension & interest.
ITR2: Indian Tax Return for individuals and HUFs not having income from business or profession.
ITR3: for individuals/ HUFs being partnered in firms and not carrying out business or profession under any proprietorship.
ITRV: where the data of the return of income/ fringe benefits in form ITR-1, ITR-2, and trnsITR-3, ITR-4, ITR-5, and ITR-6 & ITR-8 transmitted electronically without digital signature.
Businessmen ITR-4: for individuals & HUFs having income from proprietary business or profession.

ITR-5: For firms, APOs and BOIs.
ITR-6: for companies other than companies claiming exemption under section 11
ITR 7: For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
ITR 8: Return for fringe benefits.