Income Tax Return
A form of Tax paid directly by the Individual or Organization to the Government or the imposing entity. It is imposed on the income or profits of the person, rather than on goods and services. Income Tax, Corporate Tax, Property Tax, etc. are types of Direct Tax.
Income Tax is paid by an individual based on the taxable income of the person or entity. It is mandatory for Individuals, HUFs, Proprietorships, Partnership Firms, Corporates, Trusts, LLPs, AOP, BOI to file income tax return on yearly basis, if their income exceeds basic exemption limit. ITR is filed according to slab rates as mentioned in the Act.
Income Tax Returns (ITR) can be submitted online or manually. ITR filing doesn’t require any proof to be annexed along with the Return, however the documents related to the information provided in the ITR must be retained by the Taxpayer as the same can be asked for by the Department/ authority during assessment, etc.
Busibells will assist you file your Income Tax Return on timely basis, and in a hassle free manner.
Types of ITR
Types of Income Tax Return
ITR 1 : For Individuals having Income< Rs.50 lakh
Income from Salary/ Pension, Single House Property, Other Sources/ Exempt income (Interest,
ITR 2 : For Individuals or HUFs having Income other than proprietorship business or profession
Everything from ITR 1 > Rs.50 lakh, plus
Capital Gain income, Partner in the firm, Foreign Income, Having Agriculture Income> Rs. 5000
ITR 3 : For individuals and HUFs having income from a proprietary business or profession
Everything from ITR 2
Business/ Profession, Presumptive Business Income (Annual Turnover > 2 Crores)
ITR 4 : For presumptive income from Business & Profession
44AD : small taxpayers having turnover or gross receipts less than Rs. 2 Crores
44ADA: engaged in professions like Medical, Legal, Accountancy, etc
44AE : Business of plying, hiring or leasing of goods carriage
ITR 5 : For persons like Firms, LLP, AOP, BOI
ITR 6 : For Companies other than companies claiming exemption under section 11 (Trusts)
ITR 7 : For persons including companies required to furnish return under sections
139(4A) : Trust, or other legal obligations involved in Charitable or Religious Purpose; or
139(4B) : Political Party; or
139(4C) : Scientific Research Association, News Agency, Association u/s 10 (23A), u/s 10 (23B),
fund or institution or university or other educational institution or hospital/ medical
139(4D) : university/ college/ institutions not covered under other provisions of this section; or
Process to File ITR
Step 1: Login to Income Tax Department website.
- New users- PAN Card, mobile no., email id is required.
- For existing users- Login Id and Password is required.
Step 2 : Prepare Return using offline/ online utilities upon choosing the type of form.
Step 3 : Upload the XML file if opted for offline mode, for those preparing return online can submit the
return at the same time.
Step 4 : E-verify the return using Aadhaar OTP/ EVC (PAN- Aadhaar linking is a must), or send the ITR
Acknowledgment to CPC Bangalore (address mentioned in the acknowledgment itself).
In four simple steps you can file the return.
Package Deals on Offering
- Income Tax Return for a year for Salaried & Income from House Property & Income from Other Sources
- Income Tax Return for Income from Salary, House Property & Capital Gains, Income from Other Sources
- Income Tax Return for Income from Business or profession, House Property or Income under head Capital Gains