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Filing of Return of Income

Filing of Return of Income

Any person earning income in India is required to the filing of return of income in the prescribed income tax return form wherein the details such as income earned during the year, expenses, tax deductions, etc. are required to be reported. The return of income in the prescribed forms are required to be filed electronically on the website of the income-tax department. 

Non-filing of return of income may invite not only monetary penalty but also prosecution. Therefore, it is imperative that every taxpayer in India should file their return of income.

The various forms available for filing of return of income for various taxpayers are as under:

ITR Form Number

Description

ITR -1

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

ITR – 2

For Individuals and HUFs not having income from profits and gains of business or profession

ITR - 3

For individuals and HUFs having income from profits and gains of business or profession

ITR – 4

For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

ITR – 5

For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

ITR – 6

For Companies other than companies claiming exemption under section 11

ITR – 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

 

Our team of professionals assists taxpayers to compute the final tax liability and report their income in the right ITR form. 

How ASC helps?

  • Analyzing the residential status of the person in India on the basis of physical presence in India and based on the residential status, compute total income under various heads of income and determination of final tax liability;
  • Assistance in relation to selecting the ITR Form for filing return of income;
  • Assistance in claiming foreign tax credit;
  • Advisory in relation to the admissibility of various claims made in the return of income;
  •  Advisory in relation to various details including assets and liabilities outside India;
  • Ensuring that all items required to be reported in the ITR have been reported.
     
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