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charts and Level II pricing are just some of the reasons why many
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INCOME TAX RETURN FILING

ITR filing is the process by which a taxpayer has to file a report of his total income earned in a financial year.

Through Income Tax Department’s official portal, an individual can complete their filing of returns. It has been notified with seven various forms – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Income Tax Consulting
Income Tax Return
Tax & Compliance
Tax Plan
TDS Compliance
Refund Claiming

It is mandatory for one to file income tax returns in India, if he comes under any of the following conditions:

Individuals who fall within the respective tax slabs.
If it’s a Company or Firm, irrespective of the profit or loss made in a financial year.
If a tax refund needs to be claimed.
If a loss under a head of income needs to be carried forward.
If one is applying for a loan or a visa.
If being a resident of India, one has an asset or financial interest in any entity located outside India & one is a signing authority in a foreign account.
If an NRI derives any or all of his/her income through sources in India, that income is liable to be taxable in India.
If one receives income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not-for-profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.

ITR Form Name & Applicability

ITR-1 or Sahaj

The form must be used by individuals who make an annual income of less than Rs.50 lakh via pension or salary and from only one house property.

ITR-4 or Sugam

Individuals who are under the presumptive taxation scheme must use this form. In order for individuals to join the scheme, they must earn less than Rs.50 lakh from professional income or less than Rs.2 crore from business income.

ITR-2

The form must be used by shareholders of private companies, Directors of Companies, Non-Resident Indians (NRIs), or individuals who make an income via capital gains, from two or more house properties, and from foreign sources. However, the income of the individual must be more than Rs.50 lakh.

ITR-5

In order for association and body of individuals, Limited Liability Partnerships (LLPs), and partnership firms to report their income and tax computation, this form must be used.

ITR-6

Companies that are registered in India must use this form.