INSUBCONTINENT EXCLUSIVE:
As the last date to file income tax returns (ITR) looms closer, the income tax payers are often urged by their chartered accountants and
acquaintances to file their income tax returns (ITR) way before July 31 and not to wait till the eleventh hour
In case you have the form number 16 in your possession already, and have already paid your tax liabilities, then filing the income tax
return (ITR) remains mere a formality
In such a case, filing of income tax return (ITR) online can be done quite conveniently on the income tax department's website:
incometaxindiaefiling.gov.in
It is pertinent to note that the portal is quite user-friendly and enables you to calculate as many as 30 components of income tax/
exemptions on its income tax calculator.Before one files the income tax return (ITR), one must be apprised of the seven different income tax
forms that have already been uploaded by the department of income tax
To cut down on your tax outgo, you can also make some investments which include equity-linked savings scheme (ELSS), National Pension System
However, one must remember that these savings will help you save on income tax in the 2018-19 financial year while you are set to file your
income tax return (ITR) for the 2018-19 financial year.The seven income tax forms and their benefits are as follows:ITR-1 (Sahaj): This is
meant for individuals who are residents and who have income from salaries, with one house property and some other sources of income
The individuals may have a total income of upto Rs 50 lakh
For instance, Miss X working as an engineer in an IT firm and also has income from investments in mutual investments, fixed deposits should
file her income tax return via form ITR-1.This form can be filed online as well as offline
The form number 1 is also known as Sahaj.ITR-2: This form is meant for the individuals who are not carrying out business or profession under
The individuals who are not getting salaried income but have other sources such as income from abroad or as a partner in a firm are meant to
file their income tax returns (ITR) through ITR form number 2
This form is only in the offline format.ITR-3: The income tax form number 3 is also very common just as Sahaj
This is supposed to be used for filing of income tax return when the tax payer has income from a business or profession
Any small scale businessperson or a professional such as a doctor or architect or a lawyer must use form number 3 for filing of income tax
The form number 3 is also in the offline format and not in the online format, says income tax department's website:
incometaxindiaefiling.gov.in.ITR-4: When the tax payer has a presumptive income from business and profession, s/he is supposed to file
income tax return under the form number 4
The form is available in online as well as offline format, just as Sahaj.This form is meant for the businesspersons and professionals who
are too small to maintain books of accounts and get them audited
There are three income tax provisions under which presumptive income provision can be availed by the professionals.The first one is section
44AD: For businesspersons who are not meant to maintain accounts or to get them audited.Section 44ADA is meant for the professionals
The professionals who can use the form include legal, medical, engineering or architectural, accountancy, technical consultancy, interior
decoration and any other profession as notified by CBDTSection 44AE is meant for the small businesspersons engaged in the business of
hiring, plying and leasing of goods carriages, informs the tax department's website.ITR-5: This is meant for persons other than
individuals, HUF (Hindu undivided family), company and person filing form ITR-7
These include firms, association of firms and body of individuals
This form can only be filed offline only.ITR-6: The ITR's form number 6 is meant only for the companies claiming exemption under section
The section 11 gives exemption to charitable trusts.Just as form number 5, it can only be filed in the offline mode.ITR-7: The form number 7
is supposed to be filed only by the persons including companies that are required to furnish return under sections 139 (4A), or 139 (4B), or
139 (4C), or 139 (4D), or 139 (4E) or 139(4F)
The persons who are supposed to file income tax returns under the above mentioned sections include trusts, political party, scientific
research association, university, college, news agency
Just as form number 5 and form number 6, the ITR form number 7 can also be filed only in the offline mode.
