INSUBCONTINENT EXCLUSIVE:
Income tax return form: The Income Tax Department provides eight forms for filing and verification of ITRThe Income Tax Department has
prescribed eight different forms for assessees to file and verify their income tax return
For filing of income tax return, the Income Tax Department has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR
ITR forms for assessment year 2018-19)Who can use Form ITR 1Also known as 'Sajah', the form ITR 1 is meant for resident individuals with
I-T department.Form ITR-1 or Sahaj is largely used by the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house
meant for the individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of a business or profession
The form is meant for an individual or an HUF "who is not eligible to file Sahaj (ITR-1) and who is not having any income under the head
'Profits or gains of business or profession'," according to the Income Tax Department website
use Form ITR 3Also known as ITR 3, this form is meant for individuals and HUFs having income from profits and gains of business or
the Income Tax Department.Who can use ITR 4Also known as 'Sugam', form ITR 4 is meant for those with presumptive income from a business or
Income Tax Act, income from a profession where it is computed in accordance with special provisions referred to in Section 44ADA of the
Income Tax Act and income from salary or pension.Who can use ITR 5This form can be used by entities such as firm, limited liability
partnership (LLP), association of persons (AOP), body of individuals (BOI), artificial juridical person and cooperative society and
registered societies.Who can use ITR 6This form is meant for the companies other than those claiming exemption under Section 11 of the
form is meant for assessees including companies required to furnish return under Sections 139 (4A), 139 (4B), 139 (4C), 139 (4D), 139 (4E)
or 139 (4F), according to the I-T department
These include trusts, political parties, institutions, colleges and investment funds.When to use ITR-VThis is used for acknowledgement of
Traditionally, income tax assessees used to get their ITR submission verified by way of sending a signed ITR-V form to the Centralized
Processing Centre (CPC), Bengaluru
Other than that, the taxman supports other ways such as net banking, ATM and Aadhaar to verify an ITR once it is submitted.
