{"id":6429,"date":"2020-04-09T15:14:01","date_gmt":"2020-04-09T09:44:01","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=6429"},"modified":"2024-12-27T17:21:35","modified_gmt":"2024-12-27T11:51:35","slug":"types-of-itr-income-tax-returns-online","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/","title":{"rendered":"Types of ITR (Income Tax Returns)"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In the growing world of digitalisation and\ninterlinking of data from various sources, the government is keeping a keen eye\non the undisclosed income. The need to disclose the income which one earns is\nincreasing day by day. Income tax return form is medium through which an\nindividual or any other registered entity is allowed to declare his income.\nThere are different types of ITR [Income Tax Returns] forms which are available\nfor any registered entity to file. One can choose the Income tax return form\naccording to its own nature and nature of income earned. An income earned in a\nparticular year is put to tax in the next year under normal circumstances. For\nexample, an income earned in the financial year 19-20 will be going to be\nassessed in the next financial year. <strong>So\nassessment year for a particular financial year is always the one succeeding\nit. Like financial year 01.04.2019-31.03.2020 has its assessment year 01.4.2020-31.03.2021(A.Y\n20-21). We call it an assessment year for the simple reason because income is\nassessed in this year.<\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#Knowledge_Dashboard_Includes\" >Knowledge Dashboard\nIncludes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#Meaning_of_an_ITR_and_who_is_required_to_file_an_ITR\" >Meaning of an ITR and who is required to file an ITR?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#What_are_the_benefits_of_filing_an_ITR\" >What are the benefits of filing an ITR?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#How_many_types_of_ITR_Income_Tax_Returns_are_there\" >How many types of ITR [Income Tax Returns] are there?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#Whether_it_is_mandatory_to_file_ITR_for_every_person\" >Whether it is mandatory to file ITR for every person?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#What_are_the_basic_requirements_for_filing_an_Income_Tax_Return\" >What are the basic requirements for filing an Income Tax Return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/types-of-itr-income-tax-returns-online\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Knowledge_Dashboard_Includes\"><\/span>Knowledge Dashboard\nIncludes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>Meaning of an ITR and who is required to file an ITR?<\/li>\n\n\n\n<li>What are the benefits of Filing an ITR?<\/li>\n\n\n\n<li>Types of ITR <\/li>\n\n\n\n<li>Whether it mandatory to file an ITR <\/li>\n\n\n\n<li>What are the basic documents required for filing ITR?<\/li>\n\n\n\n<li>Manner of filing return<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_an_ITR_and_who_is_required_to_file_an_ITR\"><\/span>Meaning of an ITR and who is required to file an ITR?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As explained above, it a <strong>type of document<\/strong> having particulars like Name and address of the person,\nnature of business or profession, <strong>nature\nof its income<\/strong>, and other details, which makes it complete and comprehensive\nfor the purpose of declaration of income. Any person who has earned any income\nshould file suitable types of ITR [Income Tax Returns] form according to his\nnature of income. Any person who is earning more than amount, which is not\nchargeable to tax as per slab is required to furnish his Income Tax Return. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_filing_an_ITR\"><\/span>What are the benefits of filing an ITR?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There can be many benefits of <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong><em>filing and Income Tax Return <\/em><\/strong><\/a>out of which major ones are mentioned below:<\/p>\n\n\n\n<ul>\n<li>It helps maintain transparency by disclosure of income. <\/li>\n\n\n\n<li>It is of huge importance if someone wants to take a loan.<\/li>\n\n\n\n<li>It acts as a tool in calculating net worth of a person.<\/li>\n\n\n\n<li>It helps to get refund of tax paid from the government.<\/li>\n\n\n\n<li>These days, it acts as one of the most important tools in getting a credit card.<\/li>\n<\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/online-income-tax-return-filing-without-form-16\/\">Income Tax Return Filing without Form 16<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_many_types_of_ITR_Income_Tax_Returns_are_there\"><\/span>How many types of ITR [Income Tax Returns] are there?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"mt-3 mb-3 embed-responsive embed-responsive-16by9\"><iframe class=\"embed-responsive-item\" src=\"https:\/\/www.youtube.com\/embed\/Wat_bZsK1zo\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<p>There are various types of ITR [Income Tax Returns]\nwhich are categorized on the basis of nature of person and nature of income\nwhich a person earns <\/p>\n\n\n\n<p>In all, there are 7 types of ITR [Income Tax Returns]\nforms that any registered person under Income Tax can prepare and file to the\nIncome Tax Department. Each form has its own set of requirements on the basis\nof which a person can choose his type of Income tax return form.&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ITR-1 <\/h3>\n\n\n\n<p><strong>Applicability:<\/strong><\/p>\n\n\n\n<ul>\n<li>Individual\nAssessee: Individual holding PAN and Aadhar who is a resident and not\nordinarily resident having an income up to 50 Lacs<\/li>\n\n\n\n<li>Nature\nof Income: From Salary or pension, from single house property and from other\nsources like interest income.<\/li>\n<\/ul>\n\n\n\n<p><strong>Non\nApplicability<\/strong>:<\/p>\n\n\n\n<ul>\n<li>Individual\nAssesse :<\/li>\n\n\n\n<li>Being a director of company<\/li>\n\n\n\n<li>Was a holder of unlisted shares anytime during the\nprevious year<\/li>\n\n\n\n<li>Is having any asset which is located outside India<\/li>\n\n\n\n<li>Is having any signing authority in any account which\nis located outside India<\/li>\n\n\n\n<li>Is having income from a source outside India<\/li>\n\n\n\n<li>Nature\nof Income :<\/li>\n\n\n\n<li>Income from business or profession<\/li>\n\n\n\n<li>Income from capital gains<\/li>\n\n\n\n<li>Income generated from more than one house property<\/li>\n\n\n\n<li>Income from lottery or from any activity of owning and\nmaintaining race horses.<\/li>\n\n\n\n<li>Any income which is taxable at a special rate under\n115BBDA or 115BBE<\/li>\n\n\n\n<li>Agriculture income in excess of Rs 5000.<\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong>\nAnyone having brought forward losses from house property or relief under\nsection 90 \/91 cannot use ITR form 1.<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">ITR 2<\/h3>\n\n\n\n<p><strong>Applicability\n<\/strong><\/p>\n\n\n\n<ul>\n<li>Individual\nholding PAN and Aadhar and earning every nature of income mentioned in ITR 1\nexceeding Rs 50L.<\/li>\n\n\n\n<li>Also,\nDirector of a company and any person holding any unlisted shares of a company\nare allowed to use this form<\/li>\n\n\n\n<li>Income\nfrom foreign, from more than one house property and capital gain are covered\nhere.<\/li>\n<\/ul>\n\n\n\n<p><strong>Non\nApplicability<\/strong><\/p>\n\n\n\n<ul>\n<li>Individual\nearning income from business or profession shall not use ITR from 2.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">ITR 3<\/h3>\n\n\n\n<p><strong>Applicability<\/strong><\/p>\n\n\n\n<ul>\n<li>Every\nIndividual or HUF who is generating income from business or profession shall\nuse this ITR form.<\/li>\n\n\n\n<li>Also,\nIndividual who is not eligible to file ITR Form 1, ITR form 2, and ITR form 4\nshall file this form.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">ITR 4<\/h3>\n\n\n\n<p><strong>Applicability<\/strong><\/p>\n\n\n\n<ul>\n<li>Individual,\nHUF, Partnership excluding Partnerships who have generated income up to 50\nlakh.<\/li>\n\n\n\n<li>Income\nincluded in ITR 1<\/li>\n\n\n\n<li>Income\nearned on presumptive basis under section 44AD, 44AE,44ADA.<\/li>\n<\/ul>\n\n\n\n<p><strong>Non Applicability:<\/strong><\/p>\n\n\n\n<p>If person covered:<\/p>\n\n\n\n<ul>\n<li>Being\na director of company<\/li>\n\n\n\n<li>Was\na holder of unlisted shares anytime during the previous year<\/li>\n\n\n\n<li>Is\nhaving any asset which is located outside India<\/li>\n\n\n\n<li>Is\nhaving any signing authority in any account which is located outside India<\/li>\n\n\n\n<li>Is\nhaving income from a source outside India<\/li>\n\n\n\n<li>Is\nhaving income from brokerage, commission, etc. <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">ITR 5<\/h3>\n\n\n\n<p><strong>Applicability<\/strong><\/p>\n\n\n\n<p>This ITR can be used by the below-mentioned persons<\/p>\n\n\n\n<ul>\n<li>Firm,\nLLP, Partnership<\/li>\n\n\n\n<li>AOP\/BOI<\/li>\n\n\n\n<li>Artificial\nJudicial Person<\/li>\n\n\n\n<li>Local\nAuthority<\/li>\n\n\n\n<li>Society<\/li>\n\n\n\n<li>Trust\nnot covered under ITR 7<\/li>\n\n\n\n<li>Business\ntrust covered under section 139(4E)<\/li>\n\n\n\n<li>Investment\nfunds covered under section 139(4F)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">ITR 6<\/h3>\n\n\n\n<p><strong>Applicability<\/strong><\/p>\n\n\n\n<p>Every company that is not claiming exemption <strong><em>under section 11 of the Income Tax Act<\/em><\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/Pages\/i-am\/trust.aspx?k=Exemptions\"><strong><em>[1]<\/em><\/strong><\/a><\/sup> shall use this ITR form for the purpose of disclosing income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ITR 7<\/h3>\n\n\n\n<p><strong>Applicability<\/strong><\/p>\n\n\n\n<ul>\n<li>Every\nperson, including companies who are required to file return under section\n139(4A),139(4B),139(4C),139(4D), shall use this ITR form.<\/li>\n\n\n\n<li>The\npersons who have been given unconditional exemption under various clauses of\nsection 10 who are not mandatorily required to furnish their return may use\nthis form.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whether_it_is_mandatory_to_file_ITR_for_every_person\"><\/span>Whether it is mandatory to file ITR for every person?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>Any\nIndividual having income above the maximum amount not chargeable to tax as per\nslab is required to file an Income Tax Return. <\/li>\n\n\n\n<li>Companies,\nfirms, and LLP doing business are also required to file appropriate types of ITR.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_basic_requirements_for_filing_an_Income_Tax_Return\"><\/span>What are the basic requirements for filing an Income Tax Return?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>PAN\n<\/li>\n\n\n\n<li>Aadhar<\/li>\n\n\n\n<li>Bank\nStatements<\/li>\n\n\n\n<li>Bank\nPassbook<\/li>\n\n\n\n<li>Digital\nSignature<\/li>\n\n\n\n<li>Income\nTax log in account<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Manner of filing an ITR<\/h3>\n\n\n\n<ul>\n<li>For\nthe purpose of filing an ITR, one needs to have an Income Tax Log in account at\nfirst<\/li>\n\n\n\n<li>Once\nthe login account is made, Income Tax forms are required to be downloaded from\nthe official Income Tax Website of the government.<\/li>\n\n\n\n<li>Income\nTax Forms need to be appropriately and filled and then Uploaded.<\/li>\n\n\n\n<li>These days, <strong><a href=\"https:\/\/corpbiz.io\/dsc-registration\" title=\"DSC Registration\">Digital Signature Certificate<\/a><\/strong> has become a necessary requirement for the purpose of filing an ITR.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the ever-changing Information Technology word, which is moving more and more towards automation, it is the need of the hour that every person should file their types of ITR [Income Tax Return] and contribute to the development of the country. It is the taxpayer&#8217;s money that is being used for various development projects across the country. Since ITR filing has become fully online now, it is advisable to go through all the necessary instruction which is available just a click away and file ITR within due date and become a partner in nation-building. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/online-income-tax-slab-and-rate-for-financial-year-2020-21\/\">Income Tax Slab and Rate for financial year 2020-21<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the growing world of digitalisation and interlinking of data from various sources, the government is keeping a keen eye on the undisclosed income. The need to disclose the income which one earns is increasing day by day. Income tax return form is medium through which an individual or any other registered entity is allowed [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":6431,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,152],"tags":[472],"acf":{"service_id":"78"},"authorName":"Siddharth Gambhir","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/sid.jpg","authorDescription":"Mr. Siddharth Gambhir is a Chartered Accountant by profession and also holding post-graduate degree in Finance and Taxation. He is an Advisory consultant at Corpbiz with experience in Taxation and Auditing.Holding experience in Taxation and Auditing, he holds keen interest in writing new content by updating himself with the latest changes.","postViews":7931,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6429"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=6429"}],"version-history":[{"count":17,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6429\/revisions"}],"predecessor-version":[{"id":68081,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6429\/revisions\/68081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/6431"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=6429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=6429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=6429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}