Thursday, 30 May 2013

Income Tax | Returns Filing - Step 1 : Selecting ITR Form

A Guide to Choosing the 'Correct' ITR Form for an Assessee.
  • This page helps to identify the right ITR form for an Assessee.
  • To choose the right ITR Form, first identify the 'Status of Assessee'.
  • If you are not able to Identify the correct 'Assessee Status', visit Know Your PAN page..
After Identifying the Status, Select the Form referring the table below:

Sr #
Status of Assessee
ITR Form(s)
1.
Individuals
ITR-1, ITR-2, ITR-3 or ITR-4
2.
Hindu Undivided Family
ITR-1, ITR-2, ITR-3 or ITR-4
3.
Firms
ITR-5
4.
Association of Person
ITR-5
5.
Body Of Individuals
ITR-5
6.
Company
ITR-6
7.
Trusts  
ITR-7

Now, you must be wondering why there are 4 ITR forms for Individuals and HUF. Visit "Why Four ITR Forms for Individuals / HUF?" Page for more details.

If you know your correct ITR form, then download the latest from the official site [here] and proceed to Step 2.

Thursday, 16 May 2013

Income Tax | Filing Returns - Why Four ITR Forms for Individuals / HUF?

The 4 forms are designed on a hierarchical order and the forms should be referred as below. The 'Assessee' with lower form relevance should not go for higher one.

Case #Income from Salaries and Interest under head
“Other Sources”
Any income
other than “Partnership”,
and/or
“Proprietorship”
Income from Partnership in businessIncome from Proprietorship businessITR Form
Case 1.  Yes X X X ITR - 1
Case 2. Yes / No Yes X X  ITR - 2 
Case 3. Yes / No Yes / No Yes X  ITR - 3 
Case 4. Yes / No Yes / No Yes / No Yes  ITR - 4 


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