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income tax return filing

The taxpayer has to communicate the details of his taxable income/loss to the Income-tax Department. These details are communicated to the Income-tax Department in the form of return of income. In this part you can gain knowledge about various provisions and procedure relating to furnishing (i.e. filing) the return of income. The provisions discussed in this part are applicable for furnishing the return of income for the assessment year 2020-21, i.e., financial year 2019-20.

Forms of return prescribed under the Income-tax Law:-

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Under the Income-tax Law, different forms of return of income are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income-tax Return Forms).

The following table gives a brief overview of the return forms and is not an exhaustive discussion on the return forms. For more provisions of applicability/non-applicability of the ITR Forms, the readers should go through the discussion on each ITR Form covered in this topic in later part.

Return Form

Brief Description

ITR – 1 Also known as SAHAJ is applicable to a ordinarily Resident individual having salary or pension income or income from one house property (not a case of brought forward loss or loss to be carried forward) or income from other sources (not being lottery winnings and income from race horses and in come chargeable to tax at special rates). However, an individual who is a director in a company or has held equity shares of an unlisted company shall not be eligible to use ITR -1.
ITR – 2 It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”.
ITR – 3 It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession
ITR – 4 Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/44ADA/44AE. 
ITR – 5 This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society, local authority Private Discretionary Trust, Society registered under Society Registration Act, 1860, trust other than trusts eligible to file ITR 7, estate of deceased person, estate of an insolvent, business trust and investment fund. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges.)
ITR – 6 It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR – 7 It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges.).
ITR – V

It is the acknowledgement of filing the return of income.

 

Modes of filing the return of income:-

Return Forms can be filed with the Income-tax Department in any of the following ways, –

    1.  by furnishing the return in a paper form;
    2.  by furnishing the return electronically under digital signature;
    3.  by transmitting the data in the return electronically under electronic verification code;
    4.  by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note:

Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore–560100 (Karnataka). The other copy may be retained by the taxpayer for his record.

Mode of filing of return:-

The applicable return of income shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof

Sl. Person Condition Manner of furnishing return of income
(i) (ii) (iii) (iv)

1

 

 

 

Individual or Hindu
undivided family

 

(a) Accounts are required to be audited under section 44AB of the A Electronically under digital signature;
(b) A super senior citizen (whose age is 80 years or above at any time during the previous year) who furnishes the return either in ITR-1 or ITR-4

(A) Electronically under digital signature; or

(B) Transmitting the data electronically in the return under electronic verification code; or

(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or

(D) Paper form;

(c) In any other case

(A) Electronically under digital signature; or

(B) Transmitting the data electronically in the return under electronic verification code; or

(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

2 Company In all cases. Electronically under digital signature
3 A person required to
furnish the return in
Form ITR-7

(a) In case of a political party;

 

(b) In any other case

Electronically under digital signature;

(A) Electronically under digital signature; or

(B) Transmitting the data in the return electronically under electronic verification code; or

(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

4 Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5 (a) Accounts are required to be audited under section 44AB of the Act;

(b) In any other case

Electronically under digital signature;

(A) Electronically under digital signature; or

(B) Transmitting the data in the return electronically under electronic verification code; or

(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

No documents to be attached along with the return of income:-

ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax
authorities when demanded in situations like assessment, inquiry, etc.

As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW or to give a notice under section 11(2)(a) shall furnish it electronically on or before the date of filing the return of income.

(The above text may be different depending on the company or the situation. The text may be different from the general situation but it may be different depending on the situation. This text is intended for general knowledge. It is not our responsibility to use it to the detriment of others.)

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