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Applicable ITR Forms for Different Categories of Assessees

Again, it is that point in time of the year when all your income for the current financial

year is in and you need to file your income tax returns and tax planning in this period

also gains a imperative significance. The due date to file your return of income for FY

2011-12 is 31st July 2012.

For FY 2011-12, filing of tax returns is essential if your income exceeds the following

basic exemption limit -

Individuals have taxable income exceeding Rs.180000 per annum

Women have taxable income exceeding Rs.190000 per annum

Senior Citizens have taxable income exceeding Rs.250000 per annum

Businesses are compulsorily required to file their tax returns.

Further, while filing ITR the most common mistake which an assessee commits is

choosing the incorrect form for filing income tax return. Various Income Tax return

forms are notified by the IT department for filing income tax return.

Selecting a correct form is very essential for proper filing of income tax return.

The IT Department has released seven kinds of forms ( ITR 1, ITR 2, ITR 3, ITR 4, ITR

4S Sugam, ITR 5, ITR 6 and ITR 7) for different categories of assesses.

ITR 1 (SAHAJ): This form can be used by Individuals who drive income from

salary/pension or income from one house property (excluding where loss brought

forward from previous year) or income from other sources (excluding winnings from

lottery and income from horse races).

ITR 2: This form can be used by Individuals or a HUF whose total income comprises of

incomes such as

a. Income from Salary / Pension,

b. Income from House Property,

c. Income from Capital Gains,

d. Income from Other Sources,

e. Income from Winning of Lottery and

f. Income from Race Horses

Moreover, if the income of spouse, minor child, etc. is to be clubbed with the income

of the assessee, then ITR 2 can be used if such income falls in any of the above

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categories.

ITR 3: Can be used by Individual/ HUF who is a partner in a firm and income is

chargeable to income-tax under the head Profits or Gains of Business or Profession

does not include any income except the income by way of any interest, salary, bonus,

commission or remuneration, due to, or received by him from such firm.

ITR 4: This form is used by an Individual or HUF, carrying out a proprietary business or

profession and who are not filing Return under Presumptive Taxation Scheme.

Moreover, every Partnership firms, Individuals & HUF having their tax audits

compulsorily under section 44AB is required to file their ITR-4 electronically using

digital signature.

ITR 4S (SUGAM): For presumptive Business Income an assessee needs to file his

return using this Form.

ITR 5: For Partnership Firms and others not being an individual or a Hindu undivided

family or a company or a person to which ITR 7 applies and is applicable for all

sources of Incomes.

ITR 6: This form is used by Companies other than companies claiming exemption

under section 11.

ITR 7: This Form can be used by persons including companies who are required to

furnish return under section 139(4A) or under section 139(4B) or under section

139(4C) or under section 139(4D) of Income Tax Act.

Thus, before filing the online tax returns it is obligatory in part of the assessee to

prefer the accurate ITR Form based on their income. As the wrong assortment of the

ITR Form may raise the probability of Rejection of the ITR by the department or delay

in processing of ITR.

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Taxmantra.com for easy online tax return filing / income tax return filing!

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