Income tax Return Form

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ITR 1 Form

It is a form of one page for those persons whose total income is around Rs. 50 lakhs from the sources given below:

• Income from pension/salary
• Income from property of one house (it does not include cases where from previous years the loss is forward brought)
• Income from sources other (it does not include income from horse races and income from lottery)
• If the returns of income tax are of clubbed income, and which includes a minor or a spouse, then this can perform only if for the specifications above, the income is limited.

The ITR 1 form has following structure

TDS Schedule: Information of TCS/TDS

IT Schedule: Information of payments of Self-Assessment and Advance Tax

Part E: Other Details

Part D: Calculation of Payable Tax

Part C: Total taxable income and deductions

Part B: Total Gross Income

Part A: General Details

What is the procedure of filing form ITR 1?

You can file form ITR 1 either offline or online.

Offline:

During the previous year, a person having age more than 80 years or around 80 years.

An HUF or individual whose total income is not more than Rs. 5 Lakhs and return is not claimed by him or her in the income tax return.

The return is file in a form of physical paper. An acknowledgement slip is issued to you by the department of income tax during the submission of return of physical paper.

Electronically/Online:

By electronically data transmission and then submission of return verification in ITR-V form to CPC, Bangalore.

By online return filing and electronically verify the return via EVC/Aadhar OTP/Net banking.

ITR 2 Form

This form is designed for HUF and individuals getting income rather than ‘Profits and Gains from Business or Profession” income. To file the ITR 2 form, persons having income from below sources are entitled to file this form.

• Income from Pension/Salary
• Income from Property House (From more then property of one house, there is income).
• Income from Property/loss on investments sale/Capital Gains (both long term and short term)
• Income from sources other than (including bets on gambling legal means and on horse races, winning in lottery)
• Foreign Income/Foreign Assets
• Income from agriculture in excess of Rs. 5,000.
• Non-Resident and Resident but not resident ordinarily

The ITR 2 form has following structure

Part A: General Details

Part B-TI: Total Income Computation

Part B-TTI: tax liability computation on income total

If the Tax Return Prepare prepares the return then following details need to be filed:

• Schedule HP: income details from property house
• Schedule S: income details from salaries
• OS Schedule: income computation under other sources income
• CG Schedule: income computation under gains of capital
• CYLA Schedule: income statement after losses of current year set off
• BFLA Schedule: income statement after unabsorbed loss set off which are forward brought from previous years.
• CFL Schedule: Losses statement which is carried forward to years in future.
• VIA Schedule: under chapter VIA, deductions statement from income total.
• 80G Schedule: donations statement eligible for section 80G deductions.

ITR 4 Form

This form is form of return of income tax for those taxpayers who according to section 44AD, section 44AE and section 44ADA of the act of income tax have chosen the scheme of presumptive income. If the annual turnover of the business is more than Rs. 2 crores, then ITR 3 needs to be filed by the tax payer.

What is the ITR 4 form structure for Assessment year 2017-18 and assessment year 2018-19?

The structure of ITR 4 form is following:

• Part A: General Details
• Part B: total gross income from the income five heads
• Part C: total income taxable and deduction
• Part D: status of tax and computation of tax
• Signatures and verification on the return
• BP Schedule: income details from business

AL Schedule: liability and asset at year end (it is applicable when total income is more than Rs. 50 lakhs)

• IT Schedule: payment statement of tax and advance tax on self-assessment.
• TCS Schedule: Tax statement source collected.
• TDS1 Schedule: tax statement deducted at salary source.
• TDS2 Schedule: tax statement deducted at income source rather than salary.
• TDS1 Schedule supplementary
• TDS2 Schedule supplementary
• IT schedule supplementary
• TCS schedule supplementary

ITR 4S Form

From the assessment year 2017-18 and the financial year 2016-17, the ITR 4S form is discontinued. If for financial year 2015-16, you file electronically ITR 4S then you have to file form ITR 4.

The form ITR 4S is the form for return of income tax for those taxpayers who have selected the scheme of presumptive income according to the section 44AE and section 44AD of the act of Income tax. If the annual turnover of the business is more than Rs. 2 crores, then taxpayer need to file form ITR 4.

For the financial year 2016-17, the due date of filing form ITR 4S is 31st July 2017.

Under section 44AD taxation of presumptive income and income presumptive

When you are the owner of a small business, then to compute your loss or profit or managing the right information of accounting you do not have proper resources. Therefore, it is not easy to tracking income from your business and calculation of total tax which you require to pay.

Therefore, the department of income tax has created some regulations where based on your business gross receipts your income is computed. This procedure is known as presumptive method and you require to pay estimated tax.

ITR V Form

During e-filing of return of income tax, this form is need to be submitted.

What is meant by ITR V?

ITR V means return of income tax. It is a one-page document and a concise summary of your return of income tax and you get this form only when you online file your return of income tax without deploying the digital signature.

Depart of income tax send this form to you to confirm the e-filing validity.

Form ITR V Guidelines

• The form of acknowledgement of ITR must be printed in black ink only.
• The size of the sheets must be A4.
• On the back of this form, do not write anything.
• With the letter of covering, there is no any need to submit other document.
• There is no need to use stapler on the acknowledgement of form ITR-V.
• Photocopy of signature is not accepted.
• To print the form ITR V, you only require to use laser or inkjet printer.
• On the form ITR V, there is no need to use any type of watermarks.
• The numbers below the code of bar and the bar code must be visible clearly.
• You need to ensure that this form is printed clearly.
• By the speed post or ordinary mail, you need to send form ITR V to CPC, Bangalore, PO Box No. 1, Electronic City, Post Office, Karnataka 560100.

Form 15G

Form 15G is that form which you need to submit to ensure that on your income TDS is not deducted and it is depend on certain conditions which you need to fulfill. Before apply for this form, you need to have a PAN card.

Most of the banks permits this form for online submission via the website of the bank.

This form is valid for a financial year. If you are eligible, then you need to submit this form each year. You need to ensure that after the beginning of financial year, you submit this form quickly, therefore the TDS is not deducted by the bank on your income of the interest.

To submit form 15G, you need to fulfill following conditions:

• You need to be an HUF or individual.
• You must be a resident of India.
• You age is less than 60 years.
• Total tax computed on your income is nil.
• The total income of interest for the year is less then basic limit of exemption and for financial year 2017-18 and assessment year 2018-19, this income is around Rs. 2,50,000.