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Different Types Of ITR Forms By Income Tax Department: Government Of India

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ITR Form stands for Income Tax Returns Form. ITR forms are different for different taxpayers depending on income and income sources.

 

Tax is the amount of money or compulsory financial charges, that an individual has to pay to the government, this amount of money paid is used in various development of nation, betterment of infrastructure, public services or government spending.

As per Income Tax Department there are punishable laws, if anyone fails to pay the tax to the government, There are many countries in the world which follow the tax system, for many national and public common needs. There are two types in tax they are: Direct Tax and Indirect Tax.

What is Income Tax?

What is Income Tax?

Income Tax is the tax which is imposed by Income Tax Department to an individual or entities on their earnings. This income tax is not only applicable on jobs or entities it's applicable for every asset, Investment, properties, expensive Gifts, sales, unexpected gain etc. Depending upon the variable income, a variable tax is applied on individual or entities. Income tax is a Direct Tax.

The history of Income tax department was started in the year 1922. The nomenclature to various Income-tax authorities was given by the Income-tax Act, 1922. From 1922 to 2014 there are various administrative set up made in Income tax department. There are various administrative changes like Tax and Administrative Reforms, Computerisation, Restructuring of the Income-tax Department are made within the department. Income tax department established with its unique vision, mission, values outlines the roadmap for the department.

There is Ministry of Finance, Revenue Department, Central Board of direct taxes, integrate Finance unit maintained and operated under Income tax department. There is complete transparency and accountability in Income tax department, which empowers the citizen to have access to information under the control of public authorities.

What are ITR Forms?
 

What are ITR Forms?

ITR form is the form a person suppose to submit to the IT Department, which contains information related to income, expenses, foreign income sources and taxes to be paid to the department. This helps in calculating legal tax to be paid, refunds on over payment of taxes and schedule tax payments.

Different Types Of ITR Forms by Income Tax Department are:

Different Types Of ITR Forms by Income Tax Department are:

1. Form No: ITR-1 SAHAJ

2. Form No: ITR-2

3. Form No: ITR-3

4. Form No: ITR-4 Sugam

5. Form No: ITR-5

6. Form No: ITR-6

7. Form No: ITR-7

8. Form No: ITR-V

9. Form No: Acknowledgement

1. Form No: ITR-1: SAHAJ

This form is applicable for individual having total income up to Rs. 50 lakh. This form is also named as "SAHAJ" form. This form is applicable for individual who has no capital gains, who do not hold property in other countries, who do not earn unexpected gain by lotteries, single house property.

If an Individual earns ones income by domestic income, salaries, pensions, single housing property, who has property only in India, whose agricultural income is below Rs, 5000, who earns income by interest rates on investment, fixed deposit schemes then ITR Form 1 is applicable.

2. Form No: ITR-2

This form is applicable for those HUF (Hindu Undivided families) and who do not have income from profits and gains of business or profession. This form is just like ITR 1 but is applicable for those, whose agricultural income is above Rs, 5000, total income exceeding to Rs. 50 lakh, hold property in other countries earns income from foreign properties.

3. Form No: ITR-3

This form is applicable for those HUF (Hindu Undivided families) and who are having income from profits and gains of business or profession. This form has everything like ITR 2, this is applicable if a person has business income sources and partnership income sources.

4. Form No: ITR-4: Sugam

Form ITR 4 is also known as Sugam form, This form is applicable for Individuals and HUFs (Hindu Undivided Families) having income from business, profession, pension, unexpected gain through horse racing or lotteries, single house property, whose income is computed under sections 44AD, 44ADA or 44AE.

5. Form No: ITR-5

This form is applicable for persons other than individual, HUF (Hindu Undivided Families), company and person filing Form ITR-7.

6. Form No: ITR-6

This form is applicable for the companies, other than those claiming exemption under section 11. This form needs to be applied online.

Income Tax Department: Exemption to a trust: Section 11:

Provides exemption for income derived from property held under trust wholly for charitable or religious purposes to the extent such income is applied for charitable or religious purpose in India. However, this exemption shall be subject to certain conditions.

7. Form No: ITR-7

This form is applicable for persons or companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only

8. Form No: ITR-V

This form is applicable if the data in the form ITR 1, 2, 3, 4, 5 and 7 are not verified electronically.

9. Form No: Acknowledgement

This form is obtained if the Data in ITR 1, 2, 3, 4, 5,6 and 7 are verified.

FormSalaryApplicable ForHouse PropertyAgicultural IncomeOther Sources
ITR 1ApplicableResident Of India (Individual) and HUF'sOne House PropertyLess or Equal 5000Applicable
ITR 2ApplicableResident Of India (Individual) and HUF'sApplicable Applicable
ITR 3ApplicableResident Of India (Individual), HUF's, Partner in FirmsApplicable Applicable
ITR 4ApplicableResident Of India (Individual), HUF's, Partner in Firms, Capital GainOne House PropertyLess or Equal 5000Applicable
ITR 5Not ApplicablePartner in Firms and LLP'sApplicable Applicable
ITR 6Not ApplicableCompaniesApplicable Applicable
ITR 7Not ApplicableTrustsApplicable Applicable

Also Read: Income Tax News by Goodreturns.

Conclusion:

Conclusion:

Its our responsibility towards our nation to pay Income tax and other taxes on time for the development of nation, as it is the source of revenue for Indian Government. Choose the relevant ITR form according to the Income. Indian Citizen who is aged below 60 years whose income is above 2.5 Lakhs and Citizen who is aged above 60 years earns more than 3 Lakhs has to pay the Tax to Income tax Department.

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