A Tax Return is a form(s) that are filed with the tax authority that helps reporting expenses, Income and other relevant tax information. Basically, tax returns enable taxpayers to assess their Tax Liability, pay Taxes and request refunds in case of overpaid.
In India, just like in several other countries, tax returns are filed annually by businesses and individuals to report their incomes, such as wages, dividends, interest, Capital gains and other profits.
As mentioned above, the Income Tax Return is the form wherein an assessee files information regarding the income and taxes to the income tax Department. In India, there are seven forms in total, targeting different taxpayers. Below-mentioned is the gist of these forms.
This one is for residents who have a total income from:
ITR 2 can be used by both individuals and hindu undivided family (HUF) who have a total income of ₹50 lakhs coming from:
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ITR 3 is for professionals and business people who have income from:
This specific form is for those individuals HUFs, partnership firms (excluding LLPs) that are residents and are gaining income from a:
This form is for:
ITR 6 is for companies (excluding the ones who have to file exemption under section 11) that will be filing electronic returns only.
ITR 7 is for individuals and companies who wish to get a return under:
For those who file their tax returns later than the allotted date, the government has kept certain penalties, such as: