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Tuesday, 11 February 2014


             

             Income tax return
Again the time has come when you have to assess your total income and file the income tax return. Are you in confusion which return is to be filed?
Our professional services will help you in determining the return which is to be filed.
Every assessee having income of more than 5 lakhs is required to file his income tax return. Those tax payers having income of less than 5 lakhs can either submit their return online as well as offline.
However, salaried taxpayers of income less than 5 lakhs on which TDS has been deducted are exempted from filing the income tax return.

Here is a summary of all returns to be filed:

ITR-1 SAHAJ: For Salaried Individual
ITR  1 (sahaj) can be used by class of individuals whose total income includes:
·         Income from salary/pension or
·         Income from 1 house property(excluding cases where loss is brought forward from previous year)
·         Income from other sources(excluding winning from lottery and income from horse race)

ITR-2 : For individuals and HUF not having income from business and profession
Itr 2 can be used by individuals or HUF whose total income includes:
·         Income from salary/pension
·         Income from house property
·         Income from capital gains
·         Income from other sources

ITR-3: For individuals and HUF being partners in Firm but not carrying business under proprietorship
This form is used by a individual or HUF who is a partner in a firm. However ITR 3 cannot be used by individuals who are earning income from any proprietorship firm.

ITR-4 for individual earning income from proprietorship
Itr 4  can be used by any individual who is earning income from any proprietory business or profession.

ITR-4S SUGAM: Presumptive tax income
This itr can be used by individuals or HUF whose total income includes:
·         Business income where income is computed with special provisions referred to in sec 44AD and 44AE
·         Income from salary/pension
·         Income from 1 house property(excluding cases where loss is brought forward from previous years)
·         Income from other sources(excluding winning from lottery and income from horse races)

ITR-5 For Firms, AOP, BOI
This income tax form can be used by a person being a firm, LLP, AOP, BOI, Artificial Judicial Person, cooperative society or a local authority.

ITR-6
This itr is to be filed by the companies other than those companies claiming exemption under sec 11.

ITR-7
This itr is used to be filed by the assesses which are reqd to furnish return under:
1. Section 139(4A)
2. Section 139(4B)
3. Section 139(4C)



       Company India Advisors Private Limited 
    A-20 Lower Ground Floor Kamla Nagar,  Delhi. 110007India.
    Phone: +91 981 809 2002
    Email ID:- companyestart@gmail.com or 
                        companyindiaadvisors@gmail.com

 
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