What is Income Tax & How to File Income Tax Return?

  • Blog|Income Tax|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 1 March, 2022

Recent Posts

Blog, News, Insolvency and Bankruptcy Code

Interim Moratorium Barred Continuation of Proceedings u/s 138 of NI Act Against Petitioner Due to IBC’s Overriding Effect | HC

News, Blog, FEMA & Banking

Borrower’s Right to Redeem Secured Asset Ends on Publication of Notice u/s 9(1) of SI Rules, Not After Sale Completion | SC

Latest from Taxmann

Income Tax:

Income-tax is a tax levied and collected by the Central Government on income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government. The provisions relating to the income-tax are governed by the Income-tax Act, 1961.

Click here to compute tax through Taxmann’s Income-tax Calculator

What is an Income-Tax Return?

Income–tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources.    For filing of income-tax return in respect of Financial Year 2016-17 (i.e., Assessment Year 2017-18), following forms have been prescribed:-

Form

Applicability

ITR-1

For Individuals having income from salary, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh

ITR-2

For Individuals and HUFs not carrying out business or profession under any proprietorship

ITR-3

For Individuals and HUFs having income from a proprietary business or profession

ITR-4

For Individual, HUF or Firm opting for presumptive taxation scheme

ITR-5

For Firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial juridical person, Private Discretionary Trust, Cooperative society, Registered societies, Local authority. However, a person who is required to file ITR-7 shall not use this form.

ITR-6

For company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust)

ITR-7

Persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) of the Income-tax Act, 1961 (i.e., trusts, political parties, institutions, colleges, investment fund, etc.).
Related Articles: 
 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied