What is income tax return form, which tax form do i use during submission of IT returns for present assessment year, Is the forms available online, Is there separate form for employee and business man for submission of ITR…
Income Tax Return Form
So, Income Tax department of India as we all know by IT department allows every salaried and taxed citizen of India to file of Income tax returns during December of every year, and the reason why you are suggested to file for an tax return is simple because to get a refund or request a refund on the taxes that you have overpaid on.
Consider that over a period of year you have period certain amount of tax to government which was done via salary deduction by Income tax department, and now when you apply for the refund, the department will review your application and the types of refund you would be receiving.
In most of the cases all the salaried employees filled tax are returned as most of those are overpaid tax to government.
Understand that you will only receive tax rebate or tax return to your bank account if your filed tax via different schemes or services was higher than the tax that government deducted from you. In such a case you will be happily be given a tax refund of the correct amount.
Major difference between all ITR Forms Types
So, you should know that there are different types of Income tax return types which will vary depending on the type of form you will be filling before filling for the tax return. There are various forms which you can go over and see which suits your current lifestyle of spending money and then try to apply via the preferred form.
Tax payers are not just people but also commercial companies or firms as well who pay their taxes every year on different allocations. Such an example can be a small office or even Google who is required pay an amount of their revenue as tax to the Income Tax department of India. But there is a difference between the form a normal tax payer and a firm tax payer has to fill out.
Income Tax Return Forms
These are the forms for normal tax payers and salaried employees, and first, we would be discussing about the list of ITR forms that salaried employees like you could be using to file for the Income tax returns. Please note that only individuals are allowed to use the below mentioned forms.
| Income Tax Return Form Name | Type | Description of the Form |
|---|---|---|
| ITR-1 | Individual | Individual who has income up to RS 50 Lakhs |
| ITR-2 | Individual | Individuals and housewives who do not run any business |
| ITR-2A | Individual | Individuals and housewives who earn from a business |
| ITR-3 | Individual | Individuals and housewives who earn from a business |
| ITR-4 | Individual | Individual Income from business and profession |
| ITR-4S | Individual | Individual Income from large business and profession |
Income Tax Return Forms for Companies and Firms (Small Scale, Medium Scale and Large Scale)
If you own a company that has been paying taxes to the government then you should use the below mentioned ITR forms for the filing of Income tax returns for your firm or company.
| Income Tax Return Form Name | Type | Description of the Form |
|---|---|---|
| ITR-5 | Company or Firm | Individual who owns a business |
| ITR-6 | Company or Firm | Companies who do not claim under section 11 |
| ITR-7 | Company or Firm | Individuals or companies who want to file returns under different subsections of section 139 |
I would advise you to thoroughly research on the type of form you must be using basing on the tax payment and tax exemption you might be receiving, Also note that not all the forms mentioned above can be filled online during submission of Income Tax returns after completion of Financial year.