Income Tax Returns

ITR-1

To simplify tax compliance, the Income Tax Department has categorized taxpayers based on their income sources and income levels. In India, individuals earning up to a certain threshold are placed in specific tax slabs accordingly

ITR-2

NRIs, company directors, shareholders of private companies, and individuals with overseas income, capital gains, multiple residential properties, or an annual income exceeding Rs. 50 lakhs are required to meet additional tax filing requirements.

ITR-3

Individuals and Hindu Undivided Families (HUFs) earning income from business or professional activities are required to file Form ITR-3.

ITR-4

In accordance with Sections 44D, 44DA, and 44AE of the Income Tax Act of 1961, taxpayers who have chosen the Presumptive Taxation Plan must complete Form ITR 4. However, this is contingent

ITR-5

Taxpayers are required to file income tax returns using the appropriate forms. This includes associations of persons (AOPs), limited liability companies (LLCs), bodies of individuals (BOIs), estates of deceased persons, artificial juridical persons, and various types of business entities.

ITR-6

Under Section 11 of the Income Tax Act, 1961, entities must file their income tax returns electronically using Form ITR-6. This applies to businesses earning income from sources such as real estate and other commercial activities, except those claiming exemption under Section 11.

ITR-7

ITR-7 filers have multiple options for submitting their returns, including barcoded forms, physical (paper) forms, digital signatures, or by verifying the return through ITR-V Form submission.

TDS Return Filing

Employers or organizations with a valid Tax Deduction and Collection Account Number (TAN) are required to file TDS returns. Any person making specific types of payments must deduct tax at the applicable rates before making those payments

Form-16

Form 16 offers a detailed summary of the salary paid to employees and the TDS deducted. It contains all the essential information needed to accurately file and submit an income tax return.