Income Tax Return

Filing of Income Tax return is mandatory for every person whose total income in the previous year (1st April to 31st March) exceeds the maximum amount which is not chargeable to tax. The year in which an income is earned is called previous year, while the year in which the income is charged to tax is called Assessment Year.

Steps to file Income Tax Return

  • Choose heads of income compute income in each head
  • Select Appropriate form
  • Fill and file (Either online or with utility or software)

Five Heads of Income

  • Income from Salary
  • Income from House Property
  • Income from Profits and Gains of Business or Profession
  • Income from Capital Gains
  • Income from Other  Sources

Income Tax Return Forms

Return FormDescription
ITR Form 1 (Sahaj)Also known as SAHAJ is applicable to a ordinarily Resident individual having salary or pension income or income from one house property (not a case of brought forward loss or loss to be carried forward) or income from other sources (not being lottery winnings and income from race horses), income taxable under section 115BBA or income referred in section 115BBE.
ITR Form 2It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”.
ITR Form 3It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession
ITR Form 4 (Sugam)Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/44ADA/44AE.
ITR Form 5This Form can be used by a person being a firm, LLP, AOP, BOI,artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is
required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or section 139(4E) or section 139(4F) shall not use this form (i.e., trusts, political parties, institutions, colleges, investment fund etc.)
ITR Form 6It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR Form 7It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund
etc.).
ITR Form VAcknowledgement for filing of any of above Return provided by department

Slab Rate of Income Tax for AY 2019-20

Company

firm

Individual