Income Tax

Income Tax Return Filing

ITR Filing is a mandatory process which has to be followed by the taxpayer for multiple reasons for instance, maintenance of the financial records and for availing loan. Get your Income Tax Return filing done by R.S.Consultancy.

Type of Income Tax Return Filing Forms

• ITR 1 (Sahaj)
  For individuals earning income from salary, single house property, agriculture, & income from other sources. This form is to be filed by individual residents having total income up to Rs. 50 lakhs and agricultural income up to Rs. 5,000.
  Note Not applicable to individual being director in a company or has invested in unlisted equity shares or having foreign assets or foreign income.

• ITR 2
  For individuals and HUFs having earnings other than from PGBP (profits and gain of business or profession). It may be from capital gain, lottery, or foreign assets, etc. while total income should exceed Rs. 50 lacs. In case of agriculture income, it should exceed Rs. 5,000. Also, it is filed by those who invested in unlisted equity shares during the financial year.

• ITR 3
  For individuals and HUFs having earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their income as a partner in a firm.

• ITR 4 (Sugam)
  For Individuals, HUFs, and Firms (other than LLP) being a Resident having entire Income of up to Rs.50 lakhs from business or Profession. It also covers those who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.