Applicability of Income Tax Return Form
Our Income Tax Return (ITR) filing service is designed to cater to a wide range of individuals and entities, ensuring compliance with the Income Tax Act, 1961. Below are the key categories for which our service is applicable along with the specific ITR forms applicable to each category:
Decide which Income Tax Return is Applicable to you: Talk to us . To know the exact ITR Form applicable to you or read the below article.
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Individuals:
- ITR-1 (Sahaj): Applicable to individuals having income from salaries, one house property, other sources (excluding winnings from lottery and racehorses), and total income up to ₹50 lakh.
- ITR-2: Applicable to individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession.
- ITR-3: Applicable to individuals and HUFs having income from profits and gains of business or profession.
- ITR-4 (Sugam): Applicable to individuals, HUFs, and firms (other than LLPs) having presumptive income from business and profession.
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Businesses:
- ITR-3: Applicable to individuals and HUFs having income from profits and gains of business or profession.
- ITR-5: Applicable to firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), artificial juridical persons, cooperative societies, and local authorities.
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Non-Resident Indians (NRIs):
- ITR-2: Applicable to individuals and HUFs having income from profits and gains of business or profession.
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Hindu Undivided Families (HUFs):
- ITR-2: Applicable to individuals and HUFs not having income from profits and gains of business or profession.
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Small and Medium Enterprises (SMEs):
- ITR-3: Applicable to individuals and HUFs having income from profits and gains of business or profession.
- ITR-5: Applicable to firms, LLPs, AOPs, BOIs, artificial juridical persons, cooperative societies, and local authorities.
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Foreign Companies:
- ITR-6: Applicable to companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).
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Any other entity or individual:Our service is flexible and can be tailored to meet the specific needs of any entity or individual required to file income tax returns under the Income Tax Act, 1961.
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Conclusion:
Our Income Tax Return service is comprehensive and caters to a wide range of individuals and entities, ensuring that they meet their tax obligations and comply with the Income Tax Act, 1961. Talk to us today to know which ITR form is applicable to you and how our service can help you file your income tax returns accurately and on time. Contact us now to get started!