A Brief About The Basic Formation For Income Tax Format Filing?
Income tax format is in the filing of the forms for assessment of the income tax to be paid by the tax payer. There are various forms to be filed as per the need and slab required by the Income Tax Act, 1961. Different kind of format filing for manifold purposes of income tax requirements are done every year by the Indian tax payers.
Basic Income tax format:
The following are the basic income tax forms to be filled for every assessment year by the tax payers. It depends on the tax payers’ nature of income and slabs to which those income fall under the Income Tax Act and as per the revised slabs every year by the Finance Bill.
There are 7 ITR forms filed in for the Income-tax format which include:
This is the extensively filed ITR format by the tax payers of India. This Income tax format includes salaried people with a house property.
This is filed for the income slabs of the individuals and HUFs or the Hindu undivided family incomes from business or profession not under proprietorship firms.
This is filed by the individuals and HUFs for the income from the proprietorship firms.
This is filed by probable income by profession or business which are presumptive and not declared as owned and to be continued to be paid.
This is for the income which does not fall under the purview of individual, HUF, company, and person who file returns under ITR-7
This is for income of companies which are not exempted under Section 11 of the income tax act.
This is for income for IT returns filed U/S 139(4A) 139 (4B), 139(4C), 139 (4D), 139 (4E), 139 (4F) of the amended Income tax act, 1964