Title – Indian Income Tax Return Forms: Which ITR form to fill for FY 2018-19?
Income tax return forms ITR forms are used to file returns for individuals and companies. These returns are filed for every financial year on or before the date as announced by the Income Tax Department in the next assessment year. Who all come under the purview of the income tax slabs to pay income tax have to mandatorily pay the income tax or face many undesirable consequences. These may include penalties, fines, certain facilities unavailable and many more.
As per the Income Tax Act, 1961 there are many Indin Income Tax Return forms as per the nature of the income tax to be paid. These Indian Income Tax Return Forms vary according to the tax paid by individuals including seniors, tax slabs, and for companies according to the nature of the business, tax slabs and many more.
Different kinds of Indian income tax return forms:
The Indian income tax return forms range from ITR-1 to ITR-7 and ITR V for acknowledgment. Apart from these forms, there are other forms from 24 to 27 with subsections A, B & Q for quarterly statements. The details of the ITR forms include:
This is mandatory for salaried individuals with a total annual income below Rs. 50 lakhs. The salary slip is also required along with this form for the breakup of the salary details. If the individual owns a house property then the income from it should also be mentioned in the form.
This form is for individuals and HUFs who do not own a business or profession under any proprietorship.
This form is for individuals and HUFs who own a business or profession or proprietary business and declaring the income from it.
This is filed for probable or presumptive income from profession or business.
This is for those who do not fall under the categories of individual, HUF, Company, and person filing form IR-7.
This is for companies without any exemption claim under Section 11 of the Income Tax Act.
This is for individuals and companies who are required to file returns under the following sections 139(4A) – 139 (4F) of the Income Tax Act, 1964.
This is the acknowledgment by the income tax department in acknowledgment for the e-filing.
According to the Indian income tax return forms file your returns and have a peaceful life.