ITR forms and its procedure to file return

1. ITR FILING
And Types of ITR
1. Karishma Badekar
2. Sakshi Jain
3. Rishab Jain
4. Parul
5. Harini Srinivasamoorthy
6. Krishna
PREPARED & PRESENTED BY

2. What is ITR?
❖ The Income-tax Act,1961 contains provisions for filing of return of
income.
❖ Return of income is the format in which the assessee furnishes
information as to his total income and tax payable.
❖ The format for filing of returns by different assessees is notified by the
CBDT.
❖ The particulars of income earned under different heads, deductions,
total income and tax payable by the assessee are generally required to
be furnished in a return of income before the due date.

3. Why ITR should be
Filed?
❖ If the G.T.I of a person other
than a Company/Firm without
giving effect to the provision of
Chapter VI-A and Exemption
u/s10(38) exceeds the basic
exemption limit.
❖ It is compulsory for Companies
and Firms to file ITR.
❖ If a person have earned from
or have invested in foreign
assets during the FY.
❖ If a person wants to apply for
bank loan or visa.
Particulars Amount
For individuals below
60 years
Rs 2.5 Lakh
For individuals above
60 years but below 80
years
Rs 3.0 Lakh
For individuals above
80 years
Rs 5.0 Lakh
GROSS TOTAL INCOME (G.T.I)

4. PROCESS OF ITR FILLING
Login and required
documents like
PAN card ,Adhaar
bank account
details, Form16
and investment
details.
Enter your personal
Information.
Enter your salary
details.
Enter the claiming of
deductions like
LIC,PPF etc.
Enter the details of
tax
E-file and e-verify

5. TYPES OF ITR /
WHICH ITR
FORM TO FILE

6. ITR 1 OR SAHAJ
•This Return Form is for a resident individual
whose total income for the assessment year
includes:
•Income from Salary/ Pension; or
•Income from One House Property (excluding
cases where loss is brought forward from
previous years); or
•Income from Other Sources (excluding Winning
from Lottery and Income from Race Horses)
•Agricultural income up to Rs.5000.

7. ITR-1 is filed by the taxpayers whose income is up to Rs
50 lakhs from below-mentioned sources:
⮚ If the income is from one house property (the case
where losses of previous years are carried forward are
not included in this ITR)
⮚ If the source of income is pension or salary
⮚ If the source of income is other sources
⮚ If the clubbed income of minor or wife is shown, then
ITR-1 can be filed only in case their source of income
as mentioned in the above points.
Eligibility To File ITR 1 Online

8. ITR 2
Individual or Hindu
Undivided Family(HUF)
It includes whose Income from
Salary, House property and Other
sources like lottery etc.
Total income not more
than 50 lakh. If you are a
individual director of a
company, investments in
equity shares and so on.
Income form another person
like one’s spouse, child etc .is to
be clubbed with the income
and comes under the category.

9. ITR 3
Individual or a Hindu
Undivided Family who
have a income form
property business or
carrying a profession.
Return may include
income from House
Property, Pension and
other sources other
than lottery etc.
Income of person
should be a partner in
the firm.

10. ITR-4
Who is required to file ITR-4 ?
For Individuals , HUF, Partnership Firm
❖ Business income under section 44AD or 44AE .
❖ Income from Profession under section 44ADA.
❖ Salary /Pension having income upto Rs. 50 lakh.
❖ Income from one House Property upto Rs. 50 lakh.
❖ Income from other sources having income upto Rs.50L
❖ Turnover of Business not exceeds Rs. 2 crores.
❖ He must be a resident of India.

11. ITR-4
• Income shall be considered as 8% of gross receipt (net
income will be considered 6% of gross receipt).
• No requirement of mainatinenance of books of A/Cs.
Under section
44 AD
• For those who are in the business of Plying, leasing or
hiring goods carriages
• And not own more than 10 carriages at any time
during the year
Under section
44 AE
• For those who are in Professionals (medical
,engineers , C.A) whose total gross receipt not
exceed Rs.50 lakhs in a F.Y
• Income of Professionals would be assumed 50%
of gross receipt of F.Y
• No requirement of mainatinenance of books of
A/Cs.
Under section
44 ADA

12. ITR-4
• Part A General Information
• Part B Gross total income from five heads of income
• Part C Deduction and total taxable income
• Part D Tax computation and tax status
• Schedule
• Verification
•By furnishing the return electronically under digital
signature
•By furnishing the return electronically
•By submitting the verification in Form ITR-V
•No annexures required
HOW DO I FILE
MY ITR-4 FORM?
Structure of
ITR – 4
ITR-4 is more easier than ITR-3
Details Requirement to file ITR-4 Online
a.) PAN d.) Aadhar no.
b.) Form -16 issued by your empoyer e.) GST Returns if
c.) Form -26AS from traces

13. For firm , LLPs , AOPs( Artificial of Persons) and BOIs(Body of Individuals) , AJP(Artificial Juridical
Person) , estate of deceased , estate of insolvent and Business trust.
• If liable for Audit u/s 44AB, 80-IA, 80-IB, 80-IC , 10(23C)iv, we shall file
the report electronically on or before the due date of return of
income.
LIABLE FOR AUDIT
• Part A ( General information)
• Schedule
• Part B
• Part C
• Verification (ITR V)
STRUCTURE OF THE
FORM
• By furnishing the return electronically under digital signature
• By submitting the verification in Form ITR-V
• No annexures required
HOW DO I FILE MY
ITR-5 FORM?
• Prosecuted under section 277 of the Income-tax Act,
1961 (rigorous imprisonment and with fine.)
PENALTY
(False Statement in filing return)
ITR5

14. ITR 6
- Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious
purposes)
• If liable for Audit u/s 44AB, details of such audit report
has to be providedAUDIT U/S 44AB
• Part A ( General information)
• Schedule
• Part B (Computation of total income)
• Verification (ITR V)
STRUCTURE OF THE
FORM
• By furnishing the return electronically under digital
signature and verification of EVC through bank a/c
• By submitting the verification in Form ITR-V
• No annexures required
HOW DO I FILE MY
ITR-6 FORM?
• Prosecuted under section 277 of the Income-tax Act,
1961 (rigorous imprisonment and with fine.)
PENALTY
(False Statement in filing
Return)

15. ITR 7
For persons including companies 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).
Who is eligible to file the ITR
7?
Sec 139(4A)
Income
Tax Return of
Charitable
and Religious
Trusts
Sec 139 (4B)
Return of
Income of
Political
Party
Sec 139(4C)
Return of
Income of
Specified
Association/
Institutions
Sec 139(4D)
Return of
Income of
every
university,
college &
Institution
Sec 139(4E)
Return of
Income of
business
trust
•Sec
139(4F)
Return of
Income of
investment
fund
referred to
in section
115UB

16. • If liable for Audit u/s 44AB, details of such audit
report has to be providedAUDIT U/S 44AB
• Part A ( General information)
• Part B (Computation of tax liability on total income )
• Schedule
• Verification (ITR V)
STRUCTURE OF
THE FORM
• By furnishing the return electronically under digital
signature and verification of EVC through bank A/c
• By submitting the verification in Form ITR-V
• No annexures required
HOW DO I FILE MY
ITR-7 FORM?
• Prosecuted under section 277 of the Income-tax
Act, 1961 (rigorous imprisonment and with fine.)
PENALTY
(False Statement in filing
return)
ITR- 7

17. WHO CAN NOT FILL ITR 1?
❖ Other than individual
❖ INCOME > 50 lakhs
❖ Income from PGBP
❖ Agriculture income>5000
❖ Income from capital gain
❖ Income from more than one house property
❖ Income from winning lottery / horse race.
❖ Income from investment in unlisted shares
❖ Investment abroad/ foreign Income
❖ Director of a company
❖ RNOR and Non resident
WHO CAN NOT FILL ITR 2?
❖ Other than individual and HUF
❖ Income from PGBP
❖ Individual Director with income from PGBP

18. ❖ Person other than individual and HUF
❖ Business other than proprietary business or profession.
❖ Presumptive basis
WHO CAN NOT FILL ITR 4?
❖ RNOR and NR
❖ Persons other than individual, HUF, partnership
❖ If turnover > 2 crores
❖ If total income> 50,000
❖ Income from more than one house property
❖ Signing authority outside India.
❖ Income from investment in unlisted shares
❖ Investment abroad / foreign Income
❖ Director of a company
WHO CAN NOT FILL ITR 3?

19. WHO CAN NOT FILL ITR 5?
● Companies
WHO CAN NOT FILL ITR 6?
● Companies claiming exemption under section 11 i.e.
Income from property held for charitable or
religious purposes.

20. QnA
4. In section 80 D, if both taxpayer and parents aged
above 60years then he tax deduction up to:-
A 50000
B 70000
C 100000
D 1,2000
5. Interest on saving account comes under which section?
A 80TTA
B 80C
C 80G
D 80 GG
6. HUF of another name known as:-
A partnership
B Individual
C karta
D None of these
1. If you do not fall in the bracket of GTA then also
we can file itr?
A. True
B. False
C. Cannot say
2. If you start earning 10 lakh rupees per annum,
and also you have your business of spices.
Which ITR you will be filling?
A. Itr1
B. Itr2
C. Itr3
D. Itr4
3. Which of the following cannot fill ITR1?
A. Individual with less than 5000 income
B. Individual who owns 60000
C. Individual who earns 20000
D. Individual who earns nil.

21. QnA
7. ……… is the acknowledgement of filing the return of
income.
A) ITR-4
B.) ITR-V
C) Form -26AS
D.)Form 26QB
8. Provisions of section 44AD for computation of
presumptive income are not applicable to
A) LLP
B.)Partnership firm
C) Resident HUF
D.)Resident individual
9. The provisions of Section 44ADA are applicable if
gross receipts from profession does not exceed-----
A.) Rs.50,00,000
B.) Rs.2,00,00,000
C) Rs.1,00,00,000
D.) Rs.1,50,00,000
10. I am an Individual and resident of India. Do I need
to file return if my income is below taxable limit but I
am having an account in a foreign bank?
A) Yes
B) No
11. I have Return of Income of Political party, under
which form should I file my ITR?
A) ITR 3
B) ITR 7
C) ITR 5
D) ITR 4