The document outlines important forms related to income tax in India, including various Income Tax Return (ITR) forms for different categories of taxpayers. It details e-filing processes, the purposes of forms like ITR-1 to ITR-7, and documents such as Form 26AS and Form 16, which report tax deductions and income sources. Additionally, it emphasizes compliance requirements for individuals, firms, and companies under the Income Tax Act.

1. Important
forms under
Income tax
VINOD K AGRAWAL & ASSOCIATES, CA

2. The Income Tax Return (ITR) is a document used to record gross taxable income
from various sources, assert tax deductions, and declare net tax liability to the
IRS.
A salaried or self-employed citizen, Hindu Undivided Family (HUF), companies or
firms must file an ITR with the income tax department.
Income tax filing refers to the method of submitting the ITR.
On the income tax department's e-portal, a taxpayer can file an ITR online.
E-filing is the term used to describe the method of filing an ITR online.

3. Income Tax Return
Forms 1 to 7

4. Individuals that fall into one of the following groups may
use Type ITR-1:
1- Any salary or pension obtained from one's employer
and taxable under the "Income from Salary" category.
2 - Income from house property
3 - Income from other sources, such as interest, dividends,
and so on.
4 - Total Income upto Rs 50 lakhs and agriculture income
upto Rs 5000 only
ITR- 1

5. Income from Salary/Pension; or
Income from House Property; or
Income from Other Sources (including Winnings from
Lottery and Income from Race Horses).
If you are a company's Individual Director.
If you had unlisted equity stock investments at some point
during the fiscal year.
Being a non-resident and a resident not normally resident
(RNOR).
Income from Capital Gains; or Foreign Assets/Foreign
Income
More than Rs 5,000 in agricultural income
ITR 2 is for use by an individual or a Hindu Undivided Family
(HUF) whose total income for the AY 2020-21 includes:
(Total revenue from the above could exceed Rs 50 lakhs.)
ITR- 2

6. ITR- 3
Individuals or Hindu Undivided Families who have income
from a proprietary business or occupation can use the
current ITR3 Form. Individuals who earn money from the
following sources are entitled to file ITR 3:
Carrying on a business or profession
If you are an Individual Director in a company
If you have had investments in unlisted equity
shares at any time during the financial year
Return may include income from House property,
Salary/Pension and Income from other sources
Income of a person as a partner in the firm

7. Individuals, HUFs, Partnership companies
(other than LLPs) and other residents with
income from a company or occupation are
covered by the new ITR 4.
Resident total income is upto Rs.50 lakhs
It also includes those who have chosen the
presumptive income scheme under the
Income Tax Act's Sections 44AD, 44ADA, and
44AE.
ITR- 4

8. ITR- 5
Firms, LLPs (Limited Liability Partnerships), AOPs
(Association of Persons), Artificial Judicial Person
and BOIs (Body of Individuals), Estate of
Deceased, Estate of Insolvent, Business Trust and
Investment Fund are all required to file Form 5
(ITR 5) of the Income Tax Return.
Aside from that, every cooperative society or local
government can use the ITR-5 form to file their
income tax return.

9. ITR- 6
This return must be filed electronically only for
companies that do not seek an exemption under
section 11 (Income from property kept for
charitable or religious purposes).
ITR 6 is an income tax return form that consists of
two parts: Part A and Part B, as well as several
schedules that capture different income and tax
aspects of a corporation.

10. ITR- 7
Only for individuals and businesses who are
eligible to file a return under sections 139(4A),
139(4B), 139(4C), or 139(4D).
Tax assessees who are eligible to file returns
under main sub-sections of Section 139 of the
Income Tax Act, 1961, must use Income Tax
Return - ITR 7.

11. FORM 26AS
Form 26AS, also known as an Annual Statement, is a
consolidated report of all tax-related details associated with
a PAN, such as TDS, TCS, and refunds (Permanent Account
Number). Also details of the High-value Transactions in
respect of shares, mutual fund etc.
Section 203AA, Rule 31AB of the Income Tax Act of 1961
regulates this type and its use by tax authorities and
taxpayers.
Each financial assessment year's Form 26AS is divided into
several sections.
The tax credits (to government tax authorities) listed in
Parts A and B of this form are calculated using information
provided by the deductor/collector in their TDS/TCS
statement.

12. FORM 16
Form 16 is a credential that employers give to their
workers.
It certifies that TDS has been deducted and
deposited on behalf of the employee with the
appropriate government authorities.
It includes a thorough overview of the employee's
salary as well as the TDS deducted.

13. FORM 16A
TDS must be deducted on all non-salary payments if the
payment exceeds the defined threshold limit during the
financial year, unless otherwise exempted, according to the
Income Tax Act, 1961 of the Government of India.
A TDS Certificate is also known as Form 16A. Form 16 is for
salary income only, while Form 16A is for TDS on Income
Other Than Salary.
When a bank deducts TDS on your interest income from
fixed deposits, for TDS deducted on insurance commission,
or for TDS deducted on your rent receipts, for example, a
Form 16A would be sent to you.

14. FORM 3CA
In the case of a taxpayer who runs a company or
occupation and is already required by law to have his
accounts audited (i.e. law other than income tax law).
The Companies Act of 2013 makes it mandatory for a
business to have its accounting audited. As a result, it
will provide Type 3CA.

15. FORM 3CD
Form 3CD is a concise statement of particulars in 41
points.
All information relating to different aspects of the
company and transactions must be entered into the
relevant fields.

16. FORM 3CB
This form is required when a taxpayer who works as
a professional or runs a company does not have to
have their books audited.
Apart from the Income Tax Act, no audit of books of
account is needed when an individual, partnership
company, or proprietorship entity has a turnover of
up to Rs. 10 crore and has opted for the presumptive
taxation scheme.
They must apply Form 3CB in order to do so. The tax
auditor may also give Form 3CD in addition to Form
3CB.

17. According to section 44AB of the Income Tax Act, a tax audit must
be performed by a professional auditor who has been authorized by
the Income Tax Department - A Chartered Accountant (CA) with a
full-time certificate in professional practice.
The tax audit ensures that the taxpayers' books of account are
accurate and correct, and that their income is measured in
accordance with the relevant Income Tax Rules.

18. THANKYOU
VINOD K AGRAWAL & ASSOCIATES, CA