What is ITR?

Who can file it? when do you have to file an ITR? If you wanted to watch and listen it Click Here

1.If you are an Individual or HUF(Hindu Undivided Family), AOP(Association Of Persons), AJP(Artificial Judicial Person or BOI(Body Of Individual); you have to file your ITR if your total income(before any deductions) is more than the following basic exemption limits:

1. 1. For individuals below the age of 60 years, HUF, AOP, AJP, and BOI: ₹2,50,000

1. 1. For individuals above 60 years but below 80 years of age: ₹3,00,000

1. 1. For individuals above 80 years of age: ₹5,00,000

2. If you are a Company or a firm, you have to compulsorily file your ITR, even if you don’t have any income or even if you incur a loss

3. Any person who spends more than the following amounts:

1. 1.  Deposit of ₹1 Crore or more in one or more current accounts of any commercial or cooperative bank

1. 1.  ₹2 lakh or more for himself or any person for foreign travel

1. 1.  ₹1 lakh or more in electricity expenses

4. If you are a ROR(Resident and Ordinarily Resident) {click here to know more about your residential status}, and you hold any asset or bank account outside India as a beneficial owner or beneficiary.

5. Any person other than above, whose:

1. 1. For businessmen: Total sales, gross receipts, etc. are more than ₹60 lakh

1. 1. For Professionals: Gross receipts are more than ₹10 lakh

1. 1. The aggregate of TDS(Tax Deducted at Source) and TCS(Tax Collected at Source) is more than ₹25000 (For resident Senior citizens,i.e., 60 years or above it is ₹50000)

1. 1. Deposits of ₹50 lakh or more in one or more saving accounts in one or more banks

Due date of ITR filing

1. 1. For companies, or persons other than companies(including partners in a firm) whose accounts need to be audited: 31st October 

1. 1. Other assessees: 31st July

Which form to file?

1. 1. ITR1

   For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand.

2. 2. ITR2

    For Individuals and HUFs not having income from profits and gains of business or profession(PGBP), if Total Income is more than ₹50 lakh

3. 3.  ITR3

      For individuals and HUFs having income from profits and gains of business or profession.       

4. 4. ITR4

      For Individuals, HUFs, and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE, and agricultural income up to Rs.5 thousand.

5. 5. ITR5

         For persons other than- (i) individual, (ii) HUF, (iii) company, and (iv) person filing Form ITR-7

6. 6. ITR6

        For Companies other than companies claiming exemption under section 11

7. 7. ITR7

         For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only We have made Power point Presentation also you can read it by click here