INCOME TAX

What is Income Tax?

Income Tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.

Income Tax Form

Types of Income Tax Return Forms: – To file tax returns Income Tax Department had issued a series of forms applicable to a different type of assesses:-
ITR 1:  Individuals having Income from Salaries, one house property, other sources (Interest, etc.), and having total income up to Rs.50 lakh.
ITR 2:  This form is applicable For individuals & HUFs not carrying out business or profession under any proprietorship.
ITR 3:  This form is applicable For Individuals & HUFs having income from a proprietary business or profession.
ITR 4:  This form is applicable For presumptive income from Business & Profession.
ITR 5:  This form is applicable for a For persons other than – (i) individual,(ii)HUF, (iii) company, and (iv)person filing ITR-7.
ITR 6:  This form is applicable For Companies other than companies claiming exemption under section 11.
ITR 7:  This form is applicable For persons including companies required to furnish return under section 139(A) or section (1394B) or section 139(4C) or section 139(4D) or section 139(4E).