Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

[Rule 12]- Form and Manner of Furnishing Return of Income

As per rule 12(1), The return of income required to be furnished under section 139(I) or 139(3) or 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) or section 142(1)(i) or section 148(1) or section 153A relating to the assessment year commencing on the 1St day of April, 2019 shall be in the relevant Forms,—

[Rule 12]- Form and Manner of Furnishing Return of Income
[Rule 12]- Form and Manner of Furnishing Return of Income
S.No. Form of Description Form Name
1. Who can use this Form ?

This Form can be used by an individual who is a ITR-1 resident other than not ordinarily resident and whose total income includes SAHAJ income chargeable to income tax, under the head—

(a)               Salaries or income in the nature of family pension as defined in the Explanation to section 57(iia)

(ii)        Income from House Property, where assessee does not own more than one house property and does not have any brought forward loss or loss to be carried forward under the head

(a)               Income from Other Sources except Winning from Lottery and Income from Race Horses and does not have loss under that head

Further, this Form can be used by the individual if his total income does not exceed Rs. 50,00,000.

Who cannot use this Form ?

This form cannot be used by an individual whose total income includes—

(a)        Income from more than one house property; or

(b)        Income from Winnings from lottery or income from race horses; or

(c)        Income under the head “Capital gains” e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares, etc.; or

(d)        Income from agriculture exceeding Rs. 5,000 ; or

(e)        Income from business or profession; or

(f)         Loss under the head “Income from other sources”; or

(g)        Income taxable under section 115BBDA; or

(h)        Income of the nature referred to in section 115BBE; or

(i)         Person claiming relief of foreign tax paid under section 90, 90A or 91; or

(j)         Any person who—

(I)         has assets (including financial interest in any entity) located outside India;

(Ia)       has signing authority in any account located outside India:

(Ib)       has income from any source outside India;

(Ic)       has income to be apportioned in accordance with provisions of section 5A;

(Id)       has claimed deduction under section 57, other than deduction claimed under clause (iia) thereof;

(Ie)       is a director in any company;

(If)        has held any unlisted equity share at any time during the previous year;

(Ig)       is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee;

(a)               has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91;

(a)               has agricultural income, exceeding Rs. 5,000 ;

(IV)       has total income, exceeding Rs. 50,00,000;

(V)        has income taxable under section 115BBDA ;

(VI)       has income of the nature referred to in section 115BBE;

(VII)     owns a house property in joint-ownership with two or more persons; or

(VIII)    is required to furnish a return of income under seventh proviso to section 139(1).

ITR-1 SAHAJ
2. Who can use this Form ?

This Form can be used by a person being an individual [not being an individual to whom serial number 1 applies] or a Hindu undivided family whose total income does not include income under the head business or profession.

Who cannot use this Form ?

This return form should not be used by an individual or HUF whose total income includes income from business or profession.

ITR-2
3. Who can use this Form ?

This Form can be used by an Individual & IIUF other than those covered under (1) or (2) above or (4) below and having income under the head business or profession.

ITR-3
4. Who can use this Form ?

This Return Form can be used by a person being an individual or a Hindu undivided family, who is a resident other than not ordinarily resident, or a firm, other than limited liability partnership firm, which is a resident deriving “income under the head Profits or gains of business or profession” and such income is computed in accordance with special provisions referred to in section 44AD, section 44ADA and section 44AE of the Act for computation of such income:

Note 1:

 The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act.

Note 2:

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

Who cannot use this Form ?

This Form cannot be used by a person who,—

has assets (including financial interest in any entity) located outside India

(Ia)         has signing authority in any account located outside India;

(Ib)         has income from any source outside India

(Ic)          has income to be apportioned in accordance with provisions of section 5A;

(Id)         is a director in any company;

(Ie)         has held any unlisted equity share at any time during the previous year,

(If)          has total income, exceeding fifty lakh rupees;

(Ig)         owns more than one house property, the income of which is chargeable under the head “Income from house property”;

(Ih)         has any brought forward loss or loss to be carried forward under any head of income;

(Ij)          is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee,

(a)                    has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91;

has agricultural income, exceeding five thousand rupees:

(IV)         has income taxable under section I I5BBDA:

(V)          has income of the nature referred to in section 1 15BBE; or

(V)          owns a house property in joint-ownership with two or more persons.

SUGAM
(ITR-4)
5. Who can use this Form ?

This form can be used by any person not being an individual or a Hindu undivided family or a company or a person covered under serial number 7 below (i.e. this Form is meant for a firm, local authority, co-operative bank, other co-operative societies. LLP, any other AOP / BOI or artificial juridical person)

ITR-5
6. Who can use this Form?

This form can be used by a company not being a company to which serial number 7 applies.

ITR-6
7. Who can use this Form?

This form can be used by any person including a company whether or not registered U/s 25 of the Companies Act, 1956, who is required to file a Return U/s 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D).

ITR-7
See also  Assessment of HUF (Hindu Undivided Family)
%d bloggers like this: