Income Tax Return: Date extended till December 31; know about 8 forms prescribed under income tax law
As per the information provided by the Income Tax Department, under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms).
The Income Tax (I-T) Department on Thursday extended the IT return filing date. Taxpayers can now file ITR till December 31, 2021. The decision was taken considering the difficulties reported by the taxpayers and other stakeholders in the filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961.
However, before filing the returns it is important for the income tax payers to know about the forms of return prescribed under the Income-tax Law.
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What are the forms of return prescribed under the Income-tax Law?
As per the information provided by the Income Tax Department, under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms).
The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2021-22 (i.e., financial year 2020-21) are as follows:
1. ITR - 1: Also known as SAHAJ, this form is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income referred in section 115BBDA or income referred in section 115BBE).
2. ITR - 2: It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”.
3. ITR - 3: It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession.
4. ITR - 4: Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.
5. ITR - 5: This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges).
6. ITR - 6: It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
7. ITR - 7: It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).
8. ITR - V: It is the acknowledgement of filing the return of income.
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