Friday, July 27, 2012

Which ITR Form is applicable to you?

Which ITR Form is applicable to you?
With the introduction of new income tax return forms based on nature of income earned during the year, one needs to know relevance of each return form and select the right form.
For an individual, four forms have been introduced, the details of which are as under:
Form No.
ITR – 1
Meant for Individuals, who have
a) Income from salaryb) Interest income (taxable / exempt)c) Family pensiond) Income from agricultural activities
In other words, this form is not applicable in the following situations:
a) Individual having any income (taxable / exempt) other than mentioned aboveb) Any brought forward loss of earlier yearsc) Any income of other person to be included
ITR – 2
Individuals / HUF not having any income on account of carrying out business / profession or on account of being a partner in a partnership firm.
ITR – 3
Individuals / HUF who are partner in a partnership firm and does not carry out any other separate business / profession.
ITR - 4
Individuals / HUF who is carrying out business / profession under a proprietary concern.
Last date for filing tax returns
The last date for filing return of income for the year ended March 31, 2007 is July 31, 2007 and for individuals who are required to get their books of accounts audited under the Income Tax Act, it is October 31, 2007.


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