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.	Applicability
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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(Income tax rates for the financial year 2011-2012)

Applicable Income tax rates for Indian individual persons (Men/HUF) having age less than 60

Income from all sources	Income tax rate ( Percentage )	Applicable Education cess on Income tax  ( percentage )	Effective tax rate
0 to 180000	0	0	0
180001 to 500000	10	3	10.3
500001 to 800000	20	3	20.6
800001 and above	30	3	30.6

Applicable Income tax rates for Indian individual women having age less than 60

Income from all sources	Income tax rate ( Percentage )	Applicable Education cess on Income tax  ( percentage )	Effective tax rate
0 to 190000	0	0	0
190001 to 500000	10	3	10.3
500001 to 800000	20	3	20.6
800001 and above	30	3	30.6

Applicable Income tax rates for Indian individual persons having age more than 60 and less than 80 (Senior citizens)

Income from all sources	Income tax rate ( Percentage )	Applicable Education cess on Income tax  ( percentage )	Effective tax rate
0 to 250000	0	0	0
250001 to 500000	10	3	10.3
500001 to 800000	20	3	20.6
800001 and above	30	3	30.6

Applicable Income tax rates for Indian individual persons having age more than 80 (Very Senior citizens)

Income from all sources	Income tax rate ( Percentage )	Applicable Education cess on Income tax  ( percentage )	Effective tax rate
0 to 500000	0	0	0
500001 to 800000	20	3	20.6
800001 and above	30	3	30.6

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TDS RATE(11-12)

Sl. No.	Section Of Act	Nature of Payment in brief	Cut Off Amount		Rate %
			01.04.2012	01.07.2012	HUF/IND	Others
1	192	Salaries	Salary income must be more then exemption limit after deductions.		Average Rate
2	193	Interest on debentures	2500	5000	10	10
3	194	Deemed dividend	-	-	10	10
4	194A	Interest other than Int. on securities (by Bank)	10000	10000	10	10
4A	194A	Interest other than Int. on securities (By others)	5000	5000	10	10
5	194B	Lottery / Cross Word Puzzle	10000	10000	30	30
6	194BB	Winnings from Horse Race	5000	5000	30	30
7	194C(1)	Contracts	30000	30000	1	2
8	194C(2)	Sub-contracts/Advertisements	30000	30000	1	2
9	194D	Insurance Commission	20000	20000	10	10
10	194EE	Payments out of deposits under NSS	2500	2500	20	-
11	194F	Repurchase of units by MF/UTI	1000	1000	20	20
12	194G	Commission on sale oflottery tickets	1000	1000	10	10
13	194H	Commission or Brokerage	5000	5000	10	10
14	194I	Rent (Land & building)	180000	180000	10	10
		Rent (P & M , Equipment, furniture & fittings)	180000	180000	2	2
15	194J	Professional/Technical charges/Royalty & Non-compete fees	30000	30000	10	10
16	194J(1)(ba)	Any remuneration or commission paid to director of the company(Effective from 1 July 2012)	NA	NIL	10	10
17	194LA	Compensation on acquisition of immovable property	100000	200000	10	10
18	194LLA	Payment on transfer of certain immovable property other than agricultural land (Effective from 1 October 2012)	(a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012)		1	1

Note:

1. Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
2. TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
3. No TDS on Goods Transport  :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
4.  Surcharge on Income-tax is not deductible/collectible at source in case of  individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
5.  In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000. 
6. NoCess on payment made to resident:Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

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