ITR filing in Bangalore is the process by which a taxpayer has to file a report of his total income earned in a financial year. Through Income Tax Department’s official portal, an individual can complete their filing of returns. It has been notified with four various forms - ITR 1, ITR 2, ITR 3 and ITR 4.
|
Age Group |
Basic Exemption Limit |
|
For individuals below 60 years |
Rs 2.5 lakh |
|
For individuals above 60 years but below 80 years |
Rs 3.0 lakh |
|
For individuals above 80 years |
Rs 5.0 lakh |
Deposited more than Rs 50 lakh in 'savings' bank account
Spent more than Rs 2 lakh on foreign travel
Electricity
expenditure is more than Rs 1 lakh
Professional income is more than Rs 10 lakh: You have to mandatorily file a tax return if you are engaged in a profession and your gross receipts are more than Rs 10 lakh during the previous year.
This Return Form is for a resident individual whose total income for the assessment year includes:
Income from Salary/ Pension; or
Income from One House Property (excluding cases where loss is brought forward from previous years); or
Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Agricultural income up to Rs 5000.
Who cannot use ITR-1 Form?
Total income exceeding Rs 50 lakh
Agricultural income exceeding Rs 5000
If you have taxable capital gains
If you have income from business or profession
Having income from more than one house property
If you are a Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
If you are a resident not ordinarily resident (RNOR) and non-resident
Having any foreign income
If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person.
If tax has been deducted under Section 194N
If in case payment or deduction of tax has been deferred on ESOP
If you have any brought forward loss or loss needs to be carried forward under any income head
ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY includes:
Income from Salary/Pension
Income from House Property
Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
If you are an Individual Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Being a resident not ordinarily resident (RNOR) and non-resident
Income from Capital Gains
Having any foreign income
Agricultural income more than Rs 5,000
Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
If tax has been deducted under Section 194N
If in case payment or deduction of tax has been deferred on ESOP
If you have any brought forward loss or loss needs to be carried forward under any income head
Further, in a case where the income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
The total income can be more than Rs 50 Lakhs.
Who cannot use ITR-2?
This Return Form should not be used by an individual whose total income for the Assessment year includes Income from Business or Profession. For declaring these types of Income, you may have to use ITR-3 or ITR-4.
The current ITR-3 Form is to be used by an individual or a Hindu Undivided Family who have income from a proprietary business or is carrying on a profession. The persons having income from the following sources are eligible to file ITR-3:
Carrying on a business or profession
If you are an Individual Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
The return may include income from House property, Salary/Pension and Income from other sources
Income of a person as a partner in the firm
In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should file ITR-3
The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes:
Business income according to the presumptive income scheme under section 44AD or 44AE
Professional income according to presumptive income scheme under section 44ADA
Income from salary or pension up to Rs 50 lakh
Income from one house property, not more than Rs 50 lakh (excluding the amount of brought forward loss or loss to be carried forward)
Income from other sources having income not more than Rs 50 Lakh (excluding income from lottery and race-horses )
Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs 50 lakhs.
A presumptive income scheme under sections 44AD, 44AE and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i.e. when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR-3.
Who cannot use ITR-4 Form?
If your total income exceeds Rs 50 lakh
Having income from more than one house property
Owning any foreign asset
If you have signing authority in any account located outside India
Having income from any source outside India
If you are a Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Being a resident not ordinarily resident (RNOR) and non-resident
Having foreign income
If you are assessable in respect of the income of another person in respect of which tax is deducted in the hands of the other person.
If in case payment or deduction of tax has been deferred on ESOP
If you have any brought forward loss or loss needs to be carried forward under any income head.
PAN Card
Aadhar Card
Form 16
Form-16A/ Form-16B/ Form-16C
Bank Account Details
Bank Statement/ Passbook
Form 26AS and AIS, TIS
Home Loan Statement
Tax Saving Instruments
Capital Gain Details
Rental Income
Foreign Income
Dividend Income
Any other Document is claiming deductions (Like Investment in NSP, Donation Receipts