IMPORTANT FORMS UNDER INCOME TAX RETURN

1
Important forms under Income tax
VINOD K AGRAWAL ASSOCIATES, CA
2

• The Income Tax Return (ITR) is a document used to
  record gross taxable income from various
  sources, assert tax deductions, and declare net
  tax liability to the IRS.
• A salaried or self-employed citizen, Hindu
  Undivided Family (HUF), companies or firms must
  file an ITR with the income tax department.
• Income tax filing refers to the method of
  submitting the ITR.
• On the income tax department's e-portal, a
  taxpayer can file an ITR online. E-filing is the
  term used to describe the method of filing an ITR
  online.

3
Income Tax Return Forms 1 to 7
4
ITR- 1
Individuals that fall into one of the following
groups may use Type ITR-1

• 1- Any salary or pension obtained from one's
  employer and taxable under the "Income from
  Salary" category.
• - Income from house property
• - Income from other sources, such as interest,
  dividends, and so on.
• - Total Income upto Rs 50 lakhs and agriculture
  income upto Rs 5000 only

5
ITR- 2
ITR 2 is for use by an individual or a Hindu
Undivided Family (HUF) whose total income for
the AY 2020-21 includes

• Income from Salary/Pension or
• Income from House Property or
• Income from Other Sources (including Winnings
  from Lottery and Income from Race Horses).
• (Total revenue from the above could exceed Rs 50
  lakhs.)
• If you are a company's Individual Director.
• If you had unlisted equity stock investments at
  some point during the fiscal year.
• Being a non-resident and a resident not normally
  resident (RNOR).
• Income from Capital Gains or Foreign
  Assets/Foreign Income
• More than Rs 5,000 in agricultural income

6
ITR- 3
Individuals or Hindu Undivided Families who have
income from a proprietary business or occupation
can use the current ITR3 Form. Individuals who
earn money from the following sources are
entitled 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 Return may include
income from House property, Salary/Pension and
Income from other sources Income of a person as
a partner in the firm
7
ITR- 4
Individuals, HUFs, Partnership companies (other
than LLPs) and other residents with income from
a company or occupation are covered by the new
ITR 4. Resident total income is upto Rs.50
lakhs It also includes those who have chosen the
presumptive income scheme under the Income Tax
Act's Sections 44AD, 44ADA, and 44AE.
8
ITR- 5
Firms, LLPs (Limited Liability Partnerships),
AOPs (Association of Persons), Artificial
Judicial Person and BOIs (Body of Individuals),
Estate of Deceased, Estate of Insolvent,
Business Trust and Investment Fund are all
required to file Form 5 (ITR 5) of the Income
Tax Return. Aside from that, every cooperative
society or local government can use the ITR-5
form to file their income tax return.
9
ITR- 6
This return must be filed electronically only for
companies that do not seek an exemption under
section 11 (Income from property kept for
charitable or religious purposes).
ITR 6 is an income tax return form that consists
of two parts Part A and Part B, as well as
several schedules that capture different income
and tax aspects of a corporation.
10
ITR- 7

• Tax assessees who are eligible to file returns
  under main sub-sections of Section 139 of the
  Income Tax Act, 1961, must use Income Tax Return
  - ITR 7.
• Only for individuals and businesses who are
  eligible to file a return under sections 139(4A),
  139(4B), 139(4C), or 139(4D).

11
Form 26AS, also known as an Annual Statement, is
a consolidated report of all tax-related details
associated with a PAN, such as TDS, TCS, and
refunds (Permanent Account Number). Also details
of the High-value Transactions in respect of
shares, mutual fund etc.
FORM 26AS

• Section 203AA, Rule 31AB of the Income Tax Act of
  1961 regulates this type and its use by tax
  authorities and taxpayers.
• Each financial assessment year's Form 26AS is
  divided into several sections.
• The tax credits (to government tax authorities)
  listed in Parts A and B of this form are
  calculated using information provided by the
  deductor/collector in their TDS/TCS statement.

12
FORM 16
Form 16 is a credential that employers give to
their workers. It certifies that TDS has been
deducted and deposited on behalf of the employee
with the appropriate government authorities. It
includes a thorough overview of the employee's
salary as well as the TDS deducted.
13
FORM 16A
A TDS Certificate is also known as Form 16A. Form
16 is for salary income only, while Form 16A is
for TDS on Income Other Than Salary. When a
bank deducts TDS on your interest income from
fixed deposits, for TDS deducted on insurance
commission, or for TDS deducted on your rent
receipts, for example, a Form 16A would be sent
to you. TDS must be deducted on all non-salary
payments if the payment exceeds the defined
threshold limit during the financial year,
unless otherwise exempted, according to the
Income Tax Act, 1961 of the Government of India.
14
In the case of a taxpayer who runs a company or
occupation and is already required by law to have
his accounts audited (i.e. law other than income
tax law).
The Companies Act of 2013 makes it mandatory for
a business to have its accounting audited. As a
result, it will provide Type 3CA.
FORM 3CA
15
FORM 3CD
Form 3CD is a concise statement of particulars in
41 points. All information relating to
different aspects of the company and
transactions must be entered into the relevant
fields.
16
This form is required when a taxpayer who works
as a professional or runs a company does not
have to have their books audited.
Apart from the Income Tax Act, no audit of books
of account is needed when an individual,
partnership company, or proprietorship entity
has a turnover of up to Rs. 10 crore and has
opted for the presumptive taxation scheme. They
must apply Form 3CB in order to do so. The tax
auditor may also give Form 3CD in addition to
Form 3CB.
FORM 3CB
17
According to section 44AB of the Income Tax Act,
a tax audit must be performed by a professional
auditor who has been authorized by the Income
Tax Department - A Chartered Accountant (CA) with
a full-time certificate in professional practice.
The tax audit ensures that the taxpayers' books
of account are accurate and correct, and that
their income is measured in accordance with the
relevant Income Tax Rules.
18
THANKYOU
VINOD K AGRAWAL ASSOCIATES, CA