Filing the Right Tax Returns
Tax is needed for a country for keep it’s economy running. So paying tax is important for every individual who belongs from that particular country. And now it’s the time again that you have to file tax returns and clear all annual tax liabilities.
All tax payers to file returns using the appropriate income tax return (ITR) form based on their status and income sources are required by tax department.
ITR-I Sahaj Individual Income Tax Return (AY 2013-14)
1. The individuals who have getting income from salary or pension.
2. One who has income from hose property (excluding cases where losses have been brought forward from previous years).
3. Income from other sources, this excluding lottery and race horses.
Individual can’t use it if they have
1. Tax-free agriculture income or allowances such as conveyance and rent above Rs. 5,000.
2. Income from business or profession.
3. Capital gains not exempt from tax.
4. Assets outside India or signing authority in any account outside India.
Form ITR-II (AY 2013-14)
Individuals or HUF who have:
1. Income getting from salary or pension.
2. Income from house property.
3. Income from capital gains.
4. Income from other sources including lottery and race horses.
The individual or taxpayer with assets outside India or those who are signing authority in any account outside India are required to fill the section for foreign assets.
Form ITR -III (AY 2013-14)
Individual or HUF who has:
1. Partnership in any firm.
2. Getting profit or gains of business or profession. It don’t include any income other than interest, salary, commission, remuneration, bonus from the partnership firm.
If the taxpayers have income from a proprietary business or profession with sole ownership.
ITR-IV (AY 2013-14)
Individual or HUFs who are carrying out a profession or business need to maintain itsa books and get them audited. The tax return should be appropriate for all income sources if in case income of another person such as spouse or minor child is to be clubbed with that of the assessee.
ITR-IV S Sugam Presumptive Business Income Tax Return (Ay 2013-14)
Individuals or HUFs who have:
1. Presumptive income getting from a proprietary business or profession (calculated on the turnover of the previous financial year)
2. Income getting from salary or pension.
3. Income from house property, without losses from previous years.
4. Income from other sources, not including lottery and race horses..
If the taxpayer has the followings then it can not be used:
1. Capital Gains not exempt from tax.
2. Tax-exempt income in excess of Rs 5,000.
3. Income from more than one house.
4. Income from agency or brokerage.
5. Signing authority in any account outside India
6. Claimed relief for foreign tax paid.
7. Income from medical, engineering or architectural profession; or accountancy, legal, interior decoration, technical consultancy or any other notified profession.
8. Assests outside India.
9. Income from speculative business.