The income earned by the individuals and companies is subject to tax liability therefore, they have to file income tax return with the income tax department as per the provisions of Income Tax Act, 1961. The tax levied on the income is collected by the Central Government.
Every Individual whose gross total income is above 2.5 lakh is mandatory to file their IT Return to the Income Tax Department. And it is also necessary for other entities like Hindu Undivided Family (HUF), Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company, Public Limited Company, Trust, and NGO.
ITR Filing is a mandatory process which has to be followed by the taxpayer for multiple reasons for instance, maintenance of the financial records and for availing loan. Get your Income Tax Return filing done by OneClick Tax Filing LLP, one of the leading tax consultants.
For individuals earning income from salary, single house property, agriculture, & income from other sources. This form is to be filed by individual residents having total income up to Rs. 50 lakhs and agricultural income up to Rs. 5,000.
Note: Not applicable to individual being director in a company or has invested in unlisted equity shares or having foreign assets or foreign income.
For individuals and HUFs having earnings other than from PGBP (profits and gain of business or profession). It may be from capital gain, lottery, or foreign assets, etc. while total income should exceed Rs. 50 lacs. In case of agriculture income, it should exceed Rs. 5,000. Also, it is filed by those who invested in unlisted equity shares during the financial year.
For individuals and HUFs having earnings from profits and gains of business or profession. It also needs to be filed by the individuals having their income as a partner in a firm.
For Individuals, HUFs, and Firms (other than LLP) being a Resident having entire Income of up to Rs.50 lakhs from business or Profession. It also covers those who have opted presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
Note: Not applicable to individual director in a company or who has invested in unlisted equity shares
ITR 5 is filed by firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals) etc.
ITR 6 is filed by companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
It is required to be filed by those falling under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D) that can either be individual or a company.
