How to file income tax (IT) return online

Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[2/5]Total Votes [ 4 ]  
Rate this page:
Who need to file Income tax return?
  • All Individuals, Hindu Undivided Families (HUFs), Association of Persons, Body of Individuals, and Companies need to file returns compulsorily every year.
  • Firms and Co-operative Societies need to file return of income if they have any income or if one out of the six economic criteria is satisfied irrespective of the income.

Note: Return of income has to be filed even if tax has been deducted at source. It has to be filed by certain legal representatives and representative assessees.

Selecting the Correct Form

There are different Income Tax Return forms that are based on:
  • Who has to file (individual, Hindu undivided family, firm, business, political party, etc.)?
  • Whether the taxpayer is a resident of India or not?
  • Whether the income earned is ex: income from Capital Gains or income from House Property?
  • Whether losses have been carried forward or not?


IT Return Form​Brief Description
ITR – 1Also known as SAHAJ. It is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
ITR – 2It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR – 3It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR – 4SAlso known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.
ITR – 4It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR – 5It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)
ITR – 6It is applicable to a company, other than a company claiming exemption undersection 11 (charitable/religious trust can claim exemption under section 11​).
ITR – 7It is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
ITR – VIt is the acknowledgement of filing of return of income.


(*) The aforesaid table gives only a brief overview of the return forms and is not an exhaustive discussion. For more provisions of applicability/non-applicability of the ITR Forms, the readers should check Income Tax Department's official website – incometaxindia.gov.in.​

Different Ways of Filing ITR
There are three ways in which ITR can be filed:
  • E-Filing using Digital Signature Certificate (DSC): No further formality is required.
  • E-Filing without Digital Signature Certificate: ITR-V Form is generated. The printed copy of the form duly signed by the taxpayer should be sent to Income Tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru – 560100 (Karnataka) only via ordinary post or speed post within 120 days from the date of e-Filing.
  • E-Filing through an e-Return Intermediary (ERI) with or without Digital Signature Certificate (DSC): ITR-V Form is generated. The printed copy of the form duly signed by the taxpayer should be sent to Income Tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru – 560100 (Karnataka) only via ordinary post or speed post within 120 days from the date of e-Filing.
Wealth Tax Returns
Every individual, Hindu undivided family and company whose net wealth exceeds the maximum amount that is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the Wealth tax Act, 1957 is Rs. 30 lakh at present. Wealth Tax is charged at the rate of 1% of the amount by which the net wealth exceeds Rs. 30 lakh.

Disclaimer: The data has been collected from Income Tax Department's official website on date. The data on the website may vary if any new update is made on the official website.

WBVDA

Last Updated on June 18, 2015

Income Tax Calculator