ITR-3 Form Filing – Income Tax Return
The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.
ITR-3 form is to be used when the assessee has income that falls into the below category :
- Income from carrying on a profession
- Income from Proprietary Business
- Along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources
If you earn income through self-employment or through any profession or work that involves intellectual or manual skills, this income will be considered under the head ‘Profits & Gains of Business & Profession’. Except the income which is part of your employment agreement, any income earned through your professional skills will be considered under the head Profits & Gains of Business & Profession.
Typical documents that are needed
- Profit and loss account
- Balance sheet
- Books of accounts (if applicable)
- Sales register
- Purchase register
- TDS certificate / Form 16A
Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.
How we can help you
- Complete assistance from Expert
- Comprehensive advice on tax planning
- Preparation of financial statements (which would include balance sheet and profit and loss account
- Advance tax computations
- Preparation of detailed tax computations
- e-filing of your return
- Support over phone and email
ITR-4 SUGAM Form Filing – Income Tax Return
The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than 2 Crores and Professionals with gross receipts less than 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
ITR-4 must be filed by individuals / HUFs and Professionals who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.
ITR-4 cannot be filed by taxpayers who fall into the below category :
- Businesses with turnover of over Rs. 2 Crores
- Professionals with gross receipts exceeding Rs. 50 Lakhs
In the above cases ITR-3 should be filed.
Companies cannot file ITR-4 as it is applicable only for individuals / HUFs and Professionals. Companies need to file ITR-6 or ITR-7 based on applicability.
ITR-4 form is to be used when the assessee has income that falls into the below category :
- Income from carrying on a profession and has opted for presumptive income scheme as per section 44 ADA
- Income from Proprietary Business and has opted for presumptive income scheme as per section 44 AD or section 44AE
- Along with income from a profession or proprietary business, return may also include income from House property, Salary/Pension and Income from other sources
Due date for filing income tax return is 31st July for Individuals and 30th September for Businesses.
ITR-5 Form Filing – Income Tax Return
ITR-5 form is to be used when the assessee is one of the following:
- Firms
- LLPs (Limited Liability Partnerships)
- AOPs (Association of persons)
- BOIs (Body of Individuals)
- Artificial juridical person
- Cooperative society
- Local authority
Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.
ITR-5 cannot be filed by Taxpayers who fall under the below category :
- Assessees who are required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
- Individuals, HUFs (Hindu Undivided Families), Companies
Due date for filing the income tax return is 30th September.
ITR-6 Form Filing – Income Tax Return
ITR-6 Form can be used only by Companies. Only companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) can use the form to file their Tax Returns with the Income Tax Department of India.
ITR-6 cannot be filed by Taxpayers who fall under the below category :
- Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person
- Companies that claim exemption under section 11 (Income from property held for charitable or religious purposes)
- ITR-6 form is to be used when the tax payer is registered as a Company under Indian Companies Act of 1956 or any other law, and if the company is not claiming exemption under section 11 (Income from property held for charitable or religious purposes).
Due date for filing the income tax return is 30th September.
