Government something like report card in school. The form which one needs to fill in is called Income Tax Return. When to File ITR1Structure of ITR 1 Forex gain loss accounting treatment of leases? These forms are released every year by Income Tax Department.
To file Income tax returns one needs to fill the appropriate Income Tax return form. Income tax return by the individual must be filed before 31st Jul 2018 or you would have to pay penalty. ITR forms vary over years so please check. For income less than 5 lakhs, one can file ITR manually.
For Individual’s it’s P , HUF it’s H, Firms F etc. Whether a resident of India or not . ITR1 is for Income Less than 50 lakh. On whether losses are carried forward or not. You can claim it in next 8 years.
You have foreign assets or not such as Stock of MNC. The Calculator below can suggest the Form you should fill based on the type of income and other details. Our article Income Tax Filing and ITR Forms For FY 2017-18 or AY 2018-19 discusses changes in ITR Forms for this year. ITR-5 and ITR-6 which differ in the information required and hence the number of pages. An overview of which form to be filled is given below.
Filling Income Tax Return Form : Last Date 31 Jul 2018Computation of total income. Determination of the tax payable thereon. Income Tax Return Form is based on the types of income earned. The total of income, after exemptions available, is known as Gross Salary and this is charged under the head income from salary.
Income from House Property: If you own a house whether you live in it or it is rent out you have Income from House Property. Any residential or commercial property that you own will be taxed, even if it is not let out, it will be considered earning rental income and you will need to pay tax on it. Rental income is taxed subject to some exemptions for example on Home Loan. The income chargeable to tax is the difference between the credits received on running the business and expenses incurred taking into account deductions such as depreciation of assets, rent, travelling. Income from Capital Gains: If you have sold property, land, Gold, shares, Mutual funds in the Financial Year then you have Income from Capital Gains. The gain can be on account or short- and long-term gains based on kind of asset and time for which it is held.
Income from other Sources : Any income that does not fall under any of the four heads of income above is taxed under the head income from other sources. One may have 3-4 sources of income under one particular head or type. For example, a person might have two businesses A and B. But both are taxable under the same head business and profession. Income Tax FAQ answers various questions on income tax and return.