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IMPORTANT FORMS UNDER INCOME TAX RETURN

The Income Tax Department has announced forms for filing I-T returns for the 2020-21 fiscal year, which is a significant development in the field of taxation. In spite of the ongoing COVID pandemic and to make it easier for taxpayers, no major changes to the ITR Forms have been made in relation to last year's ITR Forms. Only the bare minimum reforms were introduced as a result of revisions to the Income-tax Act of 1961.<br>

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IMPORTANT FORMS UNDER INCOME TAX RETURN

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  1. Important forms under Income tax VINOD K AGRAWAL & ASSOCIATES, CA

  2. The Income Tax Return (ITR) is a document used to record gross taxable income from various sources, assert tax deductions, and declare net tax liability to the IRS. A salaried or self-employed citizen, Hindu Undivided Family (HUF), companies or firms must file an ITR with the income tax department. Income tax filing refers to the method of submitting the ITR. On the income tax department's e-portal, a taxpayer can file an ITR online. E-filing is the term used to describe the method of filing an ITR online.

  3. Income Tax Return Forms 1 to 7

  4. ITR- 1 Individuals that fall into one of the following groups may use Type ITR-1: 1- Any salary or pension obtained from one's employer and taxable under the "Income from Salary" category. 2 - Income from house property 3 - Income from other sources, such as interest, dividends, and so on. 4 - Total Income upto Rs 50 lakhs and agriculture income upto Rs 5000 only

  5. ITR- 2 ITR 2 is for use by an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2020-21 includes: Income from Salary/Pension; or Income from House Property; or Income from Other Sources (including Winnings from Lottery and Income from Race Horses). (Total revenue from the above could exceed Rs 50 lakhs.) If you are a company's Individual Director. If you had unlisted equity stock investments at some point during the fiscal year. Being a non-resident and a resident not normally resident (RNOR). Income from Capital Gains; or Foreign Assets/Foreign Income More than Rs 5,000 in agricultural income

  6. ITR- 3 Individuals or Hindu Undivided Families who have income from a proprietary business or occupation can use the current ITR3 Form. Individuals who earn money from the following sources are entitled to file ITR 3: Carrying on a business or profession If you are an Individual Director in a company If you have had investments in unlisted equity shares at any time during the financial year Return may include income from House property, Salary/Pension and Income from other sources Income of a person as a partner in the firm

  7. ITR- 4 Individuals, HUFs, Partnership companies (other than LLPs) and other residents with income from a company or occupation are covered by the new ITR 4. Resident total income is upto Rs.50 lakhs It also includes those who have chosen the presumptive income scheme under the Income Tax Act's Sections 44AD, 44ADA, and 44AE.

  8. ITR- 5 Firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), Artificial Judicial Person and BOIs (Body of Individuals), Estate of Deceased, Estate of Insolvent, Business Trust and Investment Fund are all required to file Form 5 (ITR 5) of the Income Tax Return. Aside from that, every cooperative society or local government can use the ITR-5 form to file their income tax return.

  9. ITR- 6 This return must be filed electronically only for companies that do not seek an exemption under section 11 (Income from property kept for charitable or religious purposes). ITR 6 is an income tax return form that consists of two parts: Part A and Part B, as well as several schedules that capture different income and tax aspects of a corporation.

  10. ITR- 7 Tax assessees who are eligible to file returns under main sub-sections of Section 139 of the Income Tax Act, 1961, must use Income Tax Return - ITR 7. Only for individuals and businesses who are eligible to file a return under sections 139(4A), 139(4B), 139(4C), or 139(4D).

  11. FORM 26AS Form 26AS, also known as an Annual Statement, is a consolidated report of all tax-related details associated with a PAN, such as TDS, TCS, and refunds (Permanent Account Number). Also details of the High-value Transactions in respect of shares, mutual fund etc. Section 203AA, Rule 31AB of the Income Tax Act of 1961 regulates this type and its use by tax authorities and taxpayers. Each financial assessment year's Form 26AS is divided into several sections. The tax credits (to government tax authorities) listed in Parts A and B of this form are calculated using information provided by the deductor/collector in their TDS/TCS statement.

  12. FORM 16 Form 16 is a credential that employers give to their workers. It certifies that TDS has been deducted and deposited on behalf of the employee with the appropriate government authorities. It includes a thorough overview of the employee's salary as well as the TDS deducted.

  13. FORM 16A A TDS Certificate is also known as Form 16A. Form 16 is for salary income only, while Form 16A is for TDS on Income Other Than Salary. When a bank deducts TDS on your interest income from fixed deposits, for TDS deducted on insurance commission, or for TDS deducted on your rent receipts, for example, a Form 16A would be sent to you. TDS must be deducted on all non-salary payments if the payment exceeds the defined threshold limit during the financial year, unless otherwise exempted, according to the Income Tax Act, 1961 of the Government of India.

  14. In the case of a taxpayer who runs a company or occupation and is already required by law to have his accounts audited (i.e. law other than income tax law). The Companies Act of 2013 makes it mandatory for a business to have its accounting audited. As a result, it will provide Type 3CA. FORM 3CA

  15. FORM 3CD Form 3CD is a concise statement of particulars in 41 points. All information relating to different aspects of the company and transactions must be entered into the relevant fields.

  16. This form is required when a taxpayer who works as a professional or runs a company does not have to have their books audited. Apart from the Income Tax Act, no audit of books of account is needed when an individual, partnership company, or proprietorship entity has a turnover of up to Rs. 10 crore and has opted for the presumptive taxation scheme. They must apply Form 3CB in order to do so. The tax auditor may also give Form 3CD in addition to Form 3CB. FORM 3CB

  17. According to section 44AB of the Income Tax Act, a tax audit must be performed by a professional auditor who has been authorized by the Income Tax Department - A Chartered Accountant (CA) with a full-time certificate in professional practice. The tax audit ensures that the taxpayers' books of account are accurate and correct, and that their income is measured in accordance with the relevant Income Tax Rules.

  18. THANKYOU VINOD K AGRAWAL & ASSOCIATES, CA

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