Income Tax

ITR-1 Return Filing

ITR-1 (Sahaj) is a income tax return form for individuals with income from:

- Salary or pension
- One house property
- Other sources (interest, etc.)
- Agricultural income up to ₹5,000

ITR-2 Return Filing

ITR-2 is an income tax return form for individuals with income from:

- Salary or pension
- More than one house property
- Capital gains (stocks, mutual funds, etc.)
- Foreign assets or income (NRI taxpayers)

ITR-3 Return Filing

ITR-3 is an income tax return form for individuals with income from:

- Business or profession
- Partnership firms
- Capital gains (business assets, etc.)
- Complex income tax situations

ITR-4 Return Filing

ITR-4 (Sugam) is an income tax return form for individuals with income from:

- Business or profession (presumptive income)
- Small businesses or freelancers
- No audit requirements
- Simple tax situations

ITR-5 Return Filing

ITR-5 is an income tax return form for:

- Partnership firms
- Limited Liability Partnerships (LLPs)
- Association of Persons (AOPs)
- Body of Individuals (BOIs)

ITR-6 Return Filing

ITR-6 is an income tax return form for:

- Companies (other than those claiming exemption under Section 11)
- Companies required to furnish return under Section 139(4A) or 139(4B)
- Companies having income from charitable trusts
- Companies having income from business or profession.

ITR-7 Return Filing

ITR-7 is an income tax return form for:

- Persons required to furnish return under Section 139(4A) or 139(4B)
- Trusts, charities, and religious institutions
- Political parties and electoral trusts
- Other entities exempt from income tax.

TDS Return filing

TDS (Tax Deducted at Source) return is a quarterly statement filed by:

- Employers or deductors to report TDS deductions
- Details of tax deducted from employees' salaries or payments
- Submitted to the Income Tax Department
- Due dates: 31st July, 31st October, 31st January, and 31st May.

Income Tax Notice Response

Income tax notice response is a reply to a notice from the Income Tax Department, typically requiring:

- Taxpayer to furnish additional information or documents
- Clarification on discrepancies or inconsistencies
- Response to be submitted within a specified timeframe
- Failure to respond may lead to further action or penalties.