Income tax panel
Income tax is tax levied on the income of a person by the Government of India as per the provisions of Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March. Its is mandatory for individuals, Corporates, Non Residents, partnership firms, Limited Liability Partnerships, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return – irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
Documents required for income tax filling
- PAN card copy of the tax payer.
- Form 16 issued by employer for salaried employees.
- Bank statement from bank interest on saving account.
- Form 26AS from income tax department for the summary of taxes deducted.
- Section 80 investment documents like PPF,NSC,ULIPS,ELSS,LIC.
Income tax return forms
ITR 1- For Individuals having Income from Salaries,one house property,other sources (Interest etc.) and having total income upto Rs.50 lakh
ITR 2– For Individuals and HUFs not carrying out business or profession under any proprietorship
ITR 3– For individuals and HUFs having income from a proprietary business or profession
ITR 4– For presumptive income from Business & Profession
ITR 5– For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7
ITR 6– Income Tax Form ITR 6 for companies like one person company, private limited company, public limited company and other for-profit companies.
ITR 7-Income Tax Form ITR 7 is used by persons, political parties, news agencies, universities and entities in receipt of income from property held under trust for charitable or religious purposes.
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