TYPES OF INCOME TAX RETURNS

ITR 1 (Also Known as SAHAJ)

This return is for individuals whose total income generates from Salary, Pension, House Property, or Other Sources.

ITR 2

This return is for Individuals, HUF & Partner in a Firm. Whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources

ITR 3

This return is for Individuals or Hindu Undivided Family (HUF) who have income from professional gains or carrying business profession (PGBP)

ITR 4

This return is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme

ITR 5

This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP) 

ITR 6

This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company

5 BENEFITS OF FILING INCOME TAX RETURN

Though According to income tax laws, filing return is mandatory for every individual or entity whose income exceeds the threshold limit mentioned in the income tax act but there are certainly other benefits as well for the filing of ITR:-

• Loans Availment – Filing the ITR will help individuals as well entities when they have to apply for a loan as all major banks can ask for a copy of tax returns
• Can take input or carry forward losses –If you file returns properly & on time, you will be able to carry forward business & capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years
• Helps in Visa Processing – If you want to travel overseas, foreign consulates may ask you to furnish ITR receipt of the last couple of years at the time of the visa interview. Some embassies may also ask for ITR receipts of previous three years, while some others may ask for the most recent certificate
• Apply For Government Tenders – Various governments requires tenders to show their tax return receipts of the previous five years to apply tender. If you don’t file ITRs you may miss the business opportunity.
• Buying high-value life cover insurance – Buying high-value life cover insurance especially over INR 1 Crore requires your ITR documents to verify annual income. "Life insurance companies, like LIC, Max, etc ask for ITR receipts these days if you opt to buy a term life insurance policy

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