Form, manner & mode of furnishing return of income - Income Tax - Ready Reckoner - Income Tax

Form, manner mode of furnishing return of income. Rule 12 - Form and manner of furnishing return of income S. No. Form Description Form Name 1. For individual having Income from Salary/Pension/Income from one House Property (excluding loss brought forward from previous year)/Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses and does not have loss under this head). Further this form can be used by the individual if his total income does not exceed ₹50,00,000. This form should not be used by an individual whose income includes- Income from more than one house property; or Income from Winnings from Lottery or income from race horses; or Income under the head capital gains e.g., short term capital gains or long-term capital gains from sale of house, plot, shares, etc,; or Income from Agriculture/exempt income in excess of ₹ 5,000; or Income from business or profession; or Loss under the head Income from other sources ; or Person claiming relief of foreign tax paid under section 90 , 90A or 91 ; or Income taxable u/s 115BBDA ; or Income of the nature referred to in section 115BBE ; or Is a person in whose case tax has been deducted u/s 194N ; or Any person who - has assets (including financial interest in any entity) located outside India; has signing authority in any account located outside India; has income from any source outside India; has income to be apportioned in accordance with provisions of section 5A ; has claimed deduction under section 57(iia) , [relating to deduction on account of family pension]; is a director in any company; has held any unlisted equity share at any time during the previous year; is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse; ITR-1 SAHAJ 2. This form can be used by a person being an individual (not covered under SI. No. 1) or a HUF whose total income does not having Income from Business or Profession. ITR-2 3. This form can be used by a person being an individual (not covered under SI. No. 1) or a HUF whose total income having Income from Business or Profession. ITR-3 4. For presumptive business income covered under section 44AD , 44ADA and 44AE (applicable in case of an individual or HUF). This form should not be used by an individual whose income includes- Income from more than one house property; or Income from winnings from lottery or income from race horses; or Income under the head capital gains e.g., short term capital gains or long-term capital gains from sale of house, plot, shares, etc.; or Income from Agriculture/exempt income in excess of ₹ 5,000; or Income from speculative business and other special incomes; or Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission for brokerage; or Person claiming relief of foreign tax paid under section 90 , 90A or 91 ; or Income taxable u/s 115BBDA ; or Income of the nature referred to in section 115BBE ; or Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India. has income of the nature specified in Section 17(2)(vi) on which is tax is payable or deductible as the case may be, u/s 191(2) or 192(1C) . ITR-4 SUGAM 5. For an individual HUF other than those covered under (1) or (2) or (3) or (4) or (5) above and having income from a proprietary business or profession. In case of an assessee to whom schedule FA applies (a resident assessee having assets (including financial interest in any entity) located outside India or signing authority in any account located outside (India) he has to furnish the return electronically under digital signature or file return electronically and thereafter submit ITR V within time prescribed. ITR-4 6. For any person other than individual or HUF or a company or a person covered under serial No.9 below (i.e for firm ,local authority, co-operative society bank ,other co-operative .LLP and any other AOP /BPI artificial juridical person) In case of an assessee to whom schedule FA applies (a resident asssessee having assets (including financial interest in any entity) located outside India ) he has to furnish the return electronically under digital signature or file return electronically and thereafter submit ITR V within time prescribed. ITR-5 7. For a company other than a company claiming exemption under section 11 ITR -6 8. For a person including a company whether or not registered under section 25 of the companies act 1956 required to furnish return under section 139(4A)/ (4B)/ (4C)/ (4D) ITR-7 9. For successor entities to furnished return of income under section 170A consequent to business reorganisation ITR-A 10. For the person who want to update income under section 139(8A) within 24 month from the end of the relevant assessment year ITR-U 11. INDIAN INCOME TAX RETURN VERIFICATION FORM. This form is to be used where the data of the return of income ITR-1, ITR-2, ITR-3 ,ITR-4, ITR-4S and ITR-5 and ITR -U transmitted electronically ,without digital signature. Submission of return Where return is filled electronically without digital signatures the verified ITR V From duly signed should be sent to POST BOX No-1, Electronic City Post Office, Bengaluru, Karnataka -560 100 by ordinary post or speed post on or before the due date or within a period of 30 days of uploading of the electronic return data whichever is later. [ Notification No. 2 of 2024 , dated 31.03.2024 ] ITR-V Mode of submission of Return: - Mode of submission of income-tax return is as follows. PERSON CONDITIONS MODE OF FURNISHING RETURN Individual/HUF Case 1 Accounts are required to be audited under section 44AB 1. Electronically with digital signature 2. Transmitting the data electronically in the return under electronic verification code; Case 2 (b) Where total income assessable under the Act during the previous year of a person, being an individual of the age of eighty years or more at any time during the previous year, and who furnishes the return in Form number SAHAJ (ITR-1) or Form number SUGAM (ITR-4). Return can be submitted by using any one of the following electronic modes Electronically under digital signature; or Transmitting the data in the return electronically under electronic verification code; or Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR- V . Paper format Case 3 Any other case Electronic mode given in Case 2 other than paper format, Company Case 4 Any company-In all cases Electronically with digital signature Person required to furnish return in ITR-7 Case 5 Political Party Electronically under digital signature. Case 6 Any other case Electronically under digital signature; or Transmitting the data in the return electronically under electronic verification code; or Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR- V . Firm, LLP or any person (not mentioned above) required to furnish return in ITR-5 Case 7 Accounts are required to be audited under section 44AB Electronically with digital signature Case 8 Any other case Electronically under digital signature; or Transmitting the data in the return electronically under electronic verification code; or Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR- V . Important Notification and circulars w.e.f. 01.04.2024, Return shall be treated as invalid due to non-verification. [ Notification No. 2 of 2024 , dated 31.03.2024 ] w.e.f. 01.04.2024 , Time limit for verification of return of income after uploading will be change from 01.04.2024. [ Notification No. 2 of 2024 , dated 31.03.2024 ]