Income Tax

Whether you have a single, specific need or require comprehensive service on a worldwide scale, we bring you the knowledge, experience, and resources to help you meet your goals.

Income Tax

ITR -1

should be filed for an assessment year, when Total Income of an Individual includes:

⦁ Income from Salary/Pension

⦁ Income from One House Property (excluding cases where loss is brought forward from previous years)

⦁ Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

ITR 2

individuals with income from the following sources are eligible to file Form ITR-2:

⦁ Income from salary/pension

⦁ Income from house property (income can be from more than one house property)

⦁ Income from capital gains/loss on sale of investments/property (both short-term and long-term)

⦁ Income from other sources (including winning from lottery, bets on racehorses and other legal means of gambling)

⦁ Residents having foreign income, claiming foreign tax credit and disclosing the foreign assets.

⦁ Agricultural income of more than Rs 5,000

⦁ Resident not ordinarily resident and a non-resident

⦁ Income from Virtual Digital Asset (Crypto currency)

The total income from the above sources may exceed Rs 50 lakh.

Further, if you are a Director of any company and an individual who has invested in unlisted equity shares of a company, you must file returns in ITR-2.

ITR 3

⦁ Carrying on a business or profession (both ⦁ tax audit and non-audit cases)

⦁ The return may include income from house property, salary/pension, capital gains and income from other sources.

⦁ Remuneration received from a partnership firm

ITR 4

Filed by the individuals/HUF/Partnership firm whose total income of FY 2023-24 includes as below:

⦁ 44AD or 44AE

⦁ Income from profession calculated under Section 44ADA

⦁ Income covered by ⦁ ITR 1

Similar to ITR1, the total income from all the sources together should not exceed Rs. 50 Lakhs.

ITR 5

⦁ This form can be used by the following persons 

⦁ Firm 

⦁ Limited Liability Partnerhsip (LLP) 

⦁ Association of Persons (AOP) 

⦁ Body of Individuals (BOI) 

⦁ Artificial juridical person referred to in section 2(31)(vii)

⦁ Estate of deceased 

⦁ Estate of insolvent 

⦁ Business trust and investment fund

⦁ Cooperative society 

⦁ Local authority. 

ITR 6

All companies registered under the Companies Act 2013 or the earlier Companies Act 1956 should file ITR 6 Form. However, if the company's source of income comes from the property held for religious or charitable purposes are not required to file ITR 6 Form

ITR 7

Filed when persons including companies are required to file their returns as per these section:

⦁ section 139(4A): Income of Charitable and Religious Trusts

⦁ section 139 (4B): Political Parties

⦁ section 139 (4C): Scientific research institutions

⦁ section 139 4(D): University, college or other institution

File ITR