Saturday 12 August 2017

How to File Income Tax Return (Business ITR)?

                                         

Apply at photonjournal@yahoo.com to File Income Tax Return online. It costs INR 50, 000

File Return with Photon Financial Services

1. ITR Documents: 

Following documents are required to get started with your income tax return :

Form 16/16A
Bank Statements/Passbook
           Form 26AS
   80C Investment receipts (FD Statements, LIC Premium Receipts, NSC Certificates, and PPF Receipts etc.)
     
2. Complete income tax profile:  Basic info such as-
PAN,
contact details,
Bank account info and income heads applicable.

3. Income Details: 
Incomes earned during the year in appropriate heads of income.

4. Expenses incurred and investments: 
The amount of investments and expenses for the purpose of deduction under chapter VIA.

5. Taxes Paid & deducted:
The details of Advance Tax paid by you and TDS deducted on non-salary incomes

6. Review income tax return

Submit these all documents at photonjournal@yahoo.com along with registration fee Rs 50,000

 



ITR-1 OR SAHAJ

This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:-
  • Income from Salary/ Pension; or
  • Income from One House Property (excluding cases where loss is brought forward from previous years); or
  • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Who cannot use this Return Form
  •  If your total income exceeds Rs 50 lakhs.
  • If you have foreign assets
  • If you have agricultural income which is more than Rs. 5,000,
  • If you have taxable capital gains
  • If you have income from business or profession
  • If you have income from more than one house property
·         ITR-2A
·         This tax return form has been discontinued in FY 2016-17.If you have filed ITR 2A in FY 2015-16, then you should file ITR 2 now for FY 2016-17.

ITR-2
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2017-18 includes:-
  • Income from Salary/Pension; or
  • Income from House Property; or
  • Income from Capital Gains; or
  • Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
  • Income of a person as a partner in the firm
  • Foreign Assets/Foreign income
  • Agricultural income more than Rs 5,000
Further, in a case where the income of another person like one’s spouse, child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession .
For declaring these types of Income, you may have to use ITR-3 or ITR-4 

ITR-3
The old ITR-4 tax form has been renamed ITR-3. If you’ve e-filed an ITR-3 for FY 2015-16, then you must file an ITR-2 now The Current  ITR3  Form is to be used by an individual or an Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 :
  • Carrying on a business or profession
  • Return may include income from House property,Salary/Pension and Income from other sources

ITR-4 S or Sugam
This tax return form has been discontinued in FY 2016-17.If you have filed ITR 4S in FY 2015-16, then you should file ITR 4 now for FY 2016-17.
ITR-4
The old ITR-4S tax form has been renamed ITR-4. If you’ve e-filed an ITR-4 for FY 2015-16, then you must file an ITR-3 now.
The current ITR 4 is applicable to  individuals and HUFs having income from a business or profession and who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crores, the tax payer will have to file ITR-3.
ITR-5
For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)
ITR-6
For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)
This return has to be filed electronically only.

ITR-7
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
  • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every –
    • scientific research association;
    • news agency ;
    • association or institution referred to in section 10(23A);
    • institution referred to in section 10(23B);
    • fund or institution or university or other educational institution or any hospital or other medical institution.
  • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.








For any query please contact at photonjournal@yahoo.com


ITR Form
Applicable to
ITR 1 (SAHAJ)
For Individuals having Income from Salary and Interest.
ITR 2
For Individuals & HUFs not having Income from Business or Profession
ITR 2A
For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets
ITR 3
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4
For Individuals & HUFs having income from a proprietory business or profession
ITR 4S (SUGAM)
For Individuals/HUF having income from presumptive business
ITR 5
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing ITR-7
ITR 6
For Companies other than companies claiming exemption under section 11
ITR 7
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E)


FAQ-





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