Filing the Right Tax Returns

With the deadline for filing income tax returns approaching, here is an overview of tax-return forms for individuals
   Edition: July 2013

TAGS: income tax | income tax returns | e-filing tax returns | income tax returns online | income tax filing forms
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Friction, which causes wear and tear, is a necessary evil that helps us move. So are taxes, which keep a country's economy running. It's that time of the year

The income tax department requires all taxpayers to file returns using the appropriate income tax return (ITR) form
based on their status (individual, company or trust) and income sources. For the current assessment year (for
income in financial year 2012-13), taxpayers with income above Rs 5 lakh have to file returns online. Though
most online tax payment services have applications which file returns in the appropriate form based on your inputs, it
is helpful to know which ITR form is for you.

ITR-1 SAHAJ INDIVIDUAL INCOME TAX RETURN (AY 2013-14)

Individuals Who Have:

Income from salary or pension

Income from one house property (excluding cases where losses have been brought forward from previous years)
Income from other sources, excluding lottery and race horses

Individuals Cannot Use It If They Have:

Capital gains not exempt from tax

Tax-free agriculture income or allowances such as conveyance and rent above Rs 5,000
Income from business or profession
Assets outside India or signing authority in any account outside India

FORM ITR-2 (AY 2013-14)

Individuals Or Hindu Undivided Families Who Have:

 Income from salary or pension
Income from house property
Capital gains
Income from other sources, including lottery and race horses

**Taxpayers with assets outside India or those who are signing authority in any account outside India are required to fill the section for foreign

FORM ITR-3 (AY 2013-14)

Individuals Or Hindu Undivided Families Who Have:

Partnership in a firm
"Profits or gains of business or profession" do not include any income other than interest, salary, bonus,
commission or remuneration from the partnership firm

Taxpayers Cannot Use It If They Have:

Income from a proprietary business or profession with sole ownership

ITR-4 (AY 2013-14)

Individual or HUFs who are carrying out a proprietary business or profession, maintain its books and get them
audited.In case income of another person such as spouse or minor child is to be clubbed with that of the
assessee, the tax return should be appropriate for all income sources.

ITR-4S SUGAM PRESUMPTIVE BUSINESS INCOME TAX RETURN (AY 2013-14)

Individuals Or Hufs Who Have:

Presumptive income from a proprietary business or profession (calculated on turnover of the previous financial
year)
Income from salary/pension
Income from one house property (without losses from previous years)
Income from other sources, excluding lottery and race horses

It Cannot Be Used If The Taxpayer Has:

Income from more than one house

Capital gains not exempt from tax
Tax-exempt income in excess of Rs 5,000
Income from speculative business
Income from agency/brokerage
Income from legal, medical, engineering or architectural profession; or accountancy, technical consultancy,
interior decoration or any other notified profession
Assets outside India
Signing authority in any account outside India
Claimed relief for foreign tax paid
e required to fill the section for foreign assets
e SUGAM ITR-4S is a Form used by a certain section of Tax Assessees while filing their Income Tax Returns in India. The process of filing Tax Returns in the In
Contents
  [hide] 
1 SUGAM ITR-4S Form [1]
2 Non Use of SUGAM ITR-4S Form
3 Eligibility for SUGAM ITR-4S Form [2]
4 Non-eligibility for SUGAM ITR-4S Form [4]
5 Non Mandatory clauses for SUGAM ITR-4S Form
6 References
SUGAM ITR-4S Form [1][edit]

The SUGAM ITR-4S Form is a Presumptive Income Tax Return Form and is part of the Income Tax Returns Filing process with the Income Tax Department of 
Non Use of SUGAM ITR-4S Form[edit]
Every Income Tax Return Form is applicable only to a certain section of Assessees and only those who are eligible to fill a particular form are
event that a wrong form has been filled out while filing Tax Returns, the form is liable to be rejected by the Income Tax Department of India.
An important factor to take note of before filing Income Tax Returns through the SUGAM ITR-4S Form is that this Form is not to be used by an
Undivided Family that fulfills any of the following criteria
Holds any assets outside the country
Has any financial interest in a foreign entity
Is a signing authority in any bank account that is located outside the Indian Territory
Eligibility for SUGAM ITR-4S Form [2][edit]

Individuals and Hindu Undivided Families who have earned their Income only through the following means only are eligible to use the SUGAM ITR-4S[3] Fo
Earned Business Income that is computed in accordance with the special provisions as referred to in Section 44AD and 44AE of the Incom
the computation of income
Earned Income through Salary and/or Pension
Earned Income from one House Property, except where loss is carried forward from preceding years
Income from other sources except for earnings through Lottery, Race horse winnings, Contests, and other legal means of gambling
Non-eligibility for SUGAM ITR-4S Form [4][edit]
Individuals and Hindu Undivided Families who are have earned any Income through the following sources are not eligible to fill the SUGAM ITR-4S
More than one House Property
Lottery, Racehorses, Legal Gambling etc.
Non Tax Exempt capital gains both Short term as well as Long term
Agricultural means exceeding the amount of Rs. 5000
Speculative Business and other Special category incomes
A Profession as per Sub Section (1) of Section 44A
An Agency or as Commission or Brokerage
Any means that is located outside the Indian Territory
Non Mandatory clauses for SUGAM ITR-4S Form[edit]
The SUGAM ITR-4S Form is not mandatory to be filed by the Individual or Hindu Undivided Family, in this case the Assessee, if the following is fulfilled
All Books of Accounts and other documentation related to Business is maintained by the Assessee as per Section 44A of the Income Tax Act
An Audit of Accounts is carried out and the Audit Report for the Business is obtained in accordance to Section 44AB of the Income Tax Act
In such cases the Regular ITR-4 Form should be filed and not the SUGAM ITR-4S Form.