Types of Income Sources

1. Salary, bonus, commission, or remuneration

2. House Property (Rent Income)

3. Capital Gains-Share Marekt , Sale of Property

4. Gain or Profit from Business / Profession

5. Other sources like Interest, Dividend, etc

6. Partner Remuneration

7. Firm Net Profit

8. Foreign Income

9. Income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form or nature whatsoever.

10. Rental income from letting of plant, machinery, or furniture with buildings.

11. Pension or Family Pension.

Who Should fill ITR or Income Tax Return?

• Gross annual income is more than the basic exemption limit i.e. Rs. 2,50,000

• If the person has multiple sources of income such as house property, capital gains, etc.

• To request a refund of income tax.

• Someone who has invested in Foreign assets or has earned from it.

• Person who wants to apply for a loan or visa.

• If person is holding / member of a Firm, Company, LLP or Trust irrespective of profit or loss.

Documents Required for Filing Salary Income Tax Return or ITR

For Salaried Person

1. Pan Card and Aadhaar card

   2. Form 16 and TDS Certificate (26AS Form)

   3. All Bank Statement / Interest Certificate / Loan Statement

   4. Any other income like professional fees, interest, rent etc.

5.Income Tax Login id and password if available

6. Email id & mobile number

7.Any other income (if applicable)

8. Bank FD & Post office FD & Saving Interest Amount If Any

9 Important Note- PAN Number Must be Linked With Aadhar Card & Mobile number must be registered on aadhar card

Documents Required for Filing Business Income Tax Return or ITR

1. COPY OF PAN CARD

2. COPY OF AADHAR CARD

3. BANK DETAILS SUCH BANK NAME,ACCOUNT NUMBER, IFSC CODE AND BRANCH ADDRESS ( you can send by text mode)

4. Income Tax Login id and password if available

5. Email id & mobile number

6. Any other income (if applicable)

7. Bank Statement Relevent Financial Year.

8 Important Note- PAN Number Must be Linked With Aadhar Card & Mobile number must be registered on aadhar card

Types of Income Tax Return Forms (ITR form)

ITR          Description

ITR 1 (SAHAJ)     For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand

ITR 2      For Individuals and HUFs not having income from profits and gains of business or profession

ITR 3      For individuals and HUFs having income from profits and gains of business or profession

ITR 4      For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE

ITR 5      For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form 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 sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only