Under the Income-tax Law in India, taxpayers are required to file returns in specific formats based on their type of income, status, and category. The key forms of return prescribed are:
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- Also known as SAHAJ is applicable to an individual having income from salary, pension, or family pension, income from one house property, other sources (like interest), and whose total income is up to ₹50 lakh.
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- For individuals and HUFs (Hindu Undivided Families) not having income from business or profession, including income from salary, house property, capital gains, or other sources.
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- For individuals and HUFs having income from business or profession, along with other incomes like salary, house property, capital gains, or other sources.
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- Also known as SUGAM is applicable to
- For individuals, HUFs, or firms (other than LLP) with income from a presumptive business under Section 44AD, 44AE, or 44ADA, as well as income from salary, pension, or other sources.
- Presumptive taxation is for small businesses.
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- For firms, LLPs (Limited Liability Partnerships), Association of Persons (AOP), Body of Individuals (BOI), and any other similar entities, but not individuals or HUFs.
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- For companies (other than companies claiming exemption under Section 11 – income from property held for charitable or religious purposes).
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- For individuals, companies, and other entities that are required to file a return under Section 139(4A), (4B), (4C), or (4D), which generally applies to trusts, political parties, charitable/religious institutions, etc.
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- It is the acknowledgement of filing the return of income.
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