Choosing the right form for income tax returns (ITR) filing

Choosing the right form for income tax returns (ITR) filing

Tax & Auditing

Taranpreet Singh

Taranpreet Singh

28 Mar 2018, 07:21 — 3 min read

Tax season can be taxing for anyone. But for an SME, the tax season promises an especially daunting proposition, involving accounting and poring over slips and receipts. Doing taxes correctly is absolutely essential for smooth functioning of a business and is one of a few key areas which must be given attention at the right times to ensure that operations are streamlined and the company is heading where it should.

 

There are certain options when it comes to picking the right ITR form with which to file your taxes. Each assessee has to identify the correct ITR Form applicable in its case before filing the return of income. These forms are available on the e-Filing website of the Income Tax Department.

 

Picking the right form ensures that your taxes will be processed duly and without any complication. Based on family structure and nature of business, the correct ITR form must be chosen.

 

Income tax returns filing form number and details of the primary forms are given below:

 

ITR-1 (SAHAJ) For Individuals having income from salaries, one house property, other sources (Interest etc.) and having total income up to INR 50 lakh.

 

ITR-2 For individuals and HUFs not carrying out business or profession under any proprietorship

 

ITR-3 For individuals and HUFs having income from a proprietary business or profession

 

Click here for more details on all ITR forms.

 

Deliberate over your choices when deciding on your strategy for tax season. Awareness about tax forms and other requirements will allow you to have a hassle-free season that streamlines your tax processing giving you less to worry about. Doing your taxes prudently also ensures that your business can continue its operations without a hitch.

 

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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.   

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Taranpreet Singh

Advising companies regarding their tax planning and structuring to achieve a reduced overall tax cost

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