Every individual assessee needs to submit their Income Tax Return every year in income tax e-filing portal in various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. if there any brought forward losses could not be transferred if not submit the income tax return. As per The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file income tax returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India.
Assessee can file their tax return categorized by :
ITR 1: For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
ITR 2: For Individuals and Hindu Undivided Family’s not carrying out business or profession under any proprietorship
ITR 3: For individuals and Hindu Undivided Family’s having income from a proprietary business or profession
ITR 4: For presumptive income from Business & Profession
ITR 5: For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7
ITR 6: For Companies
ITR 7: For Trust