Filing of Income Tax Returns (ITR) in July 2014

ITR2014

In India, the system of direct taxation has been in force in various forms since ancient times. There are references both in Manu Smriti and Arthasastra to a variety of tax measures. In modern India income tax was introduced by Sir James Wilson on 24 July 1860. It was a tax selectively imposed on the rich, royalty and Britishers, and hence was not liked by the powerful. The Act lapsed in 1865 and was re-introduced in a different form in 1867.




What is Income Tax?
What is Income Tax?

In the modern times, income tax is an annual tax on income. The Indian IncomeTax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. Section 14 of the Income Tax Act further provides that for the purpose of charge of income tax and computation of total income all income shall be classified under the following heads of income: salaries, income from house property, profits and gains of business or profession, capital gains, income from other sources.

The total income from all the above heads of income is calculated in accordance with the provisions of the Act as they stand on the first day of April of any assessment year. The Income Tax Department is responsible for all activities related to the taxation process.

The Income Tax Department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance, Government of India.


Who has to Pay Income Tax?

The word income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Infact the Income Tax Act does not differentiate between legal and illegal income for the purpose of taxation. Under the Act, all incomes earned by people are classified into five different heads, such as: income from salary, income from house property, income from business or profession, income from capital gains and income from other sources.

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Income Tax Rates
Income Tax Rates
  •  Individuals, Hindu Undivided Families, AOPs, BOIs
  •  Senior Citizen
  •  Super Senior Citizen
  •  Co-operative Societies
Helpline Numbers

For Income tax related queries
ASK : 1800 180 1961

For Rectification and Refund
CPC : 1800 425 2229

For e-Filing of Returns
e-Filing : 1800 4250 0025

Tax Calculation and Payment

The Income Tax Department has developed an online Tax calculator. Individuals, HUF, Company, Firm, AOP, BOI, etc. can calculate their tax amount of the respective Assessment Year.

Taxpayers, deductors or collectors can pay taxes in cash/cheque at any designated bank branches - External website that opens in a new window by submitting the appropriate Challan - External website that opens in a new window. An online payment facility - External website that opens in a new window is also available.

Filing Income Tax Returns
Filing Income Tax Returns

As per Taxation Rules, it is mandatory for an earning individual/entity to file a return irrespective of the fact that tax has been deducted at source by his/her employer or not, and whether he/she is eligible for a refund or not.

Note: The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.

The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs.5 lakhs including income from other sources upto Rs.10,000/- from the requirement of filing return of income for assessment year 2011-12 and 2012-13 respectively. The exemption was available only for the assessment year 2011-12 and 2012-13. The exemption was giving considering 'paper filing of returns' and their 'processing through manual entry' on system.

To file Income Tax Returns (ITRs), one needs to submit the ITRs belonging to the particular assessment year. The ITR forms to file income returns for AY 2014-15 are as follows:

Note:- All Forms are in PDF

Download all ITR forms and Instructions - External website that opens in a new window

Indian Individual Income tax Return

SAHAJ (ITR-1)

SAHAJ and SUGAM forms are coloured forms with standard features. Taxpayers can download - External website that opens in a new window the forms from the website and print using a colour printer on an A4 size white paper.

Please read the instructions for SAHAJ before filling the form.

Individuals and HUFs not having income from Business or Profession

ITR 2

Read instructions for ITR 2

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

ITR 3

Read instructions for ITR 3

Sugam - Presumptive Business Income tax Return

SUGAM (ITR-4S)

Please read the instructions for SUGAM before filling the form.

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

ITR 4

Read instructions for ITR 4

For firms, AOPs and BOIs

ITR 5

Read instructions for ITR 5

For Companies other than companies claiming exemption under section 11

ITR 6

Read instructions for ITR 6

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

ITR 7

Read instructions for ITR 7

Acknowledgement for e-Return and non e-Return

Acknowledgement

Further instructions and forms for previous years can be found here - External website that opens in a new window.

E-Filing of Income Tax Returns

The E-Filing - External website that opens in a new window facility was introduced by the Income Tax Department for the first time during assessment year 2006-07. At present, it is mandatory for companies and firms requiring statutory audit under Section 44AB to e-file their Income Tax Returns. Also, the e-filing benefit has been extended to all assesses.

For registration in e-filling portal please click here - External website that opens in a new window.

The registered users can avail online services such as: submit Returns/Forms, view Form 26AS (Tax Credit), Outstanding Tax Demand, ITR-V Receipt Status, CPC Refund Status, Rectification Status, Jurisdiction of Accessment Officers, etc.