Income Tax Forms: 5, 6 &7

ITR-5

ITR-5 is for:

• Firms
• LLPs(Limited Liability Partnerships)
• AOPs (Associations of Persons)
• BOIs (Bodies of Individuals)
• Artificial Juridical Persons (AJPs)
• Estates of deceased individuals
• Estates of insolvent individuals
• Business trusts
• Investment funds

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes), this return has to be filed electronically only.

ITR-7

For individuals and companies required to submit returns under specific sections:

1. Section 139(4A): Individuals or entities receiving income from property held under trust or other legal obligation, wholly or partly for charitable or religious purposes, must file this return.
2. Section 139(4B): Political parties must file this return if their total income exceeds the maximum amount not chargeable to income tax, without considering section 139A provisions.
3. Section 139(4C): This return applies to: Scientific research associations

• • News agencies
  • Associations or institutions under section 10(23A)
  • Institutions under section 10(23B)
  • Funds, universities, educational institutions, hospitals, or medical institutions.                       

4. Section 139(4D): Universities, colleges, or institutions not required to          file  returns under other provisions must file this return.
5. Section 139(4E): Business trusts not required to file returns under other     provisions must file this return.
6. Section 139(4F): Investment funds as per section 115UB, not required to     file returns under other provisions, must file this return.

Selecting appropriate  Income tax form is tedious process . If you face difficulty in selecting appropriate Income tax form , feel free to contact us