Know your correct ITR form and verify 26AS before filling the IT return


There are separate ITR for the assessees in India to file according to the following classification:

  1. ITR 1 (Sahaj) : To be filled up by individuals with salary, pension, rental income from one property, tax-free capital gains and income from interest.
  2. ITR 2 : To be filled by individual and HUFs with salary, pension, rental income from more than one property, taxable capital gains, income from interest and foreign assets.
  3. ITR 3: To be filled by partners in a firm with interest, salary, bonus, commission, capital gains, more than one property.
  4. ITR 4 : To be filled up by individuals and HUFs with income from business / profession with gross receipts more than Rs. 60 Lakhs a year. (If gross receipts are less than Rs. 60 Lakhs, but the income is less than 8% of gross receipts, still ITR 4 to be used).
  5. ITR 4S (Sugam): To be filled up by individuals and HUFs with income from business / by all the above mentioned categories.profession and gross receipts upto Rs. 60 Lakhs a year.

Verify tax paid data with form 26AS
It is important to verify the TDS details and the advance tax paid details in Form 26AS. There could be a possibility wherein, your bank / employer had deducted your TDS but it is not credited to your PAN due to some technical errors. It could be an error by oversight or by mistake that the deductor had not quoted your PAN correctly in his TDS return. Also, there is a chance that we forget to mention some FD interest in our return, which would be verified with 26AS.

Documents to be submitted
Also we should not forget to attach ITR V with physical return. Chances of missing ITR V in physical return are less, as IT Dept would not accept your physical form without ITR V.
But if we are e-filing n digital signature, we should not forget to send the signed ITR V to CPC Bangalore. If our ITR V does not reach CPC Bangalore within 120 days of e-filing your return, then our return is not considered to be complete.

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