ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxindia.gov.in

Form ITR – 4 (SUGAM) can be used by an Individual/HUF/Firm (Other than LLP) whose total income for the year includes:

(a) Business income computed as per the provisions of section 44AD or 44AE; or;

(b) Income from Profession as computed as per the provisions of 44ADA; or

(c) Income from salary/pension; or

(d) Income from one house property (excluding cases where loss is brought forward from previous years); or

(e) Income from other sources (excluding winnings from lottery and income from race horses dividend income in excess of Rs. 10 lakhs or unexplained Income, etc. as referred to in section 115BBE)

Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return form can be used where income to be clubbed falls in any of the above categories.

Form ITR – 4 (SUGAM) cannot be used by an individual/HUF:

• Income from Business or Profession
• Income from Business or ProfessionCapital Gains or Loss
• Income from Business or ProfessionIncome taxable under the head 'Other sources' which is taxable at special rate
• Income from Business or ProfessionDividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA
• Income from Business or ProfessionUnexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under section 115BBE
• Income from Business or ProfessionAgricultural Income exceeding Rs. 5,000
• Income from Business or ProfessionIncome from any source outside India
• Income from Business or ProfessionIncome from speculative business and other special incomes.
• Income from Business or ProfessionIncome from agency business or commission or brokerage

In case the assesse keeps and maintains all books of accounts and other documents referred to in section 44AA, and also gets his accounts audited and obtains an audit report as per section 44AB, filling up the Form ITR – 4 (SUGAM) is not mandatory. In such a case, other regular return forms viz. Form ITR – 3 or Form ITR – 5, as applicable, should be used.

Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2021-22 (i.e., financial year 2020-21) are as follows:

Return Form Brief Description
ITR - 1 Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA of income referred in section 115BBDA of income referred in section 115BBE).

ITR - 2 It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head "Profits or gains of business or profession"

ITR - 3 It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession

ITR - 4 Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.

ITR - 5 This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)

ITR - 6 It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).

ITR - 7 It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).

ITR - V It is the acknowledgement of filing the return of income.

The Return Form can be filed with the Income-tax Department in any of the following ways, -

(i) by furnishing the return in a paper form;

(ii) by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note

Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to "Income-tax Department - CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.

Which mode of filing of return is applicable to whom?
The applicable return of income shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:—

1 Individual or Hindu undivided family
(a) Accounts are required to be audited under section 44AB of the Act; Electronically under digital signature;

(b) A super senior citizen (whose age is 80 years or above at any time during the previous year) who furnishes the return either in ITR-1 or ITR-4
(A) Electronically under digital signature; or
(B) Transmitting the data electronically in the return under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or
(D) Paper form;

(c) In any other case
(A) Electronically under digital signature; or
(B) Transmitting the data electronically in the return under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

2 Company In all cases. Electronically under digital signature.

3 A person required to furnish the return in Form ITR-7
(a) In case of a political party;
Electronically under digital signature;

(b) In any other case
(A) Electronically under digital signature; or
(B) Transmitting the data in the return electronically under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.

4 Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5
(a) Accounts are required to be audited under section 44AB of the Act;
Electronically under digital signature;

(b) In any other case.
(A) Electronically under digital signature; or
(B) Transmitting the data in the return electronically under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW or to give a notice under section 11(2)(a) shall furnish it electronically on or before the date of filing the return of income.

A return of income can be revised at any time during the assessment year or before the assessment made whichever is earlier.

If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically.

If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit.

A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.

If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically.

Revised return can be filed online under section 139(5).

Yes, since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible. Further, after introduction of the e-filing facility, it is very easy and simple to maintain the copy of return of income.

Yes, it can be claimed if you are otherwise eligible to claim the same.