There are different types of forms available to file the ITR online i.e. E-file. But not every form is applicable on all assesses. So, it has to be make clear which form should be file online. To make it less prone to mistake.
There are various types of forms available as per the different income combinations and disclosures a person or an organization has to make in its Income Tax Return
Now when it is mandatory to submit income tax return if assesse has his income more than 5 lakhs. So, now its important to understand different types of forms available.
Let us start understanding these forms individually, what these forms are and who need to file which form which is very important to be understand as filing wrong form may attract additional obligation.
Before we need to understand some technical terms.
- Assesse:- The Person who is earning income and required to file the ITR for the said period
- Previous Year:- The year in which a assesse earn his income
- Assessment Year:- the year in which the assesse is filing his ITR
For example, for a person earn Rs. 2,50,000/- income in 2014-15, and has to file the income for the said period, so his previous year will be 2014-15 and assessment year will be 2015-16. In income tax return is classified as per AY.
- Salary Income:- any amount which a person receive from his employer during the period, in lieu of employer-employee relationship will be term as salary. Amount can be in cash or in kind.
- Income From House Property:- Income receiving from Rent
- Capital Gain:- Income earned from fixed assets or shares during the year
- Business or Profession:- Income Earned during the period from business or profession.
For Detailed information on above forms please read our articles on individual forms
Download image for better understanding ⇓