(5.) ITRs 6: Companies that do not make use of the exemptions provided for in § 11 IT-Gesetz must choose this form. However, declarations submitted under this Section may only be submitted electronically. 12. I have opted for the alleged tax regime of Article 44ADA. Do I have to keep accounting records in accordance with section 44AA? If you exercise a particular profession within the meaning of Article 44AA(1) and opt for the presumed taxation scheme of § 44ADA (reporting income @ 50% of gross receipts), you are not required to keep the books and records for a particular profession (i.e. the provision of Article 44AA does not apply). In assumed business and professions, small business owners and professionals don`t really need to estimate actual income by subtracting expenses from income, but can simply take a percentage of total income as deemed income and pay taxes on it. Alleged businesses and professions include law, medicine, engineering or architecture, accounting, technical consulting, interior design, or other professions reported by CBDT, but exclude life insurance agents, commissions of any kind, and the conduct of activities of driving, leasing or leasing freight wagons. There is no income limit for ITR-2 and the form is suitable for taxpayers with the following income: Sudhakar Sethuraman, Partner, Deloitte India, warns that the income tax officer may consider such a return « incorrect under Section 139(9) of the Income Tax Act (I-T) if you use the wrong form.

Similarly, if you have income under « Capital gains » or « Income from other sources » other than interest and family annuity, or if you have income from sources outside India, you cannot use ITR4 and you must use ITR3 when you have the opportunity to offer your income on a hypothetical basis. The current ITR3 form must be used by a Hindu undivided person or family who derives income from their own business or practises a profession. Persons who receive income from the following sources are entitled to file ITR3: All persons who have carried forward losses that they have deducted from current year income or who have losses on these items for the current year and wish to carry them forward for compensation in subsequent years may also use ITR1 because they cannot use ITR 1. (The total income of the above should be more than Rs 50 lakhs) Note: If shares are purchased on or before January 31, 2018, it is mandatory to enter scripted details of each transfer in accordance with Schedule 112A and Schedule 115AD(1)(iii).3.6 Plan for other sources In the Other Sources section of the Appendix, you will need to review/enter/edit the details of all your income from other sources, including (but not limited to) income, which is calculated at special rates. Deductions U/S 57 and income of racehorses. Now, ITR-2 could also be used if you have capital gains income from more than one home or if you earn foreign income or own a foreign asset. If you hold a director position in a corporation or simply own unlisted shares, you must use ITR-2 to file tax returns. 3.18 Foreign Source Income (TFI) Schedule In the Foreign Source Income (TFI) Schedule, you must provide details of income that originates or comes from a source outside India. This schedule is only available to residents. 3.7 Plan for Current Year Loss Adjustment (CYLA) In the Current Year Loss Adjustment Schedule (CYLA), you can view the details of income after compensation for losses for the current year.

Unabsorbed losses that can be carried forward are carried forward in the CFL schedule to be carried forward to future years. 3.4 Schedule GC – Capital GainsCapital gains arising from the sale or transfer of different types of capital assets have been separated. In the event that the capital gains result from the sale or transfer of several capital assets of the same type, please perform a consolidated capital gains calculation for all such capital assets of the same type. However, in case of land/building transfer, it is mandatory to enter the calculation for each country/building. The Capital Gains Schedule requires you to record details of your short- and long-term capital gains or losses for all types of capital property.3.5 Schedule 112A and Schedule 115AD(1)(iii) Reserve Get answers to all your questions about how to complete Form ITR7. 3.20 Annex FA Annex FA requires you to provide details of foreign assets or income from a source outside India. This schedule does not need to be completed if you do not have a habitual residence or if you are not a non-resident.