ITR -Benefit, filing, Applicability of Forms and Rebate – Semantic Taxgen Pvt Ltd
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ITR -Benefit, filing, Applicability of Forms and Rebate

July 18, 2018

1. Why we should file Income Tax return :-

  • To Take Loan.
  • Credit card.
  • To carry forward and set off losses.
  • Visa processing.
  • Buying Insurance policies or High life cover.
  • Government tender.
  • Self employed.
  • Claim TDS refund.
  • Appointment in Judicial and Class One Jobs
  • Accidental claim in third party Insurance
  • To save the penalty.

2. Which are the person to whom return mandatory filed:-

  • Individuals having Income Maximum not chargeable to tax.
  • Individuals residing in specified area and electricity bill exceeds 50,000/-
  • Individuals residing and specified area and occupation of immovable property.
  • Individual’s owner of motor vehicle and lessee of motor vehicle.
  • Individuals’ expenditure for himself @ any other person for travelling of foreign company.
  • Individuals’ holder of credit card.
  • Individuals are a member of club where entrance fee is changed is 25000 or more.
  • AOP / BOI of whose income exceeds maximum amount not changeable to tax without giving effect deduction 10 OR 10A OR 10 OR 10BA or chapter VI-A deduction.
  • Assess require to furshing audit report u/s 92 E.
  • Person hang status of RNOR and who at amt the during p/y:-
    • Hold as beneficial owner any asset (inducing any financial interest in any entry) located outside India OR has signing authority in any account located outside India.
    • Is a beneficiary any assets (including any in any entry) located outside India.

3. Penalties for Not filing Income Tax Returns:-

Description Upto 31st December After
Income exceeds >5L 5,000 10,000
Income exceeds < 5L 1,000 5,000


4. Which form is applicable to which person :-

ITR Description
ITR 1 For the being a resident other than not ordinary resident having income from salaries, one house property , other source (interest etc.) and having total income up to Rs 50 lakh.
ITR 2 For the individuals and HUFs not having income from profit and gains of business or profession.
ITR 3 For the individuals and HUFs having income from profit gains of business or profession.
ITR 4 For presumptive income from Business & Profession.
ITR 5 For persons other than:-

(i) Individual,

(ii) HUF,

(iii) Company and

(iv) Person filing Form ITR-7

ITR 6 For Companies other than companies claiming exemption under section 11
ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Rebate u/s 87A:-

For the filling return u/s 87 A, if the income gross Total income not exceeded from 350,000 than he will be liable to rebate of the tax 2500/-

For any queries on this you may directly comment or could mail your queries at

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