Income Tax Return is the form in which an assessee files information about his Income and tax thereon to Income Tax Department. All citizens need to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Its is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds the exemption limit. Partnership firms are required income tax return - irrespective of amount of income or loss. All companies are mandatorily required to file income tax return. Finally, it is mandatory for most types of trust to file income tax every year, while some types of trusts are required to file return of income if its gross total income exceeds the exemption limit.
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