Checklist for Preparation of ITR Forms (ITR 1 & ITR 4)
Income Tax Return Forms
Under section 139(1) of the Income-tax Act, 1961, specific individuals and entities must file a return of income if their total income exceeds the basic exemption limit. This includes companies, firms, and individuals among others.
Individuals may need to file if:
- Their total income exceeds the basic exemption limit.
- They have specific transactions, such as depositing over Rs. 1 crore in current accounts or incurring certain expenditures related to travel, electricity, or savings bank accounts.
Particular criteria for filing include:
- Businesses with sales over Rs. 60 lakhs.
- Professional gross receipts exceeding Rs. 10 lakhs.
- TDS/TCS of Rs. 25,000 or more (Rs. 50,000 for individuals aged 60 or older).
- Savings bank deposits of Rs. 50 lakhs or more.
This publication provides a checklist for ITR 1 and ITR 4 and discusses filing procedures along with due dates for various taxpayers. For detailed information, refer to the linked PDF document. CLICK HERE TO DOWNLOAD
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