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Check the revised instructions to fill ITR Form 3, 5, 6 and 7 Income Tax Return
December, 21st 2020

There have been several changes made by the central government in the tax structure in the previous 3 to 4 months to link the country's taxation system with other financial systems and making ITR filing easier.

In the newly implemented rules, there have been certain steps taken to help taxpayers by making the process of Income Tax Return (ITR) filing easier. The Income Tax Department has issued revised instructions for ITR forms 3, 5, 6, and 7 for the assessment year 2020-21.

Here's who and how to fill ITR forms.

 

ITR FORM 3

This form is for the taxpayers and Hindu Entrepreneurs (HUFs) who have gained profits from business or profession but are not eligible to fill ITR Forms 1, 2 and 4.

How to file ITR

The taxpayers whose accounts have to be audited under section 44AB of the Income Tax Act, it is mandatory for them to file ITR with a digital signature. For the taxpayers who submit audit reports under section 10AA, 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJA, 80LA, 92E, 115JB or 115JC of the Income Tax Act, the audit report has to be submitted electronically ahead of the ITR filing date.

 

ITR FORM 5

The taxpayers who fill forms from ITR-1 to ITR-4 or companies that fill ITR-6 forms or charitable trusts and institutions that fill ITR-7 forms, ITR-5 form has to be filled by such taxpayers. ITR Form 5 is for partnership firms except for the partnership firms eligible to fill Form 4.

It fills taxpayers such as LLPs, Association of Persons, Body of Individuals, Artificial Juridical Person, Local Authority, Cooperative Society, Register Society under Societies Registration Act 1860, Estate of a deceased person, Estate of an insolvent person, Business Trust, Investment Fund, etc. for which no other form applies. Those individuals who file ITR cannot fill this form under sections 139 (4A), 139 (4B), 139 (4C) and 139 (4D) of the Income Tax Act.

 

How to file ITR

The taxpayers whose accounts have to be audited under section 44AB of the Income Tax Act, it is mandatory for them to file ITR with a digital signature. For the taxpayers who submit audit reports under section 10AA, 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJA, 80LA, 92E, 115JB or 115JC of the Income Tax Act, the audit report has to be submitted electronically ahead of the ITR filing date.

 

ITR FORM 6

The ITR form-6 is for companies expect for the companies which are making tax exemption under section 11 of the Income Tax Act. Companies can fill it under section 2 (17). The companies which fill ITR form-6 are not same as the companies who fill the ITR 7 form.

How to file

ITR FORM 6 can be filed online electronically through companies by visiting the income tax e-filing portal www.incometaxindiaefiling.gov.in. This form shall be verified through a digital signature only.

 

ITR FORM 7

ITR form-7 is for taxpayers, consisting of various companies who require to submit their returns only under section 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D). The taxpayers who are exempted from income under section 10 of the Income Tax Act and who do not require to fill the ITR may file their returns with this form. It can be filled by Local Authority, Regimental Fund of Central Armed Forces or Non-Public Fund etc.

How to file ITR

The form can only be filled through a digital signature by political parties. Taxpayers called section 10 (23C) (iv), 10 (23C) (v), 10 (23C) (vi), 10 (23) (via), 12A (1) (b), 92E of the Income Tax Act. They have to submit the report electronically ahead of the last date of filing ITR. Also, the audit report in Form 10B / 10BB shall need to be filed electronically through section 139 at least 1 month prior to the last date for filing ITR.

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