It is that point in time of the year when your income for the current financial year is in and you need to file your income tax returns and tax planning in this period also gains a imperative significance.The due date to file your return of income for FY 2016-17 is 31st July 2017.
While filing ITR most common mistake which an assessee commits is choosing the incorrect form for filing income tax return. Various Income Tax return forms are notified by the IT department for filing income tax return.
FORMS TO BE USED:-
The forms to be used for filing income tax returns for A.Y. 2016-17 are mentioned below:-
The IT Department has released seven kinds of forms such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 4S –Sugam, ITR 5, ITR 6 and ITR 7 for different categories of assesses.
Conclusion: Thus, before filing the online tax returns it is the part of assessee to prefer the accurate ITR Form based on their income. As the wrong assortment of the ITR Form may leads for Rejection of the ITR by the department or delay in processing of ITR.