- Income Tax for Individuals & HUF
An individual needs to file ITR if his income for any financial year exceeds Rs.2,50,000/- from all sources. Similar provisions exists for an HUF. Concept of person is not being explained here in details. We can post blog later to explain the concept of HUF & Individuals, please check our blog for latest updates. An Individual and HUF may file ITR 1, 2 or 3 depending on the source of income, scheme for AY 2020-21 is explained in following table:
| ITR | Applicable For | Description |
| 1 | Individual | For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh |
| 2 | Individual and HUF | For Individuals and HUFs not carrying out business or profession under any proprietorship |
| 3 | Individual and HUF | For individuals and HUFs having income from a proprietary business or profession |
| 4 | Individual and HUF | For presumptive income from Business & Profession |
- Income Tax for Corporates
A corporate is required to file Form ITR-6 prescribed as per Income Tax Rules and Regulations, except a Section 8 company which is claiming exemption u/s 11. In other words Section 8 company which has taken registration u/s 12A/12AA. A section 8 company which is not registered u/s 12A/12AA
- Income Tax for Partnership Firms & Assumed Partnerships
A partnership firm includes firms that are registered as well as firms that are not registered. It will also cover oral partnerships, assumed partnership like association of person, body of individuals etc. Again concept of AOP, BOI will be explained in our blogs, do follow our blog for more information on these type of formations. A partnership firm has to file Form ITR-5.
- Income Tax for Trusts, Societies & Charitable Company
A charitable organization files ITR – 7 comprising usually of a Trust or a Society, including a company registered under section 8 of the Companies Act 2013.