Mainly, the income tax return is given to the taxpayers who pay the tax more than the actual value of the tax. After some time, they can apply for the income tax return. If the return tax amount is more than 10% of the payable tax then the income tax department provides interest on that refund amount.
You can calculate your tax return estimate with online income tax calculator and know how much your refund amount you get. You can also use the taxfyle’s tax calculator for calculating your refundable tax amount.
If the taxpayer pays the more amount than the actual tax amount in case of advance tax, self-assessment, and TDS amount, then the Income Tax Department providesa 0.5% rate of interest monthly on his tax return amount which increases the refund tax account by adding the interest money on that. And the taxpayer gets the more refund tax amount rather he filed for.
Today, in this article we tell you about the ITR form that means Income Tax Return Forms. So, one can easily understand according to the form that which form ha has to file for getting the refund tax amount. And they can get their tax amount easily.
ITR (Income Tax Return) Forms
According to taxpayers, there are some ITR forms available. And these forms are separated on the class base of the taxpayers. So, they can apply according to their tax refund estimate. In the below, here is the description of the ITR forms.
- ITR Form 1
Class of taxpayer: Salaried Individual.
- ITR Form 2
Class of taxpayer: HUF(Hindu Undivided Family) and the individual whohave other income sourceswith their business and profession.
- ITR Form 3
Class of tax payer: HUF with income from the business and profession.
- ITR Form 4
Class of taxpayer: HUF and individuals with income from house property.
- ITR Form 4s
Class of tax payer: A special taxation scheme for HUFs u/s 44AD/AE.
- ITR Form 5
Class of tax payer: AOPs(Association of Person), Firms, LLPs, artificial judiciary entities, and local authorities.
- ITR Form 6
Class of taxpayer: Companies that do not claim exemption u/s 11 of the IT Act.
- ITR Form 7
Class of tax payer: Individuals falling u/s 139(4D), 139(4B), 139(4C).
All above described forms tells you that from which category you are and which form you have fill for getting the return tax amount.
If anyone who paid the tax more than its actual value wants to apply for an Income tax return then he can apply through these forms online. During the e-verification process, the individual is also required to verify their 26AS form for TDS and other deductions. One can also check his online refund process by checking on the online website. He has to follow some steps and he gets the status on his display screen. When the process is successful, you got an e-mail for confirmation.