ITR 5 / ITR 6/ ITR 7 filled by companies/ cooperative societies.

ITR-5 For firms, LLPs, AOPs and BOIs, ITR-6 For Companies, ITR-7 For furnish return under section 139

Income from House Property

Conditions for Taxability

• The house property should consist of any building or land appurtenant thereto;
• The taxpayer should be the owner of the property;
• The house property should not be used for the purpose of business or profession carried on by the taxpayer.

Profits and Gains from Business and Profession

The following incomes are chargeable to tax under the head Profit and Gains from Business or Profession:

• Profit and gains from any business or profession carried on by the assessee at any time during the previous year
• Any compensation or other payment due to or received by any specified person

Income under the Capital Gains

Conditions for Chargeability:
• There should be a capital asset. In other words, the asset transferred should be a capital asset on the date of transfer;
• It should be transferred by the taxpayer during the previous year;
• There should be profits or gain as a result of transfer

Income from Other Sources

Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”. ITR 5 / ITR 6/ ITR 7
to be filled by companies/ cooperative societies etc ITR-5 For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals) ITR-6 For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes) This return has to be filed electronically only. ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
• Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

• Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.

• Return under section 139(4C) is required to be filed by every –
o scientific research association;
o news agency ;
o association or institution referred to in section 10(23A);
o institution referred to in section 10(23B);
o fund or institution or university or other educational institution or any hospital or other medical institution.
• Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Business Level II Tax course
Corporate Accounting
Corporate Taxes
Understanding the Balance Sheet
Partnership Business Gst, Excise Returns Filing and Procedures
Partnership ITR 5 Filing
Partnership Issues
Corporate Business Gst ,Excise Returns Filing and Procedures
Corporate ITR 6 & ITR 7 Filing
Corporate Issues
Business Credits
Tax Issues
Sale or Liquidation of Business
Amended or Corrected Business Returns
What to Do When You Owe the ITD
Corporate Tax Course, Partnership Tax Course, Society Tax Course

ITR 5 / ITR 6/ ITR 7 filled by companies/ cooperative societies, ITR-5 For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), ITR-6 For Companies, ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).