Whether you are employed or have your own business, as an individual taxpayer you have to file Income Tax Return (ITR) by 31st July. The Income Tax Department has now made filing income tax return very easy. If you want to file it yourself, you can do it easily. Yes, for this it is important for you to understand the form related to income tax return. This means that if you understand which ITR form is appropriate for you, it will be easy for you. If there is no confusion due to this, then obviously there will be almost no mistakes.
Which form is for what?
Form ITR 1
Form ITR 1 is for resident individuals whose total income does not exceed Rs 50 lakh during the financial year. Also, those who have income from salary, one house property, other sources (interest etc.) and agricultural income (up to Rs 5,000) should file Form ITR 1. Here income from other sources means interest from savings accounts, interest from deposits (bank/post office/co-operative society), interest from income tax refund, interest received on enhanced compensation, any other interest income and family pension.
Form ITR 2
Form ITR 2 is for individuals and HUFs whose income is not from profits or gains from business or profession. That is, they do not have income from profits and gains of business or profession and also do not have income from profits and gains of business or profession. Understand that those who are not eligible to file ITR-1 will file Form ITR 2.
Form ITR 3
Form ITR 3 in Income Tax Return is for individuals and HUFs whose income is from profits and gains of business or profession.
Form ITR 4
According to the official website of the Income Tax Department, Form ITR 4 is applicable for resident individuals, HUFs and firms (except LLPs) who are resident individuals and whose total income is up to Rs 50 lakh and whose income from business and profession is calculated under section 44AD, 44ADA or 44AE and whose agricultural income is up to Rs 5,000.
Form ITR 5
In income tax return, Form ITR 5 is required to be filed by individuals, HUFs, companies and persons other than the person filing Form ITR-7.
Form ITR 6
According to the official website, Form ITR 6 is to be filed by companies other than those claiming exemption under section 11.
Form ITR 7
Persons including companies who are required to furnish returns only under section 139(4A) or 139(4B) or 139(4C) or 139(4D) are required to file Form ITR 7.
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