Don't make mistakes in filing an Income Tax Return! Which ITR form is correct?
While filing an income tax return, one must take care of the form.
Filing income tax returns is very important for people. While filling out the ITR form, people often get confused as to which form will be right for them. In such a situation, let us tell you that there are seven forms for filing income tax returns in India. Today we will tell you in detail about the seven types of ITR forms.
Income information
An income tax return is a document that gives information about the income of a person or organization and the tax payable on it. It also helps in keeping records of the economic activities of the entire year. ITR forms make the tax filing process easier. Information about income, deductions tax exemption, etc. has to be filled in these forms. This ensures compliance with tax laws and helps in calculating the correct tax amount.
Income tax return
First of all, you need to find out which ITR form you need to fill out. To decide this, factors like your source of income, place of residence, and financial transactions have to be kept in mind. Let us see which form is used for what.
These are ITR forms
ITR-1 (Sahaj): This form is for resident individuals who have income from salary, a house property, other sources (interest, etc.), and total income up to Rs 50 lakh or agricultural income up to Rs 5000.
ITR-2: This is for individuals and Hindu Undivided Families (HUF) whose income does not arise from profits and gains of business or profession.
ITR-3: This is for individuals and HUFs whose income comes from profits and gains of business or profession.
ITR-4 (Sugam): This form is for individuals, HUFs, and firms who are residents, with total income up to Rs 50 lakh and who have presumptive income from business and profession.
ITR-5: This is for individuals, HUF, companies, and others except individuals filing the ITR-7 form.
ITR-6: This is for companies who do not claim exemption under Section 11.
ITR-7: This is for individuals including companies who are required to file returns under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
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