First of all, there are a number of elements to take into account when deciding which Income Tax Return (ITR) form to file, including one’s residential status, sources of income, and specific financial activities. As a general rule of thumb:
Here is a breakdown of the seven income tax return forms, ranging from ITR 1 to ITR 7.
A document that details a person’s or entity’s income and tax obligations is called an income tax return and is filed with the tax authorities. It acts as a log of a person’s monetary transactions for the entire year. Income tax forms are essential to the tax filing process because they give taxpayers a well-organized way to accurately report their income, credits, and deductions. These forms help determine the right amount of tax payable or refund due and guarantee compliance with tax rules. The following lists seven ITR forms along with their intended uses:
ITR 1, ITR 2, ITR 3, Here is a breakdown of the seven income tax
ITR-1 (Sahaj): This form is intended for residents who receive income from one house property, one or more sources of income (interest, etc.), and total earnings up to Rs 50 lakh or Rs 5000 from agriculture.
ITR-2: It is intended for individuals and Hindu Undivided Families (HUF) who do not receive income from their business or profession’s profits and gains.
ITR-3: It is intended for individuals and HUFs who get income from their business or profession’s profits and gains.
ITR-4 (Sugam): This form is for residents who are individuals, HUFs, and firms (other than limited liability partnerships) and who have presumptive income from business and profession as well as a total income up to Rs 50 lakh.
Note that if an individual’s gross revenues do not surpass Rs 50 lakh, they qualify for a presumptive plan, provided they are a freelancer and receive payment from the aforementioned sources.
ITR-5: It is not intended for use by individuals. HUF, businesses, and individuals submitting Form ITR-7.
ITR-6: This form is intended for businesses that do not want to claim section 11 exemption.
ITR-7: This form is used for individuals, including businesses, who are required to provide a return in accordance with sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F).
Account opning link:
- Groww Account- https://app.groww.in/v3cO/kyrp1zph
- Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906
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