Selection of ITR Forms

 Hello Friends, 

My this blog is related to tell you about ITR-Forms issued by Income Tax Department for filling Income Tax Return. If you are going to pay income tax for the first time then you must first know which ITR form you have to choose. 

                             ITR Forms

There are 7 types of income tax return forms. 

Taxpayers of different categories have to fill the form fixed for their category. This category is determined by the taxpayer's status, source of income, business etc. 

Let's discuss in detail:

ITR 1 Sahaj: This form is for those whose income is less than Rs 50 lakh per annum. They get income from salary, pension, a house property and other sources. Agricultural income is up to Rs 5000.

ITR 2: This form is for individuals and HUFs (Hindu Undivided Family) who have income from business or profession profits but are not eligible for ITR 1. In ITR 1, the income from every source of income is more than 50 lakhs. Capital gains, more than one house, property abroad, income from abroad. He holds the position of director in a company. Income from agriculture is more than Rs 5000.

ITR 3: It is for those individuals and HUFs who earn income from business or profession but are not eligible for ITR 4. Those who have lost capital gain / loss by selling a property or an investment.

ITR 4 Sugam: This form is for individuals, HUFs and firms (other than LLP) who have a total income of up to Rs 50 lakh as a resident of India and who have income from such business and profession, Which are computed under section 44AD, 44ADA or 44AE of Income Tax Act. ITR 4 can not be used for income from capital gains.

ITR 5: Individuals and taxpayers separately from HUF (ITR-1 to ITR 4 fillers), Company (ITR-6 fillers) or Charitable Trusts / Institutions (ITR-7 fillers). That is, ITR 5, for partnership firms other than eligible partnership firms for ITR-4, LLPs, Association of Persons, Body of Individuals etc. for taxpayers for which no other form is applicable.

ITR 6: For companies other than companies claiming exemption under section 11 of the Income Tax Act.

ITR 7: For those individuals including companies who only need to furnish returns under 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D).

I hope it will be helpful to you.

Thanks and Regards

Kulvinder Kaur

B.Com(H), MBA(Finance)

9871580806,8826566751

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