"Comprehensive Guide
to Income Tax Return Forms: Understanding Your Filing Options"
Under
the Income Tax Act, there are several types of income tax returns, each
catering to different categories of taxpayers and their sources of income:
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| Different types of ITR form and Its applicability |
1.
ITR-1 (Sahaj):
- For individuals having income from
salaries, one house property, other sources (excluding winning from lottery and
racehorses), and having total income up to Rs. 50 lakh and agricultural income
upto Rs.5 thousand.
ITR-1, also known as Sahaj, is a type of income
tax return form prescribed by the Income Tax Department of India. It is
designed for individuals who derive income from salary or pension, one house
property, and income from other sources, excluding income from winnings of
lottery and racehorses. Typically, individuals with total income up to Rs. 50
lakh are eligible to file ITR-1. It is a simplified form aimed at individuals
with relatively straightforward income sources, making it easier for them to
file their income tax returns.
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| Different types of ITR form and Its applicability |
2.
ITR-2:
- For individuals and HUFs (Hindu Undivided
Families) not having income from profits and gains of business or profession.
ITR-2 is an income tax return form prescribed by
the Income Tax Department of India. It is specifically designed for individuals
and Hindu Undivided Families (HUFs) who do not have income from profits and
gains of business or profession. Taxpayers who have income from sources such as
salary, pension, multiple house properties, capital gains, and other sources
excluding business or profession income, are eligible to file ITR-2. This form
allows taxpayers to report their income comprehensively, ensuring compliance
with tax regulations.
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| Different types of ITR form and Its applicability |
- For individuals and HUFs having income
from profits and gains of business or profession.
ITR-3 is an income tax return form specified by
the Income Tax Department of India. It is tailored for individuals and Hindu
Undivided Families (HUFs) who have income from profits and gains of business or
profession. Taxpayers who are engaged in business or professional activities
and derive income from such sources are required to file ITR-3. This form
allows taxpayers to report their business or professional income along with
other sources of income, ensuring accurate computation and compliance with tax
laws.
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| Different types of ITR form and Its applicability |
4.
ITR-4 (Sugam):
- For individuals, HUFs, and firms (other
than LLP) being a resident having total income up to Rs.50 lakh, agricultural income
upto Rs.5 thousand and having
income from business and profession which is computed under sections 44AD,
44ADA, or 44AE.
ITR-4, also known as Sugam, is an income tax
return form prescribed by the Income Tax Department of India. It is designed
for individuals, Hindu Undivided Families (HUFs), and firms (other than Limited
Liability Partnerships or LLPs) with total income up to Rs. 50 lakh. Taxpayers
eligible to file ITR-4 typically have income from business or profession
computed under sections 44AD, 44ADA, or 44AE of the Income Tax Act. This form
simplifies the process of reporting business or professional income, ensuring
compliance with tax regulations for taxpayers with relatively straightforward
income sources.
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| Different types of ITR form and Its applicability |
- For persons other than individuals, HUF,
companies, and persons filing Form ITR-7.
ITR-5 is an income tax return form prescribed by
the Income Tax Department of India. It is intended for entities other than
individuals, Hindu Undivided Families (HUFs), companies, and those filing Form
ITR-7. Taxpayers such as partnerships, LLPs (Limited Liability Partnerships),
and associations are required to file ITR-5 to report their income and ensure
compliance with tax regulations. This form allows for comprehensive reporting
of various types of income and deductions applicable to such entities.
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| Different types of ITR form and Its applicability |
- For companies other than companies
claiming exemption under section 11 (Income from property held for charitable
or religious purposes).
ITR-6 is an income tax return form prescribed by the Income Tax Department of India. It is specifically designed for companies, excluding those that are claiming exemption under section 11 (Income from property held for charitable or religious purposes) of the Income Tax Act. Companies are required to file ITR-6 to report their income, deductions, and other financial details for the assessment year. This form facilitates the comprehensive reporting of company income and ensures compliance with tax laws and regulations.
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| Different types of ITR form and Its applicability |
- For persons including companies required
to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or
139(4E) or 139(4F).
ITR-7 is an income tax return form prescribed by
the Income Tax Department of India. It is intended for persons, including
companies, who are required to furnish returns under various sections of the
Income Tax Act. This includes entities such as trusts, political parties,
institutions, and associations. Taxpayers who fall under specific categories as
defined by the Income Tax Act, such as those required to file under sections
139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F), are obligated to file
ITR-7. This form facilitates the reporting of income, deductions, and other
relevant financial details for the assessment year, ensuring compliance with
tax laws and regulations.
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| Different types of ITR form and Its applicability |
These forms vary depending on the sources of income, such as salary, business, profession, capital gains, house property, and other sources, as well as the type of taxpayer, such as individuals, Hindu Undivided Families (HUFs), firms, companies, and others. It's essential to choose the correct form according to one's income sources and status to ensure accurate filing and compliance with tax laws.