Income Tax Return Filing: While filing Income Tax Return, first of all, people are confused about which form they should choose. Experts are telling the meaning of the ITR form so that you do not face any problems in filing ITR.
Income tax return filing season has started. People have started getting Form-16 from companies and this has started increasing the traffic on the income tax portal. However, one important thing in filing Income Tax Return (ITR) is that you choose the right form. The Income Tax Department can declare your return as defective if you fill in the wrong forum. There are 6 types of income tax return forms. Which form to choose depends on how your income is, the category of taxpayer you belong to, etc. Let us know what experts have to say about the selection of the form… Yeshu Sehgal, Head of Tax Markets, AKM Global, a tax consulting firm. Detailed information about this.
ITR-1: This form is for those Indian citizens whose income is up to Rs 50 lakh. This income should be from salary, family pension, residential property etc. Income from lotteries or race courses does not fall into this category. At the same time, ITR-1 is the correct form even if the income from agriculture is up to Rs 5,000. However, if a person is a director in a company or has shares in an unlisted company, he cannot file ITR-1.
ITR-2: This form is for those people and Hindu undivided families whose income is more than Rs 50 lakh and they are not making a profit from any business. In this, information has to be given for more than one residential property, capital gain or loss on an investment, dividend income of more than Rs 10 lakh, and income from agriculture of more than Rs 5000. The same form has to be filled even though the predictor fund is earning interest in the form of interest.
ITR-3: This form is for individuals and Hindu undivided families who are earning income from the profits of a business. In this, all the income categories given in ITR-1 and ITR-2 have to be given. If a person is a partner in the firm then he/she will have to file a separate ITR form. The same form has to be filled even if there is income from capital gains or interest or dividends from the sale of shares or assets.
ITR-4: Sugam: This form is for individuals other than Hindu Undivided Families and LLPs, having a total income of more than Rs 50 lakh and earning from sources such as 44AD, 44ADA, or 44AE, which are within the scope of sections come in. This form is not for those who are directors in a company or have an investment in equity shares or who have earned more than Rs 5000 from farming.
ITR-5: This form for filing an income tax return is for LLP companies, an association of persons, the body of persons, artificial juridical person, cooperative society, and local authority.
ITR-6: This form is for companies that have not claimed exemption under section 11. Under section 11, such income is exempt from tax, which is derived from property held with a trust for any charitable or charitable purpose.
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