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Income Tax Forms: Income Tax Department has issued forms, know what you will need?

ITR Forms: There are a total of 06 types of forms for income tax return. Of these, ITR-1 and ITR-4 forms have been made available on the Income Tax website.

ITR Filing: The new season for filing Income Tax Return has started. The Income Tax Department has made ITR-1 and ITR-4 forms available on the official website to help people file ITR. Let us know what is the difference between ITR-1 and ITR-4… Along with this, we will also learn about other types of ITR forms.

First of all, let us tell you that there are total 06 types of forms for income tax return. Which form you have to choose depends on your income, which category of taxpayer you are etc. If you have chosen the wrong form, the Income Tax Department may declare your return as defective. In such a situation, it is necessary to understand it well.

ITR-1: This form is for Indian citizens whose annual income is up to Rs 50 lakh. This income should be from salary, family pension, a residential property etc. Income from lottery or race course does not come under this category. On the other hand, ITR-1 is the correct form even if the income from agriculture is up to Rs 5,000. However, if you are a director in a company or have shares in an unlisted company, then you cannot fill this form.

ITR-2: This form is for individuals and Hindu Undivided Families whose annual income is more than Rs 50 lakh and they are not earning profits from any business. In this, information has to be given about more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and income from agriculture more than Rs 5000. If the provident fund is earning as interest, then also this form has to be filled.

ITR-3: This form is for individuals and Hindu Undivided Families who are earning from the profits of a business. In this, information about all the income categories given in ITR-1 and ITR-2 has to be given. If a person is a partner in a firm, then he has to fill a separate ITR form. The same form has to be filled even if there is capital gain from sale of shares or property or income from interest or dividend.

ITR-4 i.e. Sugam: This form is for individuals, Hindu Undivided Families and companies other than LLPs, whose total income is more than Rs 50 lakh and they are earning from sources like section 44AD, 44ADA or 44AE come within the purview of. This form is not applicable for those people who are directors in any company or have investment in equity shares or earning more than Rs.5000 from agriculture.

ITR-5: This form for filing income tax return is for LLP companies, association of persons, body of individuals, artificial juridical person, co-operative society and local authority.

ITR-6: This form is for those companies who have not claimed exemption under section 11. Under section 11, such income is exempt from tax, which is being derived from the property kept with the trust for any charitable or charitable work.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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