What Are The Different Types Of Income Tax Return Forms In India: Introduction

What Are The Different Types Of Income Tax Return Forms In India: Introduction What Are The Different Types Of Income Tax Return Forms In India: Introduction

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There are seven types of income tax return forms. ITR 1, ITR 2, ITR 3, ITR 4 till ITR 7. Know the eligibility criteria right now!

What Are The Different Types Of Income Tax Return Forms In India: An income tax return is a form used to file the taxes to the Income Tax Department. In maximum cases, the tax return is a worksheet with predefined parameters that aid in calculating your income tax liability based on your earnings.

The law requires every individual and businessman to file income tax returns for each fiscal year. A report is necessary for every income, be it a salary, capital gains, dividends, interests, or other sources. If your Income Tax Return shows that you paid more than your liability, you may request a refund of the excess tax. However, such rebates are subject to the Income Tax Department’s calculations.

What Are The Different Types Of Income Tax Return Forms In India: Different Forms Of IT Return Forms

There are seven types of ITR forms. These are categorized as follows:

ITR 1

This form is helpful for those people whose income source is from a salary or a pension. Furthermore, if you have income from house property or other sources, excluding lottery winnings or horse racing income, you must file this Income Tax Return form. You cannot use this form if your annual income exceeds INR 50 lakh or if you own foreign assets. Furthermore, the record cannot report taxable capital gains, income from multiple properties, agricultural income above ₹5,000, or earnings from a business or profession.

In the following circumstances, an LLP Partner would automatically resign from the LLP:

ITR 2

If your annual income is from house property, salary, pension, or other sources, and if it exceeds INR 50 lakh, you must use this form to file your IT Return . If you combine your spouse’s or children’s income with your annual income, you must file Form 2 with ₹1. However, if your payment includes earnings from a profession or business, you should not use this form.

ITR 3

Individuals who earn a living from a profession or business are eligible to file income on Form 3. ITR 3 form is also helpful if your earnings include pension, salary, or other sources of income.

ITR 4

If you choose the presumptive income scheme under sections 44AD, 44ADA, or 44AE, you must file your Income Tax Return using form 4. If your total annual turnover exceeds ₹2 crore, you must file your income tax using Form 3.

ITR 5

Form 5 is helpful for limited liability partnerships (LLPs), bodies of individuals (BOIs), and associations of persons to file income taxes (AOPs).

ITR 6

Companies not excluded under Section 11, which provides guidelines for income from property held for religious or charitable purposes, must file Form 6 electronically.

ITR 7

Individuals and businesses who are required to file income tax returns under sections 139 (4A), 139 (4B), 139 (4C), and 139 (4D) must use Form 7. You can easily file your ITR form online, also known as e-filing, which simplifies, expedites, and eliminates the need for paper.

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