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Types of ITR Forms: ITR Forms | 7 types of income tax return forms for different types of taxpayers

Types of ITR Forms: ITR Forms |  7 types of income tax return forms for different types of taxpayers
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Types of ITR Forms: ITR Forms |  7 types of income tax return forms for different types of taxpayers

Types of ITR Forms: ITR Forms | 7 types of income tax return forms for different types of taxpayers

Types of ITR Forms: The last date for filing income tax returns for the financial year 2020-21 is approaching. In the case of individual taxpayers, the deadline is September 30, 2021. For those who are filing ITR for the first time, it is important to know that the ITR form is not the same for every taxpayer. There are 7 types of ITR forms based on different categories of taxpayers. Taxpayers have to fill the prescribed form for their category. This category is determined based on the status of the taxpayer, the nature and threshold of income, the nature of the business or the work of the person, etc. Such as salaried class, self-employed, firm etc. Let us know which type of taxpayer to fill which ITR form-

ITR 1 Easy

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This form is for citizens whose total income is up to Rs 50 lakh. This income includes income from other sources such as salary / pension, household property and interest. Apart from this, agricultural income up to Rs. 5000 is also included. This form is not for individuals who are either directors in the company or have invested in unlisted equity shares, or are earning income from business / professionals.

ITR 2 Form

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The ITR2 form is for individuals and HUFs (Hindu Undivided Families) who do not have profit from business or occupation but are not eligible for the ITR1 form. This tax can be paid to the taxpayers who get interest income like salary / pension, house property and other sources and it is more than Rs 50 lakhs.

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ITR 3 Form

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This form is for individuals and HUFs who have profits from business or occupation but are not eligible for ITR4. Anyone doing business, being a personal director of a company, investing in unlisted equity shares, earning income as a partner in a firm is eligible to file ITR3. Income returns on household assets, salaries / pensions and other sources may be included.

ITR 4 Easy

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This form is for individuals, HUFs and partnership firms (excluding LLPs) who have a total income of up to Rs 50 lakh as citizens of India and who have income from businesses and occupations which are subject to income tax law. Under Section 44AD, 44ADA or 44AE, ITR4 cannot be used by capital gainers and foreign property owners. Income also includes salary or pension, household property, income from other sources. However, if the turnover of the business is more than Rs 2 crore, its owner will have to pay ITR 3.

ITR 5 Form

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Individuals and taxpayers other than HUF (ITR-1 to ITR-4 filing), companies (filing ITR-6) or charitable trusts / institutions (filing ITR-7). That is, ITR5 is for partner companies other than those eligible for ITR-4, LLP, Association of Persons, Body of Individuals, etc., for which no other form applies.

ITR 6 and ITR 7

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ITR 6 form has been prepared for companies other than those seeking exemption under Section 11 of the Income Tax Act. The ITR7 form is for individuals with companies who only need to file returns under Section 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D). The taxpayer should select the income tax return form according to his category. If you make a mistake, the Income Tax Department will not process your form.

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How to file ITR on new income tax website?

How to file ITR on new income tax portal: How to file ITR on new income tax website?

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