ITR Form for Engineers
The applicable ITR form for engineers will depend on their sources of income and the total income. The following are the ITR forms that are commonly used by engineers:
1. ITR-1 (Sahaj):
This form is for individuals with total income up to Rs. 50 lakh. It is the simplest form to file and can be used by engineers who have only salary income or income from other sources such as rent, interest, and dividends.
2. ITR-2:
This form is for individuals with total income above Rs. 50 lakh. It is more complex than ITR-1 and requires more information to be filled in. Engineers who have income from a business or profession, or who have capital gains, will need to use this form.
3. ITR-4 (Sugam):
This form is for individuals who have income from a business or profession and have opted for the presumptive taxation scheme under Section 44AD or Section 44AE of the Income Tax Act. This scheme allows businesses to pay tax at a flat rate of 6% or 18%, respectively, on their turnover.
4. ITR-5:
This form is for individuals who are resident but have no income from India.
5. ITR-6:
This form is for companies.
6. ITR-7:
This form is for trusts and other entities.
If you are an engineer and you are not sure which ITR form to use, you can always consult with a tax advisor.
Here are some additional things to keep in mind about ITR forms:
• You can file ITR online or offline.
• The due date for filing ITR is usually July 31st of the following financial year. However, there are certain categories of taxpayers who have different due dates.
• If you file your ITR late, you may have to pay a penalty.
To visit: https://www.mca.gov.in/
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