Types of ITR filing
Types of ITR filing, In India, there are several types of Income Tax Return (ITR) forms available for different categories of taxpayers. The selection of the appropriate ITR form depends on the nature of income, source of income, and the individual’s or entity’s status.
As of my knowledge cutoff in September 2021, the following are the commonly used ITR forms:
ITR-1 (SAHAJ):
This form is for individuals being a resident (other than not ordinarily resident) having income from salary, one house property.
Other sources (excluding lottery winnings and income from race horses), and total income up to ₹50 lakh.
ITR-2:
This form is design for individuals and Hindu Undivided Families (HUFs) who do not receive income from business or professional activities.
ITR-3:
This form is exclusively meant for individuals and Hindu Undivided Families (HUFs).
Who generate income from business or professional activities and seek to report their profits and gains.
ITR-4 (SUGAM):
This form is for presumptive income from business and profession under section 44AD, 44ADA, or 44AE.
ITR-5:
This form is for entities other than individuals, HUFs, companies, and persons filing ITR-7.
ITR-6:
This particular form is design for companies that are not eligible for exemption under section 11, which pertains to income from properties held for charitable or religious purposes.
ITR-7:
This form is for persons including companies require to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) (for charitable or religious trusts, political parties, institutions, etc.).
It’s important to note that the availability and applicability of these ITR forms may change over time, and it is recommend to refer to the official website of the Income Tax Department.
Or consult with a tax professional for the most up-to-date information and guidance regarding Types of ITR filing.
For more information visit this site:https://www.incometax.gov.in
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