When it comes to ITR filing, it gets tricky to choose the income tax return form amidst various options available. Currently, there are seven valid forms to choose from as some of the previous ones have been discontinued or replaced by others. The Income Tax Return forms have to be filled with information regarding the company or individual’s income and tax, which then needs to be submitted to the Income Tax Department. In fact, if you are filing returns for yourself, there are four different kinds of forms that could be applicable to you.
ITR Form 1 or Sahaj
ITR form 1 is applicable to any individual, or a Hindu Undivided Family (HUF) whose annual income is below 50 lakhs INR (through pension or salary).
The ITR 2 form is very similar to the ITR-1 form, with just a few differences. You can’t use the ITR-2 form if your total income includes revenue from any business or vocation.
Any individual or HUF earning income from a business that is proprietary in nature or from more than one property is eligible to conduct their e tax filing using this form.
Anybody is eligible for this option provided you have engaged in the Income Scheme (Presumptive) of Sections 44AE, 44AD, and 44ADA of the ITA (Income Tax Act).
The specifications of the ITR 5 stand very clear for making it applicable to LLPs, firms of every kind, Association of Persons (AOP), And Body Of Individuals (BOI).
The ITR 6 is applicable to any establishment earning an income through the property(s) used for religious or charitable causes.
To find out if you are eligible for this, you must go through sections 139(4A), 139(4B), 139(4C), or even 139(4D).
While filing your ITR, you need to make sure that you know about all the available options for completing the same in an honest and timely manner!
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