Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year. Now, it is the turn to pick the correct ITR form and file your return. Many Individuals grapple to pick the correct ITR form. Often confuse between ITR forms and commits mistakes. There are different ITR forms for Individuals to file their return. Such as ITR1, ITR2, ITR3 & ITR4. Depending upon the status of person, nature of the income and total income ITR form needs to be chosen.
An attempt has been made to help you to pick the correct ITR form to file your return. Below table will help you to find your applicable ITR form.
|
Status of the Person |
Nature of Income |
ITR Form |
Persons Restricted |
|
Resident Individual/HUF |
Salary/Pension, One House Property, Other Sources (Interest etc), Agriculture Income up to 5K. & total income up to 50L. |
ITR 1 |
Director of the company, person holding equity shares in unlisted company) |
|
Individual/HUF |
Salary/Pension, more than one house property, capital gains, Other Sources |
ITR 2 |
NA |
|
Individual/HUF |
Salary/Pension, House Property, Capital Gains Business/Profession, Other Sources |
ITR 3 |
NA |
|
Individual/HUF/Firms(Not LLP) |
Salary/Pension, One house property, other sources, income from the business/profession u/s 44AD, 44AE, 44ADA. Agriculture Income up to 5K.& total income up to 50L |
ITR 4 |
Director of the company, person holding equity shares in unlisted company) |
Also Read:
- CBDT gives one-time relaxation from verification of e-filed ITRs for AY 2015-16 to 2019-20
- Complete Guide on how to file ITR?
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