Well some may be already knowing it and the rest may be unaware about it. So this is for the latter category of people. For the ASSESMENT YEAR 2011-12, two new ITR forms have been introduced by the name of SAHAJ and SUGAM.
SAHAJ :- THIS IS NOTHING BUT A NEW NAME FOR THE PREVIOUS ITR FORM ITR-1. This is meant for the INDIVIDUALS who have income from ;-
- salary
- house property (not being brought forward loss from the previous years)
- other sources (doesnt include income from horse races and winnings)
SUGAM:- This is an alternate name for the form ITR4S. It is meant for the small businessmen and professionals covered under the scheme of presumptive taxation.
Well i would also like to mention the other ITR forms which are used.
ITR-2 :- This is used by the INDIVIDUALS and HUF'S having income from the following sources:-
- SALARY/PENSION
- HOUSE PROPERTY
- CAPITAL GAINS
- OTHER SOURCES ( INCLUDING WINNINGS AND HORSE RACES )
ITR-3 :- This is used by the individual and huf having income from being a partner in a partnership firm and has no other source of income from any other business/profession.
ITR-4 :- This is used by the INDIVIDUALS AND THE HUF having income from the BUSINESS AND PROFESSION in ADDITION to the sources of income mentioned under ITR-3.
ITR-5 :- This is used by the AOP/BOI and artificial juridicial persons but those persons who are required to file their returns under section 1394A,1394B,1394C AND 1394D SHALL NOT use this form.
ITR-6 :- It can be used by a COMPANY other than a co. claiming exemption under SECTION-11.
ITR-7 :- It can be used by PERSONS INCLUDING COMPANIES who arte required to file their return of income under section 1394A,1394B,1394C AND 1394D.
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