All about ITR Filing Forms

Now it’s time to file IT returns! If you are a tax payer and want to file IT returns, but unaware of which ITR Forms applicable to you? Here’s a detailed story on ITR Forms-

ITR 1– This ITR form is applicable for salaried class with income less than 50 lakhs per annum. This ITR form is applicable when the tax payer has income from house(only 1 is applicable),Income from other sources(Interest income) besides having salaried income.

Who can’t file ITR-1?- Those who have capital gains liability on the sale of capital asset and having income from profession/Business can’t file this ITR-1 Form.

ITR-2– Hindu undivided families(HUF) and those who are unable to file ITR1 can file ITR 2 Form. Those who receives dividends and having other income sources can file ITR 2.

ITR 3– Those who earn income from profession and business whose turnover is more than 50 lakhs per year can file ITR 3. Hindu undivided families(HUF)can also file ITR 3 depending on their tax liability. Those who have capital gains can also file ITR-3.

ITR 4- Hindu undivided families(HUF’s), individuals, group organisations can file ITR 4 based on the estimated income earned during that financial year. This form is also known as “Sugam”.

It would be better to know which ITR Form is applicable to you! If you are still unfamiliar, consult your tax consultant for better advice.

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