Types of Income Tax Return under Indian Income Tax 1961
ITR 1 Form is filed by the taxpayers and the individuals who are a Resident with a total Income up to INR 50 lakhs with Income like:- Salary, One House Property, Other Sources (Interest, dividend, etc.
ITR 1 SAHAJ is an Individual who is either Director in a company or has done investment in Unlisted Equity Shares.
The ITR-2 is filed by the individuals or HUFs who are earning income other than income from “Profits and Gains from Business ITR-1 Form”.
The ITR-3 Form can be filed by Individuals/ HUF having Proprietary business and who are not eligible to file ITR 1, ITR 2, or ITR 4.
ITR 4 Sugam Form is for those opting for a presumptive income scheme. If the turnover of the business is more than Rs 2 crores then ITR-3 is applicable.
ITR 5 Form is meant for firms, LLPs, AOPs BOIs, Artificial Juridical Person Business trust.
ITR 6 is for companies, corporates having a business income.
ITR 7 Form is meant for all the Charitable /Religious trust Political parties, Scientific research institutions, University or Colleges or Institutions.
How can a salaried person file an income tax return?
- Enter the data directly in the e-filing portal and submit it. online.
- PAN will be selected.
- Select A.Y
- Select ‘ITR Form Number’
- Select ‘Filing Type’ as ‘Original/Revised Return’
- Select ‘Submission Mode’ as ‘Prepare and Submit Online
How do salaried employees file tax returns for the first time?
Go to the ITR filing website login with a user ID, password. select the ITR form. Fill in details of the income from Form 16 like salary break-up tax payments, Re-check details, and upload.
How do I submit my tax return online?
- Go to e–Filingportal
- Login to e–Filing
- Choose income tax
- Check your personal details.
- Fill in your income
- Check the total taxes.
- Declare, sign and send.
What is the minimum salary to pay income tax?
As per budget 2021, individuals having taxable income up to Rs. 5 lakh will get tax rebate u/s 87A therefore will not be required to pay tax.
Is it compulsory to file ITR online?
It is mandatory to file ITR online taxpayers who have taxable income, above 5 lacs as an individual.
Who is exempt from Income Tax Returns?
Under section 194P senior citizens should with 75 years or above. Senior citizens should be ‘ Resident’ in the previous year. He has pension income and interest income only. Interest income accrued/ earned from the same specified bank in which he is receiving his pension
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