ITR Income Tax Return
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 the total Income up to INR 50 lakhs with Income like:- Salary , One House Property, Other Sources (Interest, dividend etc.
ITR 1 SAHAJ 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 is 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 opted for presumptive income scheme. If the turnover of the business is more then 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 business income.
ITR 7 Form is meant for all the Charitable /Religious trust Political party, Scientific research institutions, University or Colleges or Institutions.
How can a salaried person file income tax return?
- Enter the data directly in 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 ITR filing website log in with 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, Individual 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 has taxable income, above 5 lacs as individual.
Who is exempt from ITR?
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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