ITR Income Tax Return

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 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 formFill 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?

  1. Go to eFilingportal
  2. Login to eFiling
  3. Choose income tax
  4. Check your personal details.
  5. Fill in your income
  6. Check the total taxes.
  7. 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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