ITR-1 also known as Sahaj, is applicable for individuals or HUF (Hindu Undivided Family) with an income up to Rs. 50 lakhs. It is a single-page form. In this, you have to give a detailed break-up of your income from salary and house property (if applicable). The ITR form also asks you to provide details of the value of perquisites, non-exempt allowances, interest paid on borrowed capital among other details.
The ITR 2 is a type of Income tax return or ITR form for Individuals and HUFs (Hindu Undivided family) who has no income from business or profession. ITR-2 is applicable for Individuals or HUFs who receive income from other than “Profits and Gains from Business or Occupation”. This return form will be applicable to you if you receive income from these following sources:
ITR-3 form applies to individuals and HUFs who have income from profits and gains from Proprietary business or profession. The persons having income from the following sources are eligible to file ITR 3: Carrying on a business or profession The return may include income from House property, Salary / Pension, and Income from other sources, For Audit cases, it is 30 September every year....
ITR-4 Form also called SUGAM is for those taxpayers who have opted for presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the annual turnover of business registered under presumptive taxation scheme exceeds Rs. 2 crores, the taxpayer will have to file ITR-3. ITR 4 is to be filed by the Individuals / HUF / partnership firm.
This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund. From AY 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA,
Companies other than companies claiming exemption under section 11 must furnish their income tax return in ITR-6 Form. ITR 6 Form is applicable for those Companies who do not hold any income share from the religious or charitable trust. Any company which does not claim any exemption under Section 11 can use this form to the E-file income tax return. If the assessee is liable for Audit..
ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes. Return under section.
After an Individual / Assessee (also known as a taxpayer) file their Income-tax return, it is processed by the Income-tax Department. If there is any mistake/error/discrepancy noticed in the Income-tax return filed, then the same is intimated to the Assessee by the means of an income-tax notice. There are various types of Income-tax notices, issued by the Income-tax Department, which you
