ЁЯСМЁЯСМЁЯСМITR forms–Recheck-Perplexity

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Types of ITR Forms

  1. ITR-1 (Sahaj):
    • Who can use it: Individuals with income up to тВ╣50 lakh from salary, one house property, other sources (like interest), and agricultural income up to тВ╣5,000.
    • Key Features: Simplified form for small taxpayers.
  2. ITR-2:
    • Who can use it: Individuals and Hindu Undivided Families (HUFs) not having income from business or profession. Suitable for those with income from more than one house property, capital gains, or foreign assets.
    • Key Features: More detailed than ITR-1.
  3. ITR-3:
    • Who can use it: Individuals and HUFs who are carrying out a business or profession.
    • Key Features: For those who have income from business/profession along with other sources.
  4. ITR-4 (Sugam):
    • Who can use it: Individuals, HUFs, and firms (other than LLP) with a total income of up to тВ╣50 lakh and opting for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE.
    • Key Features: Simplified form for small businesses.
  5. ITR-5:
    • Who can use it: For firms, Association of Persons (AOP), Body of Individuals (BOI), and other entities like LLPs.
    • Key Features: Designed for partnerships and other entities.
  6. ITR-6:
    • Who can use it: Companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes).
    • Key Features: Detailed form for corporate tax filings.
  7. ITR-7:
    • Who can use it: For persons including companies who are required to furnish a return under sections like 139(4A) (charitable trusts), 139(4B) (political parties), etc.
    • Key Features: Specialized form for specific entities.

Choosing the Right Form

  • Assess your income sources and total income to determine which ITR form is applicable.
  • Ensure that you meet the eligibility criteria for the chosen form.

Filing Process

You can file your ITR online through the Income Tax Department’s e-filing portal or through various tax filing platforms that offer assistance in preparing and submitting your returns.

Conclusion

Select the appropriate ITR form based on your income type and eligibility criteria to ensure compliance with tax regulations. If you are uncertain about which form to use, consulting a tax professional or financial advisor is advisable.

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