Income Tax Return
According to sec 139, every person whose annual total income is more than the given exemption limit i.e 250000 as per old tax regime, and 300000 as per new tax regime. If your income is more than the given exemption limit, you have to file an income tax return. Income tax department has notified seven different forms which every person has to fill before the due date. The form of ITR is applicable on the source of income of the taxpayers.
ITR Forms
Income from salary/pension upto 50 Lakh.
Income from 1 house.
Income from other sources.
Agricultural income up to Rs 5000.
Form ITR 2
Salaried person having income more than 50 Lakhs.
Rent income from 2 or more houses.
Agricultural income more than 5000/-
Income from Capital gain.
Income from lottery.
Income from other sources.
Form ITR 3
Income from business or profession.
Share trading income or Crypto income.
Individual director in a company.
Other than ITR-1, ITR-2, or ITR-4.
Partner in a firm.
Holding in a firm.
Holding in a firm.
Form ITR 4
Presumptive income u/s 44AD/44AE/44ADA.
Income upto 50 Lakh from Salary/ Pension.
Freelancer if the income does not exceed 50 Lakh.
Income upto 50 Lakh from 1 house property (Doesn’t include winning from lottery or house race).
Income from other sources upto 50 Lakh.
Form ITR 5
Firms.
Limited Liability Partnership (LLP).
Association of Persons (AOP).
Business trust and investment fund.
Body of Individuals (BOI).
Artificial juridical Person (AJP).
Estate of deceased, insolvent, trust.
Form ITR 6
Every Company Register under companies act 2013 or the earlier companies act.
For companies other than companies claiming exemption u/s 11.
Form ITR 7
Person/Company under:-
Section 139 (4A): Income of charitable and religious trust.
Section 139 (4B): Political Parties.
Section 139 (4C): Scientific research institutions.
Section 139 (4D): University, College or other institutions.
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