Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:. The following infographic will help you find out which type of income tax return is applicable to you for FY as well as previous year FY Still, you have any doubts about ITR-1 in your mind?.
Read our comprehensive guide on ITR-1 to get answers to all your questions. This Return Form should not be used by an individual whose total income for the AY includes Income from Business or Profession. The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession.
The persons having income from the following sources are eligible to file ITR 3 :. Click here to read our comprehensive guide to the ITR Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs.
Step 10a: In case there is a tax liability You will be shown a summary of your tax computation based on the details provided by you. If there is tax liability payable based on the computation, you get the Pay Now and Pay Later options at the bottom of the page. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page. Note: If you have not involved a tax return preparer or TRP in preparing your return, you can leave the textboxes related to TRP blank.
Note: If you are shown a list of errors in your return, you need to go back to the form to correct the errors. If there are no errors, you can proceed to e-Verify your return by clicking Proceed to Verification. Step On the Complete your Verification page, select your preferred option and click Continue. Note: In case you select e-Verify Later , you can submit your return, however, you will be required to verify your return within days of filing of your ITR.
Step On the e-Verify page, select the option through which you want to e-Verify the return and click Continue. Once you e-Verify your return, a success message is displayed along with the Transaction ID and Acknowledgment Number. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal. Follow us on :. All Rights Reserved. ITR 2 can be used by all those persons who are not eligible to use ITR 1 and their source of income does not have any business or professional income.
So you cannot use ITR 1 if you are a director or have unlisted shares or even if you own more than one house or have agricultural income over Rs. You can use ITR 2 if you are a non-resident or being a resident have any asset or interest in asset outside India or even have an authority to sign any bank account outside India if there is no business income. Those who have dividend income and have borrowed money to make such investments can use ITR 2 if they wish to claim expenditure in respect of interest paid on money borrowed for purchasing such shares.
Since incomes includes loss also you cannot use ITR 2 if you have incurred any loss in your business howsoever small the amount. In my opinion this is not correct and such transactions amount to business activity and one has to use either ITR 3 or ITR 4. In my opinion it is difficult for a layman to fill up this form by himself without committing any mistake. As far as eligibility to use ITR 3 is concerned, it is simple. Moreover even if you are offering your business or professional income on presumptive basis and your taxable income exceeds Rs.
Different types of ITR forms. This form is applicable for the following people: A person who earns his income via salary or through other means such as pension A person who earns his livelihood from a single housing property An individual who has no income from no other business or who have no income from the sale of any assets i.
Individuals who have not earned income from any windfall such as lotteries, horse racing etc. The ITR-2A form is applicable for the following people: People whose source of income i through salary or through means such as pension People who are also earning income from more than one housing property A person who has no income from any other business or who have no income from the sale of any assets i. A person who does not own any property or assets in countries other than India A person who does not have a source ofincome from any country outside India A person whose income from agriculture is below Rs 5, Individuals who have not earned income from any windfall such as lotteries or horse racing ITR-2 The ITR-2 Form is a type of ITR form which is generally used by individuals who have accrued income through the sale of assets or property.
This form is applicable for the following persons: People who earn income through salary or through means such as pension A person whose source of income is through the sale of assets or property in India i.
This form is usually filed by those taxpayers whose taxable income earned from business is only in the form of the following: Salary Commission Bonus Interest Remuneration ITR-4 This type of ITR form is useful for those individuals who conduct a business or who earn income through a profession.
This form is applicable for the following persons: Individuals who earn income from any business Individuals who earn income from a single housing property Individuals who do not earn income through the sale of assets or property in India i. Is it necessary to attach any document when submitting income tax return? What are the online platforms where I file my income tax return?
How many types of income tax returns forms are available for individuals? What are the income tax return forms that can be used by firms and companies? Read More About Tax. Income Tax. Tax Forms. Service tax. Commercial Tax. Tax Sections.
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