All taxpayers who are filing their income tax returns are required to determine the type of income tax return ITR form they need to fill before actually filing their returns. The form to be filled is solely dependent on the income that the taxpayer earns, or in certain cases if the taxpayer holds assets in a country other than India or earns any form of income from a country other than India.
In total, there are almost 9 types of ITR forms available for a tax payer to file his taxes. However, only the following forms are to be taken into consideration by individuals when filing returns as per the Central Board of Direct Taxes in India:. Also known as the Sahaj form, this income tax return form is to be filed solely by an individual taxpayer. Any other assesse liable to pay tax, is not eligible to avail of this form for filing their returns. This form is applicable for the following people:.
An individual who has no income from no other business or who have no income from the sale of any assets i. A person whose source of income is from various investments or sources like investments, schemes or fixed deposits etc. The ITR-2A form is applicable for the following people:. A person who has no income from any other business or who have no income from the sale of any assets i.
People who tend to earn income from different investments or sources such as Fixed Deposits, Investments, Shares etc. 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. Also, this form is useful for individuals who earn income from countries outside India. This form is applicable for the following persons:. A person whose source of income is through the sale of assets or property in India i.
The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided Family, who solely operate as a partner in a firm but who do not conduct any business under the firm. This is also applicable for individuals who do not earn any income from the business conducted by the firm.
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Mutual Funds. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. If you are an individual taxpayer say, a salaried individual and your total income during the financial year FY exceeds Rs 2. Even if your total income does not exceed Rs 2. Therefore, it's necessary to analyse the facts which are applicable in your specific case to conclude whether you have to file ITR or not.
Having due regard to the pandemic situation, CBDT has kept ITR forms largely unchanged from last year and only changes necessary to incorporate new provisions have been made in the forms. So, if you are not a first-time ITR filer, you will not get any unpleasant surprises when it comes to reporting and disclosure requirements in the ITR forms. ITR 1 Sahaj Individuals qualifying as Ordinarily Resident Having a total income of up to Rs 50 lakh Having income from salaries, one house property, income from other sources interest etc.
For example, Mr. A will file his ITR after clubbing of income earned by his spouse. In such a case, Mr.
A would be able to file the ITR-1 form only if the income of the spouse is from the sources specified above.
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