Every individual, firm, company, partnership and all other kinds of operations have to file ITRs . For some, it is compulsory under law to file ITR and for others it’s optional. Though, filing ITR is always beneficial. Here are details of different ITR Forms applicable to the different assessee.
Types of ITRs
There are 7 types of ITRs . A new ITR Form has also been inserted, I.e. ITR U.
- ITR 1
- ITR 2
- ITR 3
- ITR 4
- ITR 5
- ITR 6
- ITR 7
- ITR U
ITR Form 1
This ITR applies to resident individuals having a total income up to Rs. 50 Lakhs, income including Salary/Pension, Other Sources, One House Property.
ITR Form 2
This form is selected when you have one more than Rs. 50 Lakhs and includes income from sources mentioned above (in ITR 1) and also include income from more than one House Property, Capital Gains, Unlisted Equity Shares Investment, income from Foreign Asset and if the individual is a company’s director.
ITR Form 3
This form is applicable when income earned is from sources mentioned above (in ITR 2) and also includes income from Business/Profession and if the individual is a partner in the firm. Also, applicable when presumptive income is more than Rs. 50 Lakhs.
ITR Form 4
Every income from ITR 1 and presumptive income under Salary/Pension, Other Sources and One House Property comes under this ITR. Also, the total income must be more than Rs. 50 Lakhs.
ITR Form 5
This Form is applicable on
- Artificial Juridical Person
- Business Trusts
- Estate of Insolvent
- Estate of Deceased
- Associations of Person
- Body of Individual
- LLPs and Companies
The ITR 6 is for any company that is not claiming exemption under section 11.
The ITR 7 applies to individual and firms that have furnished returns u/s 139(4A), 139(4B), 139(4E), and 139(4F).
Newly introduced ITR
Form ITR-U can be filed along with payment of tax when date of filing the return is missed. It is notified for persons to update income within 24 months from the end of the relevant assessment year.
Contact us on e-Mail or Whatsapp
[email protected], +91-9650086438
[email protected], +91-8826833903
Click Here to check out our new posts!
