Income Tax Return (ITR) filing alert - This step by step guide will help you select the right form
ITR 1, also known as Sahaj, is available for individuals who is a resident (other than not ordinarily resident) having total income up to Rs. 50 lakh, having Income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs. 5,000.
Income Tax Return (ITR): There are various forms that allow you to file your ITR. These are the pre-filled Income Tax Return (ITR) forms for certain class of taxpayers, that eases the filing process for tax payers. Income Tax Department has seven ITR forms out of which four are currently available in pre-filled XML format. While other ITR forms will also be made available for the tax payers soon, according to IT's website- incometaxindiaefiling.gov.in. It is important to note that the last day for filing ITR for assessment year 2019-20 is July 31.
There are seven forms available for filing of income tax return, known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. Here are the key things to know about Income Tax Return (ITR) forms for assessment year 2019-2020:
1. ITR 1, also known as Sahaj, is available for individuals who is a resident (other than not ordinarily resident) having total income up to Rs. 50 lakh, having Income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs. 5,000., according to Income Tax's website.
2. ITR-2: It is available for Individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.
3. ITR-3: It is available for individuals and HUFs having income from profits and gains of business or profession.
4. ITR-4, also known as Sugam, is available for Individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs. 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act. LLP or limited liability partnership is a partnership in which some or all partners have limited liabilities.
5. ITR-5: It is available for persons other than individual, HUF, company and person filing Form ITR-7.
6. ITR-6: It is available for companies other than companies claiming exemption under section 11 of Income Tax Act.
7. ITR-7 is available for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only under Income Tax Act.
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