ITR Form: On the very first day of the new financial year, the Income Tax Department has issued the ITR form for filing income tax return for the financial year 2021-22. The Income Tax Department gives the option of many types of forms. Let us know which form has to be filled.
The Income Tax Department has released the ITR form for filing income tax return for the financial year 2021-22. In these, information has been sought from taxpayers about income from overseas retirement benefit accounts. The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Form 1-5.
Different people have to fill different forms for filing income tax return. This is the reason why the Income Tax Department gives the option of many types of ITR Form. Here a question arises that which form has to be filled after all. Let us clear all your confusions.
ITR-1 Form i.e. Sahaj
This form is for those citizens whose total income is up to Rs 50 lakh. This income includes earnings from salary or pension, a house property and other sources like interest earned on deposits. Apart from this, agricultural income up to Rs 5000 is also included in this. This form is not for those who are either directors in a company or have invested in unlisted equity shares or earning income from business/profession.
ITR-2 Form
ITR-2 form is for individuals and HUFs (Hindu Undivided Families) who do not have income from profits from business or profession but are not eligible for ITR-1 form. This form can be filled by the Income Taxpayer, who earns income from interest like salary / pension, house property and other sources and that is more than Rs 50 lakh.
ITR-3 Form
This form is for individuals and HUFs who have earned profits from business or profession, but are not eligible for ITR-4. A business person, an individual director of a company, an investor in unlisted equity shares, earning as a partner in a firm can file ITR-3. Income from house property, salary/pension and other sources can be included in the return.
ITR-4 Sugam
This form is for individuals, HUFs and partnership firms (other than LLPs) who have a total income of up to Rs 50 lakh as a resident of India. Also, those who have income from such business and profession, which are computed under section 44AD, 44ADA or 44AE of the Income Tax Act, they fill it.
Capital gains income holders and foreign asset owners cannot use ITR-4. Income also includes income from salary or pension, a house property, other sources. However, if the turnover of the business is more than Rs 2 crore, then its owner will have to file ITR-3.
ITR-5 Form
This form is for taxpayers other than individuals filing ITR-1 to ITR-4 and HUF, companies filing ITR-6 or charitable trusts/institutions filing ITR-7. That is, ITR-5 is for Partnership Firms other than Partnership Firms eligible for ITR-4, for LLPs, for Association of Persons and for Taxpayers like Body of Individuals, for whom no other form is applicable.
ITR-6 and ITR-7
ITR-6 form has been made for companies other than companies claiming exemption under Section 11 of the Income Tax Act. For individuals including companies who are required to file returns only under sections 139(4A) or 139(4B) or 139(4C) or 139(4D), there is ITR-7 form. The taxpayer should choose the income tax return form according to his category. If you make a mistake in this, the Income Tax Department will not process your form.
