InvestorQ : How do I know which ITR form I must fill to file my tax return?
Tanya Mehta made post

How do I know which ITR form I must fill to file my tax return?

Answer
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1 year ago


This is a good question. Income Tax Return (ITR) forms vary for people based on their sources of income. Here are the different types of forms available:

ITR-1 (SAHAJ): This form is applicable for resident and ordinarily resident (ROR) individuals having total income of up to Rs 50 lakh, having income from salaries, one house property, income from other sources and agricultural income up to Rs 5,000.

Please note, non-residents cannot file ITR-1, irrespective of their source or quantum of income.

ITR-2: This form is applicable for individuals not having income from profits and gains of business or profession (who cannot use ITR-1).

ITR-3: This form is applicable for individuals having income from profits and gains of business or profession.

ITR-4 (SUGAM): This form is applicable for individuals, and firms (other than LLPs), being a resident, having total income up to Rs 50 lakh and having income from business and profession computed under the presumptive taxation scheme.