A tax return is a form(s) filed with a taxing authority that reports income, expenses and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes.

According to Indian tax laws, an individual must file his/her income tax return (ITR) on or before July 31st of the next financial year. For instance, Income Tax Returns of FY 2018-19 that ended on March 31, 2019 will be due on July 31, 2019.

Based on what the source of an individual’s income is, there are varied Income Tax Return documents.

ITR-1

ITR-1 is filed by individuals who have a total income of up to Rs 50 lakh. The income coming from salary, one house property, other sources (like interest), and agricultural income up to Rs 5,000 are considered.

ITR-2

ITR-2 is filed by Individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession.

ITR-3

ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.

ITR-4 (Sugam)

The ITR-4 or Sugam is filed by individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.