InvestorQ : Please tell me more on the different types of Income Tax Return forms.
Manish Mehta made post

Please tell me more on the different types of Income Tax Return forms.

Answer
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Nitin Shah answered.
1 year ago


Income tax return (ITR) is a tax form that is used by an Indian citizen to file income tax with the Income Tax Department. The ITR is a worksheet which has the details of the income figures that are used to calculate one’s tax liability. Thus, this ITR sheet itself can give the details of how much one needs to pay the Income Tax Department.

Different individuals, based on their income sources, have to file different ITRs with the Income Tax Department.

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.