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Sudhakar Sethuraman, a partner at Deloitte India, warns that if the wrong form is used, the income tax officer may consider such a return to be “erroneous under subsection 139(9) of the Income Tax (I-T) Act.” Relief efforts put in place in response to the global COVID-19 pandemic are included in the new computer return forms. The Central Council for Direct Taxes (CBDT) recently announced these new tax return forms. The following characteristics can be seen on the forms: For all those who have preferred losses that they want to offset with the income of the current year, or for those who have losses for the current year under this heading and want to carry them forward for compensation in the following years, they can also use ITR 1, because they cannot use ITR 1. Form ITR-5 is only used by the following organizations to file tax returns: In total, there are six ITRs for individuals, namely ITRs-1, ITRs-2, ITRs-2As, ITRs-3s, ITRs-4 and ITRs-4S. Learn which tax return you need to file? – Types of ITRs and their applicability What happens if I submit my tax return in the wrong ITR form? Subsection 139(4A) – This section allows individuals who receive income from real property held for charitable or religious purposes in the form of a trust or legal obligation What are the online platforms where I file my tax return? Below is a general guide on the schedules you need to submit. (For more information on numbered schedules, see the instructions on Form 1040.) For Appendix A and other labelled schedules, see Schedules on Form 1040. Also known as the Sahaj form, this tax return form is filed by only one taxpayer. Any other taxpayer is not allowed to use this form to file their tax returns. This form applies to the following persons: Form ITR 1 is also known as “Sahaj”, this form is submitted by a single taxpayer. It applies if you: The tax return is a form that a person must file with the Department of Indian Income Tax.

It contains information about a person`s income and taxes paid in a given year. The information contained in the ITR forms must relate to a specific financial year, i.e. from 1 April of the current year to 31 March of the following year. Depending on the type of income, the amount of income and the category of taxpayer, you will need to complete the appropriate form. Once you`ve determined which form you need to fill out, you can follow these steps to learn how to file a tax return: Log in to the IT department`s portal to file tax returns online. You can register with your Permanent Account Number (PAN), which acts as a user ID. Go to Download and e-filing, then select the appropriate DETI form under the appropriate assessment year. For individuals, HUFs and corporations (other than LLP) who are a resident with a total income of up to Rs.50 lakh and who have business and professional income calculated in accordance with Articles 44AD, 44ADA or 44AE, there are seven categories of tax return forms, from ITR1 to ITR7. These different types of ITR forms for AY 2021-22 include: There are 7 ITR forms designed to: · Persons who earn income from property, salary, business or other sources and who benefit from an income exemption · HUF members who earn income from real estate, wages, businesses or other sources and who benefit from an income exemption · Partners of a corporation, partnerships, partnerships, limited partnerships, corporations and trusts that derive income from real estate, businesses and other sources with income exemption Although this is a general classification, there are other criteria that must be met in the specific selection of these forms. The following tax return forms apply only to businesses and corporations: Tax return forms (ITR) differ depending on the type of income of the appraisers, the type of income (at home or abroad), etc.

For example, there is another ITR form for employees and a separate form for business people and professionals. This form is generally used by taxpayers who derive all of their taxable income from a business in the form of salary, commission, bonus, interest or remuneration. ITRs 3 apply to both individuals and FHU taxpayers. If you earn income: The government drafts the income tax laws of India, according to which individuals, Hindu undivided families (HUF), businesses, businesses, PLLs, associations of persons, organizations of persons, municipal authorities and any other artificial legal entity are all subject to a tax levied by the government on their taxable income. The amount of tax levied on a person depends on his or her residency status in accordance with these provisions. Anyone who qualifies as an Indian resident is expected to pay taxes on their worldwide income. Taxpayers must comply with certain regulations when filing their tax returns each fiscal year. Read on to answer questions such as: What is itrs, what are the different types of ITRs for AY 2021-22, how to file tax returns, types of ITRs, and more. This type of ITR form is useful for people who run a business or earn income through a profession. This form applies to all types of businesses, businesses or professions, with no limit on earned income.

Taxpayers can also combine all the income they receive from luck, speculation, salaries, lotteries, residential real estate, etc., as well as income from their business. A person practising a profession, whether traders, doctors or designers, agents, retailers or contractors, has the right to submit his ITR using this form. I am sure that with these two articles, you will have a good idea of the ITR form to use by you. ITR-3: This form is intended for business people and professionals who do not earn employee income. All sources of income eligible for itrs-2 are also valid for this form. If you are a partner of a company, you must use ITR-3. In total, there are nearly 9 types of ITR forms available to a taxpayer to file their tax returns. However, only the following forms of people should be considered when filing tax returns according to the Central Council of Direct Taxes in India: After understanding the different types of ITR forms, make sure you use the right form to submit your returns.

The current ITRs 4 apply to individuals and HUFs, partnerships (other than PLLs) that are residents and whose total income includes: Form ItR Number 4, also known as Sugam, is used by individuals, HUFs or partnerships whose income includes: With the exception of corporations or organizations claiming a tax exemption under section 11, Form ITR-6 is only used by all companies. Organizations that may claim tax exemptions under section 11 are organizations whose income is derived from property used for religious or charitable purposes. This special tax return form can only be filed online. Now, the ITRs-2 could also be used if you have income in the form of capital gains from more than one property, or if you earn foreign income or own foreign assets. If you hold a position on the board of directors of a corporation or simply hold unlisted shares, you must use ITR-2 to file tax returns. To date, the Ministry has notified 7 different forms, i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. Each taxpayer must submit their ITR no later than the specified due date. The applicability of ITR forms depends on the taxpayer`s sources of income, the amount of income generated and the category of taxpayers such as individuals, HUFs, companies, etc. 8. How many types of tax return forms are there for individuals? You can download the different forms by visiting the official income tax website. You need to have a clear understanding of the form you want to download before going to the website.

Also known as the Sugam Form, the ITR-4S form can be used by any Hindu undivided individual or family (HUF) to file their tax returns. This form applies to: Never miss a story! Stay connected and informed with Mint. Download our app now!! Yes, you can contact the IT department on their website. You will need to fill out a form with your questions that they will review and answer. Form ITR-3 is useful for a single taxpayer or an undivided Hindu family who operates exclusively as partners in a company but does not do business under the company. .