ITR: How to choose the right form for filing Income Tax Return? If you make a mistake then notice can come

Types of ITR Forms: The deadline for filing ITR form is getting closer. If you miss this, you may have to pay a penalty. In such a situation, every taxpayer should file it before the deadline. However, apart from filing the return before the deadline, the most important thing is to choose the right form. There are seven forms of ITR and which form is correct, it depends on the source of income and category of taxpayers such as Individuals, HUF (Hindu Undivided Family) and company. Information about all types of ITR forms is being given below.

ITR-1

This form is for resident Indians who have-

• from pension or salary,
• Income from single house property but if you want to carry forward the loss of the previous financial year, you can leave it.
• If the income from farming is less than Rs 5 thousand,
• Have a total income up to a maximum of Rs 50 lakhs,
• Have income from other sources like lotteries or horse racing.

Last date to file return is different for every taxpayer, check what is the deadline in your case

ITR-2

This ITR form is for such Individuals and HUFs who have-

• If the income is more than Rs 50 lakh,
• Revenue from Capitan Gains,
• Income from more than one house property,
• foreign income/foreign assets,
• be a director in a company,
• Invest in unlisted shares.
• If the income from agriculture is more than Rs. 5 thousand.

ITR-3

This form is for such individual taxpayers and HUFs who have-

• All income included in ITR-2,
• income from any business or profession,
• be a partner in a firm,
• Business pension is more than Rs 2 crore,
• Presumptive income should be more than Rs 50 lakhs.

Documents Needed for ITR Filing: The deadline to file ITR is near, keep these important documents ready

ITR-4

This form is for such Individuals, HUFs and Partnership Firms who are Indian Residents and have income from any business or profession. Apart from this, taxpayers who have opted for presumptive income under Section 44ADA, Section 4D and Section 44AE of the Income Tax Act 1961 can also opt for it. However in some cases this form cannot be selected-

• Limited Liability Partnerships (LLPs) cannot opt ​​for this form.
• The maximum limit of gross income for opting for this form is Rs 50 lakh.
• Cannot opt ​​for this form if the loss has been carried forward from previous years, or is a signing authority outside the country, has invested in unlisted shares, has assets or income abroad, is a director in a company or is an NRI Huh.

ITR-5

This form is for Artificial Juridical Persons (AJP), Business Trusts, Estate of Insolvent, Estate of Diseased, Associations of Persons (AOPs), Bodies of Individuals (BOIs) and LLPs and Companies.

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ITR-6

If this form is for such a company, then it does not claim any exemption under section 11 of the Income Tax Act.

ITR-7

This form is for Individuals and Firms filing returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E) and Section 139(4F) of the Income Tax Act. should choose.

• Under section 139(4A) there is income from property belonging to a charity or trust.
• Under section 139(4B), the gross income of a political party in excess of the maximum limit has been kept.
• Scientific research associations, hospitals, medical institutions, universities, funds, news agencies and other educational institutions file returns under section 139(4C).
• Under section 139(4D), such university or college has to file return which is not required to show any income or loss.
• Under section 139(4E), such business returns are not required to show any income or loss.
• Investment funds file returns under Section 139(4F) which are not required to show income or loss.

(Input: ClearTax, Max Life Insurance)