Taxpayers can submit all of the information regarding their income and tax payments for a given fiscal year to the Income Tax Department using the income tax return (ITR) form. It is the taxpayer’s responsibility to file tax returns by the deadline, which is July 31 this year or earlier.
Taxpayers frequently wonder which of the six ITR forms that the tax department has announced to complete. These six ITR forms are designed for various taxpayer categories. Check out these seven forms’ special features for filing returns now.
The form is available to residents (other than those who are not normally residents) who earn up to Rs 50 lakh in total income from salaries, one residential property, other sources (interest, etc.), and up to Rs 5,000 in income from agriculture.
It should be noted that you are unable to file an ITR if you receive income from more than one residential property and from a business or profession.This form is applicable for individuals and HUFs not having income from profits and gains of business or profession. Those who have income from salary/pension, house property and income from other sources need to file ITR 2. Those who have invested and sold shares, received income from capital gains or received foreign income also need to file ITR
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