Identify which Income Tax Return to file
Image Source - https://www.123incometaxinc.com/income-tax-services/
- Category :Taxes
People generally are in a dilemma as to which income tax return shall be applicable to them that they have to file with the income tax department. Here in this article the applicability is clarified making it easy for all to select the apt income tax return for them.
The financial year 2017-18 has ended on March 31, 2018 and now the business people and the professionals are busy finalizing their books of accounts and the salaried ones are chasing the HR to get their Form 16s as they have to file their INCOME TAX RETURNS (also referred to as ITR).
But how many of us know which income tax return is applicable to whom. There are 7 different types income tax returns and who should file which one is a big question.
To ease out the dilemma, I have given below the list of all the income tax returns along with the description of when it should be used. It is a ready reference for all to easily select the income tax return that is applicable to them and go ahead with the filing of the return.
The applicabilty is as follows-
| ITR | Applicability |
| ITR-1 | For individuals only being ordinary resident and having Income from Salaries, one house property, other sources (like bank Interest, interest from fixed deposits etc.) and having total income upto Rs.50 lakh |
| ITR-2 | For Individuals and Hindu Undivided Family (HUF) who do not have income from profits and gains of business or profession |
| ITR-3 | For individuals and HUFs having income from profits and gains of business or profession |
| ITR-4 | For assessee opting for presumptive income from Business & Profession |
| ITR-5 | For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7 |
| ITR-6 | For Companies other than companies claiming exemption for trusts |
| ITR-7 |
For persons including companies - - having income from property held by trust or charitable institutions - Chief executive officer of a political party - research assocation, news agency, university, educational institution, hospital, medical institution, mutual fund, securitisation fund, investor protection fund, venture capital company, infrastructure debt fund - business trust - investment fund |
.
-
Next Post
How To Start A Small Business?
Related Articles
How Value, Price & Cost Dictate Economic Actions In The
Basic economics requires conceptual clarity. Most economic decisions at the level of individual economic agents are a function of value and cost of an economic good for them.
How To Be Wiser In Money Matters?
People often do not think twice about saving money. This leads to chaos during emergency situations.
Credit Cards: Do We Need Them?
Nowadays, credit cards seem like tools that help us what we would like to have – expensive clothes, smart phones, and so forth. Credit cards may be both helpful and threatening, depending on how we use them.
.