Do you know which income tax return form should you e-file your income tax with?
The filing of income tax is not limited to just too a few documents. There are a total of 9 types of income tax return forms in India. The type of income tax return form used in India would depend on the income of the Taxpayer and the slab in which his/her income fits. The income tax return form is filed for a particular return year or the assessment year which is the year in which the income is earned.
For people who receive a monthly salary and do not hold a business or a corporation, for them, the Income-tax return form to be filed is ITR-1, ITR-2, and ITR-2A. For people who run a business or a company or profession, the income tax filed is ITR-4 and ITR-4S. For income from a partnership firm, they file ITR-3. For people who have their income from capital gains, they file the ITR-2.
Different Types Of Income Tax Return Forms –
Here, we are going to disclose different types of Income Tax Return Form that hold their own specifications.
- ITR-1: It is applicable for people who earn from salary and own one house property.
- ITR-2A: If you have a salaried income and own more than one house, then this form is applicable
- ITR-2: It is applicable for people who have a foreign source of income.
- ITR-3: It is applicable for HUF (Hindu undivided family) or whose income comes from a partnership business.
- ITR-4: This form is applicable for people who run a business or undertaking a profession.
- ITR-4S: This form is applicable for people where the income is calculated from the presumptive method.
- ITR-5: This form is applicable firms, LLPs, AOPs, and
- ITR-6: This form is applicable for companies who claim an exemption under Section 11.
- ITR-7: This form is applicable for companies that fall under Section 139(A), Section 139 (4B), section 139 (4C0 and section 139 (4D).