Hi Friends,
This is Ravi Verma and today’s related blog is from the ITR form
In India, when the income of a person exceeds the limit, then the Government of India has implemented different ITR forms on all types of individuals, with the help of which all the people pay tax on their income to the government. So that after that no person has to face problems related to his income.
For this, the Government of India has implemented 7 types of ITR forms.
- ITR-1
- ITR-2
- ITR-3
- ITR-4
- ITR-5
- ITR-6
- ITR-7
We can use all these ITR forms as follows
| S.No | ITR FORM’s | WHO CAN FILE ITR FORM’s | WHO CAN NOT FILE ITR FORM’s |
| 1 | ITR-1 | A person who is an individual and is a resident of India, And the total income of this person should not exceed 50 lakhs, Income from salary, income from one house property, agriculture income up to rupees 5000 only | A person who is a director of a company and who has purchased unlisted equity shares and that person is a businessman, then such person does not file ITR-1. |
| 2 | ITR-2 | A person who is a resident of India or is a non-resident of India or belongs to a Hindu undivided family has to fill this form but if a person has income from business or professional then that person cannot file it. * If there is any profit from the sale of your capital, then some part of that profit is also given to the Government of India and for that ITR-2 form has to be filed. * income from more house property, * More than 5000 income from agriculture | A person who is a director of a company and who has purchased unlisted equity shares and that person is a businessman, then such person does not file ITR-2. |
| 3 | ITR-3 | Any person who is an individual, belongs to Hindu Undivided Family and his income is from business or profession, then such person can file this ITR-3 form. | An Individual or HUF who is earning income as a partner of a partnership firm, a company, a charitable trust. |
| 4 | ITR-4 | A person who is a resident of India, belonging to a Hindu undivided family or a firm, but other than (Limited Liability Partnership), the firm has to show his income as presumptive principal, under this, you have to comply with 3 sections (u/s 44ad, u/s 44da, u/s 44a) and be a resident of India and his salary income should not exceed 50 lakhs,*income from only one house property. *his income from agriculture is only rupees 5000 | A person who is a director of a company and who has purchased unlisted equity shares and that person is earning income from commission & brokerage, income from outsourcing in India then such person does not file ITR-4. |
| 5 | ITR-5 | This form can be used a person being a firm, LLPs, AOP, BOI, an artificial juridical person referred to in section 2(31)(vii), the estate of deceased, the estate of insolvent, business trust and investment fund, cooperative society, and local authority. | NA |
| 6 | ITR-6 | individuals, Hindu Undivided Family (HUF), Body of Individuals (BOI), Association of Person (AOP), Firm, Local Authority, and Artificial Judiciary Person. Companies that claim an exemption under section 11 (Income from property held for charitable or religious purposes) | NA |
| 7 | ITR-7 | Any taxpayer can use the ITR-7 Form for filing Income Tax Return if they file as a Trust, Company, Firm, Local authority, Association of Person (AOP) or Artificial Judicial Person and claims exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D) | NA |
Note point ******* ITR-1 is basically filed for a salaried individual.
Note point****** If a person has a Demat account and trades in shares, then he has to file ITR-3. have to file.
Note point******* If a person has income from the winning lottery/horse race then that person ITR-2. files it.
Note point******* By the way, a person who is a LIC agent whose income is from commission or brokerage, then that person has to file ITR-3 because the source of his salary is commission and brokerage.
Note point******* ITR 5-7 is for the company only