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ITR 1, ITR 2, ITR 3, and ITR 4 are income tax return forms used in India, each serving different taxpayer needs. ITR 1 is for individuals earning salary income only. ITR 2 is for those with additional income, while ITR 3 is for individuals with business income. ITR 4 is simplified for presumptive income. Choosing the right salary form for ITR is essential for correct filing.
ITR 1 applies to individuals who earn income from salary, rent, or interest. ITR 4 is applicable to people who have income from interest, salary, or rent and business income opted for a presumptive taxation scheme.
What is ITR-4 (Sugam) Form? ITR-4 (Sugam) is an income tax return form specifically designed for taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act.
The ITR-5 Forms is to be used by firms, LLPs, Associations of Persons (AOPs), BOIs, Artificial Judicial Persons, Cooperative Societies, and Local Authorities. Bear in mind that persons who are required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) need not use this form.
ITR-1 is a simplified one-page form for individuals receiving income of up to Rs 50 lakh from the following sources : Income from salary/pension. Income from one house property (excluding cases where loss is brought forward from previous years)
ITR-2 form is for individuals and HUF receiving income other than income from 'Profits and Gains from Business or Profession'. Thus, individuals with income from the following sources are eligible to file Form ITR-2: Income from salary/pension. Income from house property (income can be from more than one house property ...