ITR Filing Guide- CBDT has issued seven forms for filing returns. Which form a taxpayer should choose depends on the person, source of income, category of taxpayer and taxable income.
ITR Filing Guide- The last date for filing income tax return (ITR Filing) is 31st July. So far, about three crore ITRs have been filed. For filing ITR, the Central Board of Direct Taxes has issued different ITR forms – ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6 and ITR-7. Choosing the right form depends on the source and amount of income, residential status and type of taxpayer. Therefore, it is very important to choose the right ITR form. If you fill ITR by choosing the wrong form, it will be cancelled. Sahaj i.e. ITR-1 form is used the most. But, if you have earned any income from abroad, then you cannot fill ITR using Sahaj form, even if your income is less than Rs 50 lakh per annum.
If you have earned any income from abroad, then you have to use ITR Form-2 to file income tax return. ITR-2 form is used by individuals or Hindu Undivided Families whose total income for the assessment year includes income from salary/pension, income from house property, income from other sources (including lottery winnings and income from race horses), income from foreign assets, income from agricultural sources of Rs 5000 or more. The total income from the above sources can be Rs 50 lakh or more.
These persons cannot fill Sahaj Form
Sahaj Form can be filed by Indian resident individuals. Their income from all sources should not exceed Rs 50 lakh. The sources from which the income of the persons filing ITR-1 form should come include salary, pension, house property, interest, dividend income, family pension and income up to Rs 5,000 from agriculture. Income tax payers who cannot file ITR using Sahaj Form include..
- NRI means Non-Resident Indian.
- Persons who are earning income from any source of income outside India.
- Persons who are resident but not ordinarily resident. Who are called RNOR taxpayers.
- Income from business or profession, income from capital gains.
- Persons who earned more than Rs 50 lakh in a financial year.
- Persons whose income from agriculture is more than Rs 5000.
- Income from short term or long term capital gains.
- Directors of companies.
- Persons who have claimed relief under section 90 or 91.
