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Types of Income Tax Return

What is Income Tax Return? Income Tax Return (ITR) is a form in which person needs to submit his or her information about Income and tax, which paid during the year to the Income Tax department in India. Information which filed in ITR should be in a specific financial year that is starting from 1st April and ending on 31st march next year. Before the specified due date every taxpayer should file his/her ITR. Types of Income Tax Return There are seven types of Income Tax Return which mentioned below: ITR1 – It is also called as SAHAJ. This form should be filed by individuals having total income upto Rs. 50 lakh which comes from source salaries, one house property, other sources (Interest etc.). and agricultural income upto Rs. 5 thousand. ITR2 – This form should be filed by HUFs and Individuals who are not eligible to file form ITR-1 and not having income from profits and gains of business or profession. ITR3 – This form should be filed by HUFs and Individuals having income.

category: Legal-services > Financial

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