who can fill
ITR-1 form is for those Indian citizens whose total income is up to Rs 50 lakh. This income includes income from salary/pension, a house property and other sources like interest. Apart from this, agricultural income up to Rs 5000 is also included. Even if the taxpayer is the owner of a single property jointly with his wife, he can file income tax return through ITR 1.
When a salaried class taxpayer cannot file ITR 1
This form is not for those taxpayers…
– Who is either a director in a company.
Those who have invested in unlisted equity shares.
Earning income from business/profession.
– Those who have assets like stocks of a foreign company etc.
Being an eligible start-up, ESOP (Employee Stock Ownership Scheme) received from employer with income tax deferred
– Having more than one house property (either sole proprietorship or jointly owned)
Income from interest such as salary/pension, house property and other sources and it is more than Rs 50 lakh.
There are HUFs (Hindu Undivided Family).
– Income from agriculture is more than Rs 5000 in a financial year.
Those who are Resident Not Ordinarily Resident and Non Resident Indian.
– Have taxable capital gains (short term and long term)
Those who get income from lotteries, racehorses, legal gambling etc.
– Loss under ‘Income from house property’ is carried forward or carried forward for subsequent years.
If you cannot fill ITR 1 then….
For those who cannot file income tax return through ITR 1, there are other ITR forms available.
ITR 2: This form is for individuals and HUFs who do not have income from profit from business or profession but are not eligible for ITR 1 form. This form can be filled by those taxpayers, who get income from interest like salary / pension, house property and other sources and it is more than Rs 50 lakh.
ITR 3: This form is for individuals and HUFs who have income from profit from business or profession but are not eligible for ITR 4. A person carrying on business, an individual director of a company, investing in unlisted equity shares, earning income as a partner in a firm is eligible to file ITR 3. Income from house property, salary/pension and other sources can be included in the return.
ITR 4 Sugam: This form is for individuals, HUFs and Partnership Firms (other than LLPs) who have a total income of up to Rs 50 lakh as a resident of India and who have income from business and profession which is subject to the Income Tax Act. are computed under sections 44AD, 44ADA or 44AE of the Capital gains income earners and foreign asset owners cannot use ITR 4. Income also includes salary or pension, a house property, income from other sources. However, if the turnover of the business is more than Rs 2 crore, then its owner will have to file ITR 3.
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