BUSINESS
There are four Income Tax Return (ITR) forms applicable to an individual. The selection of the correct ITR Filing form is important. Anyone who files a wrong ITR form will have to face consequences.
If you are going to file your Income Tax Return (ITR) soon but do not know which is the correct ITR filing form for you, then this news is surely going to help. Remember that anyone who files a wrong ITR form will have to face the consequences.
There are four Income Tax Return (ITR) forms applicable to an individual. Therefore the selection of the correct ITR Filing form is important.
The wrong selection would result in a receipt of defective notice from the Income Tax Department. If the defect is not removed within the specified time, the ITR will be treated as invalid. Not just that, the person will have to face penalties for the non-filing of ITR.
The four ITR forms applicable to an individual are ITR-1 SAHAJ, ITR-2, ITR-3 and ITR-4.
ITR-1 (SAHAJ) - Return in Form ITR-1 can be filed by any resident individual (not HUF) having an income of up to 50 lakh rupees. Total income for this purpose includes income from salary or pension, income from one house property, income from other sources such as interest from a bank account (excluding winning from lottery and income from racehorses, income taxable under section 115BBDA or Income of nature referred to in section 115BBE and where agricultural income is up to ₹5,000.
ITR-2 - Individuals and HUFs having a total income of more than 50 lakh rupees. The income should not be from profits and gains of business or profession can file ITR-2. An individual having income from salaries, more than one house property, capital gains and income from other sources, having income from sources outside India and holding assets outside India may file ITR-2. An individual holding directorship in a company may also file ITR-2.
ITR-3 - For Individual and HUF having income from business or profession, or an individual holding partnership in a firm may file ITR-3.
ITR-4 - For Individuals, HUF and Firms (other than LLP) being a resident having total income up to 50 lakh rupees and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE. A person who is a director in a company or has invested in the unlisted equity shares or has any brought forward/ carry forward loss under house property income cannot file the ITR 4.
BIG move by Gautam Adani, as Adani Power cuts Bangladesh supply by over 60% due to...
PM Modi attacks Congress in Nashik rally, says party wants to create rift among OBCs
Health Insurance Claim Process: A Step-by-Step guide
Ali Haider emerges as a young, driven digital disruptor with ConnectPR
ACIBADEM LabMed Laboratories ensures high standards in medical testing
THIS is world's highest-valued currency, not dollar, pound, euro
'Forgive me if...’: Justice DY Chandrachud's final message as Chief Justice of India
Watch: KL Rahul's brain fade leads to bizarre dismissal in India A vs Australia A match
Meme fest erupts after Biden delivers speech with smiling face, netizens say, 'He voted for Trump'
Viral video: Netizens react in shock as woman washes hair with toxic foam from Yamuna river, watch
How Trump’s ‘America First’ policy opens doors for India’s regional power
42-year-old retired player breaks silence on registering for IPL, says, 'I have never...'
'Main pairon mein gir gaya': Virat Kohli recalls memorable encounter with Sachin Tendulkar - Watch
Is kala namak really a detox? Shalini Passi swears by this simple health hack
Big blow to Mukesh Ambani, as Reliance Industries loses over Rs 4 lakh crore in market cap due to...
West Indies fast bowler Alzarri Joseph suspended for two ODIs; here's why
Himachal CM Sukhu's samosas, cakes served to security staff; CID probe on
'Conspiracy against Kashmir': PM Modi slams NC-Cong's Article 370 resolution
Meet Tamanna Bharat, who is all set to represent India at Miss Asia Global 2024 in Kerala
Bengaluru coconut vendor's viral ad challenges Zepto, Blinkit prices, netizen says 'let him cook'
Vvan: Sidharth Malhotra drops motion poster of folk mythological thriller, Kiara Advani reacts
Virat Kohli gets embarrassed as crowd sings 'Happy Birthday to you' in live event, WATCH viral video
Gym and fitness is all about overall health, not just good looks: BigMuscles Nutrition’s Suhel Vats
Station master's phone call with ex-wife led to Rs 3 crore loss to railways, know how
Uproar in J-K Assembly as BJP members protest over special status resolution
Aligarh Muslim University entitled to minority status under Article 30: SC
Collaborative global response a must to combat climate change effectively: Dr Sanju Purohit
Viral: Man rants about his GenZ colleague's leave to heal from breakup, gets trolled
Splitsvilla, Crime Petrol-fame actor Nitin Chauhaan passes away at 35 allegedly by suicide
Worrying signs for Mukesh Ambani's Rs 840960 crore company? Elon Musk will push Donald Trump to...
Have Virat Kohli, Anushka Sharma moved back to Mumbai? Here's what we know
Mukesh Ambani, Nita Ambani are fond of these five dishes which cost Rs...
Meet Indian-origin Kashyap 'Kash' Patel, who could be Donald Trump's likely pick for CIA Chief
Donald Trump's second term worries Elon Musk's transgender daughter, says....
Meet IAS officer, who was a disabled bangle seller, cracked UPSC exam, is now serving in...
Meet IAS officer, who is nemesis of criminals, cracked UPSC exam with AIR 36, she is...
SC to pronounce verdict on Aligarh Muslim University's minority status today
Happy Chhath Puja 2024: Top 50 wishes, What'sApp messages, quotes to share with your loved ones
Viral video: Woman's sensual dance to 'namak' sets internet on fire, watch
SA vs IND, 1st T20I: Predicted playing XIs, live streaming details, weather and pitch report
SA vs IND, 1st T20I Dream11 prediction: Fantasy cricket tips for South Africa vs India match
Meet man who is set to lead Truecaller, not from IIT, IIM, earlier served Vice President of...
DNA TV Show: Why Pakistan worried about a Donald Trump presidency
Pakistan bow down as THIS country set to host India’s Champions Trophy 2025 matches
Amid heavy pollution in Delhi, these 12 Indian cities enjoy fresh, clean air
Bigg Boss 18: Vivian Dsena confides in Kashish Kapoor about his stepdaughters, talks about his...
After S Jaishankar's conference, India slams Canada for action against Australian news channel
Sidhu Moosewala's parents share NEW pic of his baby brother, netizens say 'so cute'
‘It definitely does a lot of good to my ego’: Aishwarya Rai gets candid in film promotion interview
Ignored for Australia Tests, India star slams sensational Ranji Trophy double ton
Interviewer asks Aishwarya Rai ‘how do you look so fab’, she says…
How Biden’s Lame-Duck Period Could Influence Policy Decisions After Choosing Not to Run in 2024
Watch: Viral video shows heated argument between passengers in Delhi metro
Virat Kohli's 'new chapter for me' post ahead of Border-Gavaskar Trophy sends internet into frenzy
Mukesh Ambani, India's richest man, donated over Rs 400 crore in one year, Gautam Adani gave Rs...
Delhi: Air pollution in national capital spike during Chhath Puja, AQI reaches 'severe' level