The deadline for filing income tax returns for the financial year 2021-22 is almost here. Also, the Centre is not planning to extend the deadline (July 31) for IT returns filing for FY 2021-22.
There are several ITR forms available for the taxpayers and confusion on choosing the right form is bound to happen. Income of FY 2021-22 will be accessed in AY 2022-23.
Check out which ITR form is applicable to you:
ITR 1 form
It is for salaried individuals having a total income of up to Rs 50 lakh.
You can also file a return in ITR 1 if you earn income from other sources such as interest from bank deposits, house property and agriculture income up to Rs 5,000.
ITR 2 Form
ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF). If your salary income exceeds Rs 50 lakh, then file ITR-2 form.
Also, if you have income in the form of capital gains from more than one house property, or if you earn a foreign income, or own a foreign asset, then choose form ITR-2.
Agricultural income of the individual is more than Rs.5,000.
Income has been generated from capital gains.
Income can be generated via a pension or from salary.
Income that is generated from house property.
Income that is generated from winning a lottery or horse races.
.
ITR 3 form
This form is for individuals and HUFs who make an income from a profession or from a proprietorship business with turnover exceeding Rs 2 crore.
If you are a partner of a firm or a director of a company, you should use ITR-3.
If you have had investments in unlisted equity shares at any time during the financial year.
ITR 4 Form
ITR-4 can be used by both resident individuals, firms, and HUFs (Hindu Undivided Family) who had income either from profession or business and whose total income includes:
However, Limited Liability Partnerships (LLPs) cannot opt for this form.
Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form.
ITR 5 Form
Investment funds, Business trusts, Estate of insolvent, Estate of deceased, Artificial Juridical Person (AJP), Body of Individuals (BOIs), Associations of Persons (AOPs), LLPs, and firms must opt for ITR-5 form.
ITR 6 Form
ITR-6 is for companies registered other than under Section 11 (income from property held for charitable or religious purposes), this return has to be filed electronically only.
ITR 7 form
This form is for persons including companies that are required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
READ | ITR for AY 2022-23: Five things to keep in mind while filing your income tax returns
