Here are 10 things to know about Income Tax Return (ITR) forms:
The ITR forms provided by the tax department are - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
This time, the Income Tax department has introduced pre-filled Income Tax Return (ITR) forms. The tax department has, however, advised the taxpayers to verify the pre-filled data carefully and add any other taxable income which is not pre-filled.
ITR 1, also known as Sahaj, is available for individuals who is a resident having total income up to Rs 50 lakh, from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs 5,000, according to Income Tax's website.
ITR-2 is available for individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.
ITR-3 is available for individuals and HUFs having income from profits and gains of business or profession.
ITR-4, also known as Sugam, is available for individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act. LLP or limited liability partnership is a partnership in which some or all partners have limited liabilities.
ITR-5 is available for persons other than individual, HUF, company and person filing Form ITR-7.
ITR-6 is available for companies other than companies claiming exemption under section 11 of Income Tax Act.
ITR-7 is available for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only under Income Tax Act.
Another form - ITR-V is available for verification of ITR. Verification of tax return is the last step in the ITR filing process. Once the tax return is filed, it is mandatory for the taxpayer to verify it within 120 days, according to I-T e-filing portal.