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An income tax return form is a document that is filed with the tax authorities. It comprises your earnings, expenditures, and other tax-related details. Income tax returns (ITRs) simplify you to determine your tax liability, pay your taxes, and claim refunds in case you have paid excess tax. There are different types of ITR forms and it is important to know that you need which form to file ITR. The form depends on your income and in certain instances, whether you hold assets in other foreign countries or have international earnings.
Here are the various types of forms:
This type of ITR form is also known as ‘Sahaj’. It is filed if you are an individual taxpayer. It is applicable if you:
This type of ITR form is filed if you have earned an income by selling a property or other assets. Moreover, if you earn international income, you need to file ITR 2. The form is also used for Hindu Undivided Family (HUF) taxpayers.
ITR 3 applies to an individual as well as HUF taxpayers. If you earn income under the gains or profits from profession or business category, you may use this form to file your ITR.
ITR 4 is used by individuals, HUFs, or partnership firms whose income includes the following:
Firms, local authorities, artificial judicial persons, Body of Individuals (BOIs),Co-operative Societies, Limited Liability Partnerships (LLPs), and Association of Persons (AOPs) use ITR 5 to file returns.
Every company, except those that claim exemptions under Section 11 of the Income Tax Act, 1961 needs to file returns using Form ITR 6. Organizations that receive income from property used for religious or charitable purposes are eligible to claim exemptions under section 11. ITR 6 must be filed online.
Individuals or companies as described below must file returns using Form ITR 7:
Now that you have understood the various ITR form types, ensure that you use the correct form to file your returns.
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