Outlook Money
Individuals living in India with a total income up to Rs 50 lakh will need to file their income tax returns in form ITR 1.
Form ITR 2 is for individuals and Hindu Undivided Families (HUFs) to report revenue from sources other than their business, job, capital gains, and so on.
Form ITR 3 is used for reporting income from a variety of sources, including employment, real estate, capital gains, business, earnings from stocks, and futures and options trading.
Individuals, HUFs, and partnership businesses are subject to presumptive tax. ITR 4 records revenue from enterprises with a turnover of up to Rs 2 crore and professions with a turnover of up to Rs 50 lakh.
Limited Liability Partnerships (LLPs), Association of Persons (AOPs), and Body of Individuals (BOIs) will have to submit ITR 5 to report earnings from their business, profession, or other sources of income.
ITR 6 is used by businesses to declare revenue from their industry or activity, or any other type of income.
Form ITR 7 is used by corporations, partnerships, and trusts exempted from paying income tax.
Employees receive TDS certificate in the way of Form 16 from their employers, which lists their gross pay, exemptions, such as HRA and LTA, net taxable pay, reported tax-saving deductions, TDS, and other information.
Form 26AS contains specific tax information with relation to TDS on income and interest income, earnings from property sales, self-assessment tax or advance tax, and specified financial transactions.
Form 15G is for persons under 60 years of age with gross taxable income less than the basic exemption threshold, while Form 15H is for senior citizens with zero net salary tax.
Compiled By Himani Verma