ITR is a form in which a taxpayer files information about his income and tax payable to the income tax department. Each taxpayer should file his ITR on or before the due date.
There are different ITR forms for different categories of individuals, HUFs, Companies etc. and also according to the different sources and amount of income. ITR forms relevant for individuals are:
|
ITR |
Particulars |
|
ITR-1 |
Applicable to every resident individual having income < Rs.50lakhs from- ü Salary ü Pension ü One house property ü Other sources |
|
ITR-2 |
Applicable to every individual or HUF having – ü Income from ITR-1 > Rs. 50 lakhs ü Capital gains ü Income from more than one house property ü Foreign income/asset |
|
ITR-3 |
Applicable to every individual/HUF having income from- ü ITR-2 ü Business/ Profession ü As a partner in a firm ü Presumptive income > Rs. 50 lakhs |
