The income tax return 1 is meant for individuals having total income upto Rs. 50 lakh
The I-T department started uploading the tax return forms since April 5. Since then the taxpayers have been looking forward to these ITR forms since the last date to file the income tax returns is July 31.Out of the seven income tax (I-T) forms required by a different set of tax payers, the ITR-1 called ‘Sahaj’ is among the most popular one. ITR-1 is largely used by the salaried class of taxpayers who have an income of up to Rs. 50 lakh from salary, own one house property only and have an additional income such as interest earned from fixed deposits (FDs) and recurring deposits (RDs). While filing the return for assessment year 2018-19, the ITR-1 form, will now seek an assessee’s details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others. One can gauge the popularity of this form simply by looking at the statistics that three crore taxpayers filed the return using the form in the last financial year.
Similarly, the ITR-2 form is used by individuals and Hindu Undivided families (HUFs), who have income from any sources except income from profits and gains of business or profession, including NRIs. Individuals and HUFs having income under the head business or profession can file either ITR-3 or ITR-4 in presumptive income cases. The rest of the ITR forms are for different category of taxpayers. Income tax return (ITR) forms have been uploaded on http://incometaxindiaefiling.gov.in:
Following Are The Seven Income Tax Return Forms
ITR 1: The income tax return 1 is meant for individuals who are residents other than not ordinarily resident having income from salaries, one house properly, other surces (interest etc) and having total income upto Rs. 50 lakh
ITR 2: This form is meant for the individuals and HUFs not having income from profits and gains of business or profession.
ITR 3: This form is meant for individuals and HUFs having income from profits and gains of business or profession.
ITR 4: This form is meant for those with presumptive income from business and profession.
ITR 5: This form is meant for the persons other than a) individuals b) HUFs c) company d) person filing form ITR-7
ITR 6: This form is meant for the companies other than companies claiming exemption under section 11
ITR 7: This form is meant for persons including companies required to furnish return under sections 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) or 139 (4E) or 139 (4F).