Understanding Income tax return filling in India||Process of Income tax return in india
The Income Tax Department of India released its most usual return filing forms i.e. ITR Form 1, Form 2, Form 4 and Form 6 on April 1. Next Form 3 was released on May 9 and Form 5 in May,2024.In this blog we will discuss understanding Income tax return filling in India.
In present day most documents are commonly available online, including income tax return(ITR) filing forms on the Income Tax e-filing portal. Taxpayers are enticipated to be sure about choosing the right income tax form before filing their income tax return .
In the following we give a lowdown on the income tax return(ITR) form which taxpayers may use.
Income tax return filing forms
ITR-1: ITR-1 income tax form is for taxpayers who are residents (generally not residents) with gross income up to Rs.50 lakh, who have income from salary, a household property, other sources (interest etc.), and Agricultural income up to Rs.5,000. The form was launched on April 1, 2024 to file tax returns for the 2023-2024 fiscal year.
ITR-2: ITR form is for those individuals and Hindi Undivided Families (HUFs) who do not have income from profits and gains of business or profession. The ITR Department released the form on April 1, 2024 for the financial year 2023-2024
IRT-3:This income tax return filing form is for persons and HUFs having income from profits and gains of business or profession. This form was released on May 9 on the Tax Filing Portal.
IRT-4:IRT-4 is assumed to be used by those individuals, firms (other than LLPs) and Hindu Undivided Families (HUFs) who are residents and have total income up to Rs.50 lakh and income from business and profession which…. Section 44AD , counted under 44ADA or 44A. In addition, the agricultural income of the taxpayer is only assumed to be up to Rs.5,000.It is available on the tax filing portal from April 1,2024
ITR-5: ITR -5 form is meant for individuals, HUFs, Companies and Individuals other than those who have filed form ITR-7. This was launched on May 31,2024.
IRT-6:This income tax return forn is for the companies apart from the Companies which claim exemption under section 11.
Step by step on how to E -file on the income tax portal
Visit the official income tax e-filing website and log in
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