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Showing posts from December, 2022

7 Categories of ITR Forms – Find Your Category to File & Submit ITR

To make the income tax return process easy and fast, the Indian income tax department has categorized ITR forms into many forms. Counting on the income type, the taxpayer needs to fill out the income tax return forms. If it is your first time to fill an ITR form and you do not have any idea about it, CA Chandan Agarwal in Kolkata can help you in this regard. Types of ITR Forms ITR reports the income, expenditure, and additional relevant tax information of a taxpayer. Also, ITR helps how a taxpayer can plan his/her tax payment as well as request for refund if he/she overpays. So, based on the mode of income and the income amount, the Income Tax Department of India has defined 7 types of income  tax return forms. Let us have a look, 1. ITR-1 – ITR-1 is also known as SAHAJ. This ITR form can be filled out by resident Indians. Though, there are a few conditions to match. 2. ITR-2 – The form is for individuals and HUFs (Hindu Undivided Families) who earn more than 50 lakhs in a year. 3.