Skip to main content

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. ITR -3 – Individuals and HUFs who earn from a business or a profession can pay tax via filing this form.

4. ITR -4 – This form is also known as Sugam ITR form. Individuals, HUFs, and partnership firms (Not LLPs) who are residents of India earn up to 50 lakhs in a year. Even if any individual/professional/business owner has opted for a presumptive income scheme under 44AD/44AE/44DA.

5. ITR-5 – It is for firms including LLPs, AOPs, BOIs, AJP, Estate of Deceased/Insolvent, Business trusts, and investment funds.

6. ITR-6 – This ITR form should be filed only via electronic mode. Companies who do not claim exemptions under section 11.

7. ITR-7 – Persons/companies who furnish ITR under the section 139(4A)/ 139(4B)/ 139(4C)/ 139(4D)/ 139(4E)/ 139(4F). Conclusion, Hence, it is very important to decide which ITR category you belong to before you file ITR to pay your tax. It is advised to consult with an experienced CA like Chandan Agarwal in this regard.

Labels:

Comments

Post a Comment

Popular posts from this blog

Financial Advisory Roles of a Chartered Accountant

Introduction Did you know that 70% of small businesses seek the advice of a financial advisor to navigate complex financial landscapes ? If you’re running a business or planning to start one, the insights from a Chartered Accountant (CA) can be invaluable. They don't just crunch numbers; they serve as strategic partners who can help guide your financial decisions and drive your business forward. In this article, we’ll explore the various financial advisory roles that a Chartered Accountant plays, showing you how they can be an essential asset to your business. 1. Business Planning and Strategy Crafting a Financial Roadmap One of the primary roles of a Chartered Accountant is to help you craft a robust business plan. They can assist in outlining your financial goals, identifying potential risks, and developing strategies to achieve your objectives. Whether you're starting a new venture or looking to expand, a CA can help you create a financial roadmap that aligns with your busin...
Post a Comment
Read more

Achiеving Financial Excеllеncе with CA Chandan Agarwal & Co.

In thе intricatе landscapе of financе,  having a trustworthy guidе can bе thе kеy to bring succеss.  This blog еxplorеs the unparalleled expertise and services offered by CA Chandan Agarwal & Co. ,  a leading name in the rеalm of chartеrеd accountancy.  Join us as we go through thе essential aspects that make this firm a bеacon of financial еxcеllеncе. CA Chandan Agarwal & Co.'s Expеrtisе Undеr thе lеadеrship of thе accomplishеd CA Chandan Agarwal,  CA Chandan Agarwal & Co. has carvеd a niche for itself in providing comprеhеnsivе financial solutions.  From intricatе tax mattеrs to stratеgic financial planning,  the firm's expertise spans across divеrsе domains.  By leveraging thеir in-dеpth knowlеdgе,  cliеnts arе assured of receiving top-notch guidancе tailored to thеir uniquе nееds.  Cliеnt Succеss Storiеs One of the hallmarks of CA Chandan Agarwal & Co. is the success stories they've craftеd with their clients. ...
Post a Comment
Read more

Why Should Businesses Go For Risk Consultancy Services? Find Out!

A business without risk is unthinkable. Risk is an unavoidable thing when you are in business. There are different kinds of risks to face depending on the niches of business. Among types of risks for businesses, financial risk or loss is the area that can be controlled or evaded if your company thinks of hiring a chartered accountant like Chandan Agarwal . A chance of loss is always there for an organization if the financial risk is not monitored in time with the right person. A chartered accountant is a person who plans the best strategies to manage the financial losses taking place due to some assessed or under assessed risks in an organization. Due to the uncontrolled and unmanaged risks, businesses can mislay the value for shareholders as well as the significant resources. These risks can cause danger to the status of the repute of the company or business. What Would You Get from Risk Consultancy? There is no certain or frequent form of risk that a company or business faces; ea...
Post a Comment
Read more