The
income tax return filing types
are categorized into different sections, known as "ITR Forms." The appropriate form that an individual needs to file depends on their income sources, the category they fall into, and the complexity of their financial situation.
Here are some common ITR forms for individuals to answer your question:
what is filing type in income tax return:
- ITR-1 (Sahaj):
For individuals having income from salaries, one house property, and income from other sources. It is applicable for individuals with total income up to Rs. 50 lakh.
- ITR-2:
For individuals and HUFs not having income from profits and gains of business or profession.it is applicable for individuals with income exceeding Rs. 50 lakh, capital gains, agricultural income exceeding Rs. 5,000, and income from foreign assets.
- ITR-3:
For individuals and HUFs having income from profits and gains of business or profession.it is applicable for partners in a firm, but not for individuals engaged in a specified profession.
- ITR-4 (Sugam):
For individuals, HUFs, and firms (other than LLP) having presumptive income from business and profession. It is applicable for small businesses and professionals opting for presumptive taxation.
- ITR-5:
For persons other than individuals, HUF, company, and person filing Form ITR-5. It is applicable for partnership firms, LLPs, AOPs, BOIs, and others.
- ITR-6:
For companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).
- ITR-7:
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).
These are the
income tax filing types
.
Need tax assistance and legal consultation with financial advisors? Click here Read more How to Write Application for Income Certificate?Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
what is filing type in income tax return
Bilal Ahmad
17 Views
1
1 Year
2024-01-23T12:31:16+00:00 2024-01-23T12:31:17+00:00Comment
Share