Dread filing tax returns? Ready reckoner on the forms you need to fill

There are total 7 ITR forms available for e-filing

 

 

Though filing of income tax returns is a process to be done every year one should be aware of changes made by the government in the income tax return forms in order to minimize the chances of error and rework. This year a lot of changes have been made in the ITR forms.

 

For instance, taxpayers who have filed ITR 4 last year are now required to file ITR 3 this year. So one must be aware of these changes in order to file the correct ITR form applicable to you. The income tax department will not consider your ITR as valid if you file the wrong ITR Form.

There are total 7 ITR forms available for e-filing
Out of theses 7 forms, only ITR 1, 2, 3 and 4 are applicable for salaried class and individuals. ITR 5,6 and 7 are applicable to partnership firms, Limited liability partnership(LLP), Association of persons and companies.

For Salaried Individuals

• ITR 1 Sahaj and ITR 2 are available for the salaried individuals and your sources of income will decide which form to use. ITR 1 sahaj is a simplified one-page form introduced by the government to ease the process of tax filing by salaried individuals. It is applicable for the salaried individuals having income up to Rs 50 lakh. Income can be from salary, pension, house property, interest income or agricultural income up to......

 

For Business individual

• There have been changes in the ITR form applicable for business individuals this year. ITR 3 and ITR 4 Sugam are available for business individuals and HUF for filing the tax return for FY 2016-17.One must be aware of these changes as last year ITR 4 and ITR 4S were applicable for business individuals and ....(read more...)