Income Tax

ITR 1

ITR -1 is a simplified one page form for individuals having income uptoRs 50 lakhs from the following sources:

  • Income from Salary/Pension
  • Income from One House Property (excluding cases where loss is brought forward from previous years)
  • Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.

Documents required

  • PAN Card
  • Basic details of all the bank accounts
  • Aadhar card
  • Form 16
  • Details of house property Income
  • Details of Income from other sources

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ITR 2

ITR 2 is for Individuals and HUF not carrying out Business or profession under any proprietorship. Thus, Persons having income from following sources are eligible to file Form ITR 2:

  • Income from Salary/Pension
  • Income from House Property (Income Can be from more than one house property)
  • Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
  • Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Income of a person as a partner in the firm. (Earlier there was separate ITR form 3 for this, which has been now discontinued and merged into ITR 2 only)
  • Foreign Assets/Foreign Income
  • Agricultural Income more than Rs5000

Documents required

  • PAN Card
  • Basic details of all the bank accounts
  • Aadhar card
  • Details of house property Income
  • Details of Income from other sources
  • Details of capital gain/loss
  • Details of any other income

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ITR 3/ITR 4

The ITR 3 is applicable for individual and HUF who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3:

  • Carrying on a business or profession
  • Return may include income from House property,Salary/Pension and Income from other sources

If the turnover of the business exceeds Rs 2 crores

The ITR-4 Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the tax payer will have to file ITR-3.

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Deceased ITR:

Filing of income tax return is mandatory if your income is taxable. But income tax return for deceased person also needs to be filed in case where a person dies and had taxable income. In such cases, his legal heir/representative needs to file the return on his behalf for the income earned till the date of death. Legal heir has to register himself at the income tax website for filing the return on behalf of deceased. The process of filing of Return on behalf of deceased is basically divided into two parts:

  1. Registration as a Legal heir
  2. Filing ITR as Legal heir

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