As a matter of fact, the ITR 2 can be filed only by HUFs and individuals who do not generate any earnings from profession or business. ITR-1 is not applicable for the RNORs (Resident, not ordinarily resident) and the non-residents.The ITR2 should be applied as per the category of the source of income and the taxpayer to ensure easy compliance.In case the number of house properties increases, then ITR-1 will not be applicable. ITR-1 covers only a single house property.ITR-1 is not applicable if your total income exceeds Rs.The income can be from any and all of these sources.Other sources include fixed deposits, family pension among others.Income from other sources (excluding winning a lottery and income from horse race).If the loss is brought forward from previous years, then ITR-1 is not applicable.ITR-1 filing is done by an individual/HUF who has the following types of income: Match it with the below table to find out which type of assessee you are. Note: Take out your PAN card and see which is the 4th character. Here is a table given below that will be helpful to find the correct ITR for you. Before filing, you have to know the type of assessee you are. In summary, ITRs 1 to 4 are applicable for individuals and HUFs ITR-5 for Firms, LLPs, AOPs (Association of persons), and BOIs (Body of Individuals) ITR-6 for Companies and ITR-7 for Trusts.Īn assessee can be an individual person or company. The person who files these returns is called an assessee. It is the form using which a person declares his income and the tax applicable on that income to the Income Tax Department (ITD). ITR is a short form of Income Tax Return. Here we will be taking a look at these topics: If you want to know which ITR to file, then we suggest reading from the beginning to figure out which fits your income. We discuss all the ITR forms but feel free to skip to which you want. In this post, we will be talking about how to choose correct Income Tax returns or ITR for each individual.
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