SERVICES

ITR 1 ITR 2 ITR 3 ITR 4 ITR 5 ITR 6 ITR 7Every taxpayer must know all the ITR forms details and file the ITR before the specified due date to avoid penalties. The applicability of ITR forms depends on the amount of the income earned, sources of income of the taxpayer, and the category the taxpayer belongs to, such as individuals, HUF, and company.

ITR-1 Form or SAHAJThis form is for resident Indians who fall under the below-mentioned categories:1. If income is created from a pension or salary2. If income is created from single house property, however, in case the losses have been carried forward from the previous year, the exclusion is allowed.3. In case the income is generated from agriculture (not more than Rs.5,000)4. The total income produced can be a maximum of Rs.50 lakh and not more5. Income that has been created from other sources such as lottery or winning horse races

Individuals who fall under the following groups cannot opt for ITR-1:1· If the total income created is more than Rs.50,0002· In case individuals have taxable capital gains3· In case income is created from more than one house property4· During the financial year, if any investments were made in unlisted equity bonds6· If you are an NRI (Non-Resident Indian) or RNOR (Resident Not Ordinary Resident)7· In case there is an income produced from agriculture more than Rs.5,0008· In case income is produced from profession or business9· In case the taxpayer is the director of a company10· In case any income is created from a property located abroad11· In case an individual possesses foreign income or foreign assets.

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The below-mentioned taxpayers and HUFs are not allowed to opt for ITR-4:1. In case the gross income generated is higher Rs.50 lakh2. In case any losses have been carried forward from previous years3. In case the taxpayer has a signing authority at a place outside India4. In case any investments were made in equity bonds unlisted at any time during the financial year5. In case taxpayers have generated a foreign income or foreign assets6. In case the income has been produced from more than one house property7. In case the taxpayer is the Director of a company8. In case the taxpayer is an NRI or an RNOR