Understanding ITR Types: Which One Should You File?
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The document outlines the different types of Income Tax Returns (ITRs) available for individuals and entities based on their income sources and levels. It emphasizes the importance of selecting the correct ITR to avoid penalties and suggests seeking professional assistance when needed. Additionally, it provides a call to action for individuals needing help with their ITR filing to contact Tax Help Desk.
Understanding ITR Types: Which One Should You File?
- 1. 1. ITR-1 (Sahaj): For individuals with income up to ₹50 lakh. Income sources: Salary, one house property, other sources (like interest). 2. ITR-2: This is for individuals/HUFs who do not have income from business or profession. Income sources: Salary, multiple house properties, capital gains. 3. ITR-3: This is for individuals/HUFs with income from a business or profession. Income sources: Business income, salary, capital gains. 4. ITR-4 (Sugam): For presumptive income from business for individuals/HUFs. Income sources: Business income up to ₹2 crore or Professional income of up to ₹50 lacs 5. ITR-5: For partnership firms, LLPs, and associations of persons. Income sources: Business income, capital gains, and other sources. 6. ITR-6: For companies other than those claiming exemption under section 11. Income sources: Business income, capital gains. 7. ITR-7: For persons including companies required to furnish returns under specific sections. Income sources: Various, including charitable trusts. UNDERSTANDING ITR TYPES: WHICH ONE SHOULD YOU FILE? Emphasize the importance of filing the correct ITR to avoid penalties. Encourage seeking professional help if unsure. Assess your income sources. Determine if you have business income. Consider the total income amount. ITR TYPES OVERVIEW: HOW TO CHOOSE THE RIGHT ITR: CONCLUSION: REACH OUT: Need assistance with your ITR filing? Contact TaxHelpdesk for expert support! WWW.TAXHELPDESK.IN/PRODUCT/WHICH-ITR-SHOULD-I-FILE/