Easy Guide to select correct ITR form for AY 2022-23
As you all are aware that deadline to file income tax return (ITR) for salaried taxpayers and non-auditable taxpayer is 31st July 2022 and it is not expected further to extend due date by the Income Tax Department. According to a recent tweet by Income Tax Department more than 3 crore taxpayers have e-filled their Income Tax Return (ITRs) so far.
In this last hour to e-file your Income Tax Return, selecting correct ITR form is most important.
Below is detail instructions on income tax return form, so that you can select the right one.
ITR-1 (Sahaj)
ITR-1 is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh
- Salary / Pension
- One House Property
- Other sources (Interest, Family Pension, Dividend etc.)
- Agricultural Income up to ₹ 5,000
Who should not file ITR-1?
(a) If a person is Director in a company
(b) Holding any unlisted equity shares at any time during the previous year
(c) Have assets outside India (including financial interest in any entity)
(d) Have the authority to sign accounts located outside India
(e) Has any source of income from outside India
(f) The person whose tax is deducted u/s 194N
(g) is a person in whose case payment or deduction of tax has been deferred on ESOP
(h) who has any brought forward loss or loss to be carried forward under any head of income
ITR-2
ITR-2 is applicable for Individual and HUF (Hindu Undivided family), who is not eligible to file ITR-1(Sahaj) and not having any income under the head “Profit or gains from business and profession.
ITR-3
ITR-3 is s applicable for Individual and Hindu Undivided Family (HUF),Who is not eligible to file ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam) and not having Income under the head Profits and Gains from Business or Profession.
ITR-4 (Sugam)
ITR-4 is applicable for Individual, HUF and Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:
- Salary / Pension
- One House Property
- Other sources (Interest, Family Pension, Dividend etc.)
- Agricultural Income up to ₹ 5,000
Who should not file ITR-4?
(a) If a person is a Director in a company
(b) Holding unlisted equity shares at any time during the previous year
(c) Have asses outside India (including financial interest in any entity)
(d) Have the authority to sign accounts located outside India
(e) Has any source of income from outside India
(f) is a person in whose case payment or deduction of tax has been deferred on ESOP
(g) who has any brought forward loss or loss to be carried forward under any head of income
(f) is a person in whose case payment or deduction of tax has been deferred on ESOP
(g) who has any brought forward loss or loss to be carried forward under any head of income
ITR-5
ITR-5 is applicable for taxpayers who earn income from a partnership firm.
ITR-6
ITR-6 is applicable For companies registered other than under Section 11.
Disclaimer:
The content on this blog is only to give an overview and general guidance and is not exhaustive. For complete details and guidelines please refer Income Tax Act, Rules and Notifications.
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