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. 75% PM for the period of April to June 2020.In this post, we will be talking about how to choose correct Income Tax returns or ITR for each individual. It is also levied when the advance tax payment is less than 90% od assessed tax. Section 234B – When the Tax payable after TDS s more than Rs 10,000 and advance tax is not paid. Income Tax Returns for a financial year need to be filed within the time. Section 234A – Interest for Default in Filing Tax Return. (Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares) ITR-4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE ITR-2: For Individuals and HUFs not having income from profits and gains of business or profession
ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares) ITR 2 is for taxpayers having other incomes also. ITR 1 is used by salaried employees to file their income tax returns. These updates are for FY 19-20 and AY 20-21. ITR 1, ITR 2, and ITR 4 utilities updated for calculations of 234B, 234C, 234A. ITR 1, ITR 2 and ITR 4 utilities updated: ITR 1, ITR 2 and ITR 4 utilities updated:.
0 kommentar(er)
