Which ITR should you File? | Types of ITR | ITR1,ITR2,ITR3,ITR4,ITR5,ITR6,ITR7 Explained
Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.
Why you should file ITR?
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
If you have more than one source of income like house property, capital gains etc.
If you want to claim an income tax refund from the department.
If you have earned from or have invested in foreign assets during the FY.
If you wish to apply for visa or a loan
If the taxpayer is a company or a firm, irrespective of profit or loss.
DISCLAIMER:
This Video is for the purposes of information/
knowledge and shall not be treated as solicitation
in any manner or of for any other purposes
whatsoever.
It shall not to be used for any legal advice/
opinion and shall not to be used to rendering any
professional opinion. Viewers are advised to kindly
go through to original Government publications/
notifications and published case laws or judicial
pronouncements.
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14 окт 2024
