Income Tax Return Forms 1 to 5
11-04-2022 10:42:54
The Central Board of Direct Taxes (CBDT) has notified ITR Forms 1 to 5
ITR-1 is a return filing form applicable to the individual who derives income from salary, rent, and interest. ITR-4S is an income tax return form used by those assesses, who have chosen presumptive business income, and also derive their income from salary, rent, and interest.
ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from the following sources are eligible to file Form ITR 2: Income from Salary/Pension. Income from House Property(Income Can be from more than one house property)
The ITR 3 is applicable for individuals and HUF who have income from profits and gains from business or profession.
ITR 4 is to be filed by the individuals/HUF/ Partnership firm whose total income of AY 2020-21 includes as below: Business income under section 44AD or 44AE. Income from profession calculated under section 44ADA. Salary/pension having income up to Rs 50 lakh.
The ITR Form 5 is a form suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), the estate of insolvent, the estate of deceased, investment fund, business trust, local authority, and co-operative society.
