CBDT notifies 6 income tax return forms
The taxpayer should fill out the income tax return form and submit it to the Income Tax Department. The IT dept calculates the liabilities of the taxpayer. If he or she has paid extra taxes, then a refund is made. ITR should be filed every year. The CBDT recently notified six different ITR forms.
What are the forms notified?
- ITR-1 SAHAJ: It is for individuals whose income is less than fifty lakh rupees. The income shall be from house properties, salaries, and other sources. His agricultural income should be less than five thousand rupees.
- ITR-2: These forms are for individuals whose profits do not come from business and professions
- ITR-3: These forms are for individuals whose profits come from business and profession
- SUGAM ITR-4: These forms are for individuals whose income is less than 50 lakh rupees. They can be residents or LLPs
- ITR-5: These forms are for persons other than HUF, individuals filling ITR-7
- ITR-6: These are for companies claiming exemptions
- ITR-V: These forms are for persons whose above forms are filed but not verified electronically
Who should file ITR?
Individuals up to the age of 59 years, companies registered under the Companies Act, 2013, persons or firms claiming a refund, foreign companies, NRI earning more than 2.5 lakhs per annum in India
Category: Economy & Banking Current Affairs - 2022