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Which form do I use to file tax returns?

Author: Balwant Jain/Wednesday, July 25, 2018/Categories: Tax, Expert View

Which form do I use to file tax returns?

Different forms are required to be used for filing ITR depending on whether you are a resident and the sources of your income. ITR 1, ITR 2, ITR 3 and ITR 4 can be used by individuals.

Who can use ITR 1 (Sahaj)

ITR 1 can only be filed by a resident of India with income upto Rs 50 lakhs and who does not have any capital gains or business profits with only one owned house property whether self occupied or let out.  You cannot use this form in case you have any taxable income under the head “Capital Gains” but can still use it if you have long term capital gains exempt under Section 10(38) i.e on listed equity shares and equity oriented scheme.  

You cannot use this form if you have agricultural income over Rs 5000. Moreover, if you are a resident and have any interest in an asset/entity outside India or have authority to sign for any account outside India or have foreign income, you cannot use ITR 1. Incase you have losses for current year under any head and wish to carry it forward or have brought forward losses, you cannot use ITR 1 If you have won any lottery or have any income from a horse race in the last year, you cannot ITR 1. Taxpayers who wish to claim relief in respect of double taxation under Section 90 or 91 cannot use ITR 1.

Who can file ITR 2:

Anyone who does not have any business income or capital gains and cannot use ITR 1 can use ITR 2.

Who can use ITR 3:

ITR 3 can be used by individuals or HUFs with business income. This form, however, cannot be used in the cases of business or profession where taxes are required to be paid on presumptive basis for which a separate form is prescribed.

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Balwant Jain
Balwant Jain

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