- What are the ITR forms?
- ITR forms applicability
What are the ITR forms?
The ITR forms are prescribed forms that are used to submit the details of your total annual Income earned, tax deductions claimed, and other tax-related information to the Income Tax Department for a financial year. In addition, the ITR forms contain details about the carry forward losses, if any, and the claims refunded from the ITD (Income Tax Department).
ITR forms are the authorized forms in which information is needed to be furnished to the Income Tax Department. There are different ITR forms for different categories of taxpayers/assessees/users. For example, ITR-1 or Sahaj, ITR-2, ITR-3, ITR-4 or Sugam, ITR-5, ITR-6, and ITR-7 are types of different ITR forms that are used by assessees / taxpayers to submit the total income details to the Income Tax Department.
ITR forms applicability
Individuals or Indian residents who are earning more than Rs. 2,50,000 in a financial year and various conditions specified in the Act are liable to file the ITR (Income Tax Return) to the Income Tax Department by submitting the details of their Income sources, total Income earned, and other details.
Here's the list of ITR forms and who can use them.
Taxpayers need to determine their income source and other criteria to determine which ITR form applies to filling them. The applicability of ITR forms facilitates the taxpayers to file ITR with the correct information of their total Income earned in a financial year to the ITD (Income Tax Department).
Read More : Different ITR Forms