Salary Income
Overview
The ITR for a salaried individual depends on their earnings and the category of taxpayers to which they belong to.ITR 1 and ITR 2 are the forms appropriate to a salaried person.
ITR 1: Also identified as the Sahaj form, it is to be filed by employees whose entire annual income doesn’t exceed Rs 50 lakh. An individual whose income from farming doesn’t exceed Rs 5000 or who owns a one-house property also comes under
- ITR 1.
- ITR 2: It is for the management of individuals whose salary is higher than Rs 50 lakh. The income source may include income from property incomes, or the agricultural income may exceed Rs 5000. Also, if the individual has gained investments in unlisted equity shares, they have to file ITR 2 instead of ITR 1.
TYPES OF ITR FORM
ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).
ITR-2: For Individuals and HUFs do not have income from profits and gains of business or profession.
ITR-3: For individuals and HUFs having income from profits and gains of business or profession
ITR-4: For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
ITR-5: For persons other than Individual, HUF, Company (Partnership Firm, Aop / Boi)
ITR-6: For Companies other than companies claiming exemption under section 11
ITR-7: This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E), or 139 (4F) that mainly includes Trust, University, etc.
Due Dates For Filing Income Tax Returns :
