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|ITR-1||ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.|
|ITR-2||ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.|
|ITR-3||ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.|
|ITR-4||ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.|
|ITR-5||ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.|
|ITR-6||ITR-6 form must be filed by companies registered in India.|
|ITR-7||ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institutions and colleges or universities.|
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It's a recommended structure through which an individual can outfit the subtleties of his/her pay acquired through various kinds of revenue and duties paid for the significant monetary year to the Income Tax Department
YES, you are expected to record your annual expense form in the event that your pay surpasses Rs. 2,50,000 in a Financial Year for example the essential exception limit without giving impacts to an deduction/investments.
E-Filing is compulsory in specific cases. For instance, assuming your complete pay surpasses Rs. 5,00,000 p.a. or on the other hand to guarantee discount then you are obligatorily expected to e-record your Income Tax Return. It is a lot less difficult interaction than recording a paper return and furthermore your discounts are handled quicker assuming that your return has been E-Filed.
You can yourself e-record your return with us free of charge by utilizing our site. It is a basic, secure, and completely computerized stage for you to document your Income Tax Return. Assuming you need a specialist helping you through this interaction, you can purchase our 'CA-Assisted Plans' beginning from just Rs. 299 as it were.
Excluded Incomes are not chargeable to burden according to Income Tax regulation for example they are excluded from the complete pay with the end goal of expense estimation while Taxable Incomes are chargeable to burden under the Income Tax regulation.
No, you can't guarantee derivation for individual consumptions while figuring your annual duty according to the Income Tax Laws.
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