INCOME TAX RETURN
A tax return is a form or form registered with a tax jurisdiction that reports income, costs, and other pertinent tax advice. Tax returns allow taxpayers to compute their tax liability, schedule tax payments, or ask for refunds for the overpayment of taxes. In most states, tax returns should be submitted annually for an individual or company with reportable income, such as wages, interest, dividends, capital gains, or other gains.
ITR Form Supplied by the Income Tax Department
1.ITR-1- For people being a resident (besides not ordinarily resident) having total income up to Rs.50 lakh, having earnings from Salaries, one house property, additional sources (Interest, etc.), and agricultural revenue up to Rs.5 million.
2. ITR-2- For Individuals and HUFs not getting income from profits and gains of business or profession
3. ITR-3- For individuals and HUFs having income from profits and gains of business or profession
4. ITR-4- For Folks, HUFs, and Businesses (other than LLP) being a resident having total income up to Rs.50 lakh and getting income from business and livelihood which is computed under sections 44AD, 44ADA or 44AE
5. ITR-5- For men other than- (I) individual, (ii) HUF, (iii) firm, and (iv) person filing Form ITR-7
6. ITR-6- For Companies aside from companies claiming exemption under section 11
7. ITR-7- For men such as companies required to provide return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only