ITR Forms 1 and 4 for the AY 2022-23 were enabled recently on the @IncomeTaxIndia website.
Many of you have asked about the applicability of these forms.
Here is a 🧵 on ITR Forms and their applicability.
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Many of you have asked about the applicability of these forms.
Here is a 🧵 on ITR Forms and their applicability.
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•The department has notified 7 different ITR forms(ITR 1-ITR 7) till date.
•The applicability of each of these forms depend on the type of income, the category the taxpayer falls under (company, Hindu Undivided Families, individual, etc.), and the income of the individual.
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•The applicability of each of these forms depend on the type of income, the category the taxpayer falls under (company, Hindu Undivided Families, individual, etc.), and the income of the individual.
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•ITR- 1
Applicable to resident individuals with income < Rs 50 lakhs in case the income is from-
-salary/pension
-one house property
-agricultural income < Rs 5000
-other sources(lottery,horse racing etc.)
3/n
Applicable to resident individuals with income < Rs 50 lakhs in case the income is from-
-salary/pension
-one house property
-agricultural income < Rs 5000
-other sources(lottery,horse racing etc.)
3/n
•ITR- 2
Applicable to individuals and Hindu Undivided Families (HUFs) in case-
-The income from sources mentioned in ITR 1 > Rs 50 lakhs
-The income is from more than 1 house property
-There is a Capital Gain
-Agricultural income > Rs 5000
(Continued)
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Applicable to individuals and Hindu Undivided Families (HUFs) in case-
-The income from sources mentioned in ITR 1 > Rs 50 lakhs
-The income is from more than 1 house property
-There is a Capital Gain
-Agricultural income > Rs 5000
(Continued)
4/n
-Individual is the Director of a company.
-Investments were present in equity shares that were unlisted during the financial year.
-Income is generated from foreign income and foreign assets.
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-Investments were present in equity shares that were unlisted during the financial year.
-Income is generated from foreign income and foreign assets.
5/n
•ITR- 3
Applicable to individuals and HUFs in case-
-The income is from a profession or proprietorship business.
-The individual is offering his business or professional income on presumptive basis and the taxable income exceeds Rs. 50 lakhs.
(Continued)
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Applicable to individuals and HUFs in case-
-The income is from a profession or proprietorship business.
-The individual is offering his business or professional income on presumptive basis and the taxable income exceeds Rs. 50 lakhs.
(Continued)
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-The individual is a partner in a firm.
The return may include income from House property, Salary/Pension, capital gains and Income from other sources.
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The return may include income from House property, Salary/Pension, capital gains and Income from other sources.
7/n
•ITR- 4
Applicable to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income include-
-Business income according to the presumptive income scheme under section 44AD or 44AE.
(Continued)
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Applicable to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income include-
-Business income according to the presumptive income scheme under section 44AD or 44AE.
(Continued)
8/n
-Professional income according to presumptive income scheme under section 44ADA
-Income from salary or pension up to Rs.50 lakh
-Income from one house property < Rs 50 lakhs
-Income from other sources < Rs.50 lakhs (excluding income from lottery and horse racing.)
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-Income from salary or pension up to Rs.50 lakh
-Income from one house property < Rs 50 lakhs
-Income from other sources < Rs.50 lakhs (excluding income from lottery and horse racing.)
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•ITR- 5
Applicable to-
-Firms
- Limited Liability Partnership(LLPs)
- Association of Persons(AOPs)
- Body of Individuals(BOIs)
- Artificial Juridical Person (AJP)
- Estate of deceased
- Estate of insolvent
- Business trust , and
- Investment funds
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Applicable to-
-Firms
- Limited Liability Partnership(LLPs)
- Association of Persons(AOPs)
- Body of Individuals(BOIs)
- Artificial Juridical Person (AJP)
- Estate of deceased
- Estate of insolvent
- Business trust , and
- Investment funds
10/n
•ITR- 6
Applicable to companies other than companies claiming exemption under section 11.
(Companies claiming exemption under Section 11 are those whose income from property is held under trust for charitable or religious purposes.)
11/n
Applicable to companies other than companies claiming exemption under section 11.
(Companies claiming exemption under Section 11 are those whose income from property is held under trust for charitable or religious purposes.)
11/n
•ITR- 7
Applicable to individuals and companies that have furnished returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E), or Section 139(4F).
(sections mentioned in this thread will be explained in a seperate thread of tweets)
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Applicable to individuals and companies that have furnished returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E), or Section 139(4F).
(sections mentioned in this thread will be explained in a seperate thread of tweets)
12/n
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