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Income Tax News: Salary Less Than Rs 50 Lakhs, Check Which ITR Form to File – ITR 1, 2, 3 or 4?

A brief tutorial on choosing the right Income Tax Return (ITR) form for people making less than Rs 50 lakhs.

Income Tax News: The right Income Tax Return (ITR) form to file will depend on a number of variables, including your salary. This is a brief guide to assist people earning less than Rs 50 lakhs in selecting the appropriate ITR form.

Understanding Tax Return Forms

Tax return forms are presented by the Income Tax Department based on an individual’s income. A taxpayer must therefore fill out an ITR. ITR1, ITR2, ITR3, and ITR4 are among the seven different forms of ITR. This is where we inform you which form to fill out.

Eligibility for ITR 1 (Sahaj Form)

For those whose annual income is less than Rs 50 lakh, they must submit out the Sahaj form or ITR 1. This income may come from a pension, a wage, or other sources. Individuals who get income from a home or asset may also complete this form. This form can also be filled out by a farmer who makes Rs 5,000.

Filling out this form is not available to people who earn more than one house property, make capital gains, invest in businesses or unlisted firms, are businessmen, high net worth investors, or are directors of a corporation.

Eligibility for ITR 2

ITR 2 can be submitted if the annual earning cap exceeds Rs 50 lakh. In addition, short-term capital gains, individuals with multiple residential properties, farmers earning over Rs 5,000, income from horse racing wagering, money from the lottery or other lawful gaming, individuals investing in any business, and any other This form may be filled out by the company’s director.

Eligibility for ITR 3

A individual or HUF who makes money from their business or profession may complete out this form. This also includes income from ITR 2. In addition, individuals who get income from unlisted company shares must to complete this form. Additionally, you can fill out ITR Form-3 if you receive income from a job, real estate, capital gains, horse racing, lotteries, etc.

Requirement for ITR 4

If an individual’s or HUF’s annual income is Rs 50 lakh or higher, they must fill out Form ITR 4. If the income is subject to income tax sections 44AD and 44AE, this form must be completed. Fill out ITR 4 if you are employed or get a pension.

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