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ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources : Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)
ITR 2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2018-19 includes: Income from Salary/Pension; or. Income from House Property; or. Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
ITR-3 needs to be filed by the people having any of the following set of income: Income from salary/pension. Income from house property. Taxpayers registered under presumptive taxation scheme and having a turnover of more than 2 crore.
ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
ITR-5 income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund. Click here to view the latest ITR-5 form from the Income Tax Department.
ITR Form 6 or ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961
ITR 7 is an income tax return form that is to be submitted by tax assessees who are required to file returns under key sub-sections of Section 139 of the Income Tax Act, 1961.
Section 44AD provides tax relief to certain individuals and professionals so they don't need to get an audit performed or show books. Section 44AD is a presumptive taxation scheme that was introduced by Income Tax Law in order to ease the tax burden on small taxpayers or assesses.
Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. A tax audit is an examination of a taxpayer’s books of accounts. The examination is conducted to ensure that the taxpayer has properly maintained the books of accounts and other records.