Economy News

Types of ITR & Find out Which one is most suitable for you?

Total number of income tax returns are of four kinds for a common individual.

Named as ITR-1 SAHAJ, ITR-2, ITR-3 and ITR-4.

Let’s see them in detail what each income tax return means:

We all know getting to know a proper income tax return for an individual is so important.

If a person does not apply correctly then the tax department will send the notice to the person and that person will have to change it within a period of time.

Supposedly if the person does not correct the income tax within the given period then

There will be a penalty based on that by the tax department.

And the income tax return will be considered as invalid.

ITR-1 SAHAJ: An individual who has the salary of Rs 50 lakh including all the aspects like pension, income from properties,  interest from the banks can file an ITR-1 SAHAJ.

ITR  2: can only be filled by the people who have individual directorship in the company.

ITR 3:  people who can apply for ITR3 are the people who have their own business or any partnership in firms.

 ITR4: For this ITR4 people who are directors of the company aren’t applicable for this and the people who have invested in equity shares.

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