Which ITR for salary and interest income?

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Which ITR for salary and interest income?

If you are salaried individual having income above Rs 50 lakhs, you should file ITR 2. And if you are having income from business or profession, then you should file ITR 3. In case you are following presumptive income u/s 44AD /44AE, then you should file ITR 4 (sugam).

What are the different types of ITR forms?

The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.Every taxpayer should file his ITR on or before the specified due date.

Who can use ITR 3?

Who is eligible for ITR-3? An ITR-3 form is applicable to any individual or Hindu Undivided Family (HUF) whose total income for a given assessment year includes the following: Income from a profession or business carried under a proprietorship firm, wherein the taxpayer is a proprietor (both audit and non-audit cases)

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What is ITR-1 form?

ITR-1 is meant for individuals only. If you are a Resident Individual having income for the Assessment Year 2021-22 (Financial Year 2020-21) upto Rs. 50 Lakhs from any of the following sources, you need to file ITR-1 or Sahaj ITR Form: a) Salary/Pension.

Who should file ITR-2 in Ay 2021-22?

If your total income exceeds Rs. 50 Lakhs in AY 2021-22 (FY 2020-21) from all or any of these sources- salary, house property & other sources (including lotteries and horse races), you should file ITR-2 in AY 2021-22. Also, if you are: a) Having income from capital gains. (Also Read: Capital gain rules you may not be aware of)

Is it mandatory to file an itr in India?

In India, it is mandatory for individuals to file ITR in case they fall under the below mentioned categories: In case the gross income of the individual is more than the details mentioned in the table below: In case individuals wish to receive a refund from the Income Tax Department. In case individuals wish to apply for a loan or a visa.

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What is the maximum amount of income allowed in ITR-1?

The total income that is generated can be a maximum of Rs.50 lakh. Income that has been generated from other sources such as winning horse races, lottery, etc. Who cannot opt for this form? Individuals who fall under the below-mentioned categories cannot opt for ITR-1: