Know about different types of ITR forms – 2 | Fusion - WeRIndia

Know about different types of ITR forms – 2

Know about different types of ITR forms – 2

In the past article, you have learned about a few types of ITR forms.

Read about the remaining types of ITR forms in this article:

ITR 4 or Sugam is meant from individuals and HUFs that generate income from a profession or business. Those who have chosen the presumptive income scheme should file their returns using this form.  However, taxpayers whose income is more than ₹50 lakhs cannot opt for this form. Similarly, if you have foreign income or assets and income from more than one house property, and have invested in unlisted equity shares, you should not use it. Also, if you are a director of a company or a signing authority outside India, then you must not use this.

ITR 5 is used by partnership firms and LLPs.  Besides, Associations of Persons, Body of Individuals, Artificial Juridical Person, Business trusts, Estate of insolvent, and Estate of deceased should choose this form.

ITR 6 is meant for companies that have not exemptions under Section 11 of the Income Tax Act. This form is available electronically and companies can file their returns only online.

ITR 7 is used by business trusts that do not need to furnish their income. Trusts that generate income for religious or charitable purposes should also use this form. Political parties whose income is more than the maximum specified amount, and college, university or any other institution that does not require to furnish their income or loss must use this form.

While the first four ITR forms are used by individuals and HUFs, the remaining three ITR forms are meant for other than individuals. Similarly, taxpayers who earn income from salaries have to use the first four forms.

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