Income Tax Return: If you are earning Rs 2.5 lakh or more in a year, then it becomes necessary for you to submit Income Tax Return (ITR) form. This time the last date for filing ITR has been fixed as 31st July 2022. The Income Tax Department has made it clear for the time being that it is not going to extend the last date of ITR filing this time. In such a situation, now you have five days left for ITR filing. Today we are telling you the process and other important things related to online ITR filing..
Who should fill ITR
- All citizens up to the age of 60 years with an annual income of Rs 2.5 lakh or more
- Citizens above 60 years and up to the age of 80 years with annual income above Rs 3 lakh
- All senior citizens above 80 years of age with annual income above Rs 5 lakh
How to choose the right form
- The Income Tax Department has introduced seven forms for ITR filing this year.
- There is ITR-1 form for salaried and pensioners with annual income up to Rs 50 lakh.
- ITR-3 form is basically for business or any specialist professional.
- ITR-5, 6 and 7 forms are for companies, firms, LLPs or institutions.
- Salaried or pensioner to fill ITR-4 form on income above 50 lakhs. Information about income from other sources can also be given in this.
- ITR-2 form is there for taxpayers having income above Rs 50 lakh and having two houses. This form is also for those earning more than five thousand rupees from farming or capital gains from shares or mutual funds.
Note – Taxpayers can approach the investment advisor in case of problem in ITR filing. This article has been written based on conversations with CA Manish Gupta and investment advisor Rajesh Roshan.