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May 13, 2024 · Depending on your income, there are different ITR forms for different individuals; however, the returns filed by most individuals are ITR-1 (SAHAJ) and ITR-4 (SUGAM). Read on to know the key differences between them. All About ITR 1. ITR-1 or SAHAJ is a type of return filing form.
Jul 11, 2024 · ITR-1: If the individual has total annual income is less that Rs.50 Lakhs and is deriving income from only onw house property, ITR-1 can be filed. ITR-2: If the individual derives income from more than one house property or has capital gains income, ITR -2 can be filed
May 23, 2024 · Learn about the differences between ITR-1 and ITR-4 Income Tax Return forms. Get expert insights on eligibility, reporting requirements, and best practices for choosing the right form for filing ITR. Toggle navigation
Aug 29, 2021 · Please note that though a partnership can use ITR 4 if it is eligible for presumptive taxation but an LLP is not eligible to use ITR 4.
Jul 1, 2024 · Individual taxpayers who meet the criteria of (a) making cash deposits above Rs 1 crore with a bank or (b) incurring expenses above Rs 2 lakh on foreign travel or (c) expenditure above Rs 1 lakh on electricity should also file ITR-1.
Feb 23, 2023 · Differences between ITR 1 and ITR 4. Applicability: ITR 1 is applicable to individuals who have income from salary or pension, one house property, and other sources up to INR 10,000. On the other hand, ITR 4 is applicable to individuals and HUFs who have income from a proprietary business or profession, salary or pension, one house property ...
Jul 2, 2024 · Contents. What are ITR forms? Types of ITR Forms and Which Form ITR to File? ITR 1 or SAHAJ for FY 2023-24. ITR 2 FY 2023-24. ITR 3 for FY 2023-24. ITR 4 or Sugam for FY 2023-24. ITR-5. ITR-6. ITR-7. What happens when you file wrong ITR form? Who Should File the ITR? Why Should You File ITR?
While ITR-1 is suitable for salaried individuals, pensioners, and those with income from a single house property, ITR-4 is ideal for small business owners, professionals, HUFs, and partnership firms with presumptive business income.
Jun 2, 2023 · Which income tax form applies to you? The deadline to file Income Tax Returns (ITR) for FY 2022-23 is 31st July 2023. Online filing for ITRs 1 and 4 has been enabled. Different ITR forms...
May 23, 2024 · ITR-4 is an income tax return form that is used by taxpayers who are running a business or profession and have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act. However, if the turnover of the above-mentioned businesses exceeds Rs. 2 crores, the taxpayer will have to file ITR-3.
