The payment of income tax has now become faster. All the taxpayers of the country have a chance to pay income tax before July 31. If the taxpayer files income tax after this deadline, he may have to pay a fine of 5 thousand. This year lakhs of taxpayers are going to pay tax for the first time. ITR will be filed for the first time. Filing income tax without information can increase their problems. They may also get a notice from the Income Tax Department. After receiving the notice, taxpayers have lost their senses. Therefore, caution should be taken while paying tax. Paying tax without information can become a headache. Therefore, consult an expert in this field.
ITR-1 for employees
If you are a salaried individual and your total income for the financial year 2020-21 is up to Rs 50 lakh then you need to file ITR-1 form. Note that your salary also includes pension income.
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If you have income from sources other than salary, which includes deposits in bank account and interest on house property, then you can also file return through ITR-1 form. If your income from farming is 5 thousand then you can use ITR-1.
ITR-2 is for these people
If your salary income is more than Rs 50 lakh, then you will have to use ITR 2. You will have more than one house. You will have foreign property. If you are a director in a company or you have unlisted shares and you get benefits from it, then you will have to use ITR-2.
Who is ITR-3 suitable for?
This application form is ITR-3 for those businessmen and professionals whose income does not come from salary. If you are a partner in a company then you have to use ITR-3 form.
Who can file ITR-4?
ITR-4 can be used by individuals and Hindu Undivided Family (HUF) individuals who have received income from their business and trade during the previous financial year. But if they want to avail the Prospective Income Scheme (PIS) then they have to file this type of ITR. They can declare their income under sections 44AD, 44AE and 44ADA of the Income Tax Act, 1961.
