As many as 7 types of income tax returns have been released by Income Tax Department
Income Tax Returns for Salaried Employees for the year 2019-20 have been notified. Either ITR-1 or ITR-2 will have to be filed by Salaried Employees not having income from profits and gains of business or profession, depending upon total income, number of house property possessed and amount of agricultural income.
Income Tax Department has notified Income
Tax Returns for the year 2018-19 (Financial Year) 2019-20 (Assessment Year)
recently vide notification No: 32/2019 dated 01.04.2019. As per this
notification, Income Tax Returns from ITR-1 to ITR-7 for various types of
Income have been notified by the Govt.
As far as Salaried Employees are concerned,
ITR-1 and ITR-2 will be applicable.
ITR-1 Income Tax Return is applicable to a Salaried Employee in the following cases:
- Total income of the salaried employee during the financial year 2018-19 did not exceed Rs. 50 lakh.
- The employee concerned should not own more than one House Property
- Agricultural income received the salaried employee if any should not exceed more than Rs. 5000/-
- Employees having Other income sources such as interest subject total income limit of Rs. 50 lakh can file ITR-1
ITR-2 Income Tax Return will be applicable
Salaried Employees in the the following cases:
1. Total income a salaried employee from
salary, other resources such as interest and more than one house property
exceeded Rs. 50 lakh.
2. When a Salaried Employee owns more than
one House property
3. When a salaried employee having income
from other than salary such as interest income, rental income, agricultural
income exceeding Rs. 5000/- etc.
4.
Salaried Employees receiving income from profits and gains of business or
Profession is not entitled to file ITR-1 or ITR-2. In such cases ITR-3 will
have to be filed.
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ITR Form No.
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Applicable to
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ITR-1 SAHAJ
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For individuals being a
resident (other than not ordinarily resident) having total income upto Rs.50
lakh, having Income from Salaries, one house property, other sources
(Interest etc.), and agricultural income upto Rs.5 thousand] [Not for an
individual who is either Director in a company or has invested in unlisted
equity shares]
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ITR-2
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For Individuals and HUFs
not having income from profits and gains of business or profession
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ITR-3
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For individuals and HUFs
having income from profits and gains of business or Profession
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ITR-4 SUGAM
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For Individuals, HUFs
and Firms (other than LLP) being a resident having total income upto Rs.50
lakh and having income from business and profession which is computed under
sections 44AD, 44ADA or 44AE]
[Not
for an individual who is either Director in a company or has invested in
unlisted equity shares]
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ITR-5
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For persons other than,-
(i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]
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ITR-6
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For Companies other than companies
claiming exemption under section 11
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ITR-7
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For persons including companies
required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or
139(4D)
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