Which itr applicable

ITR 2 can be used by all those persons who are not eligible to use ITR 1 and their source of income does not have any business or professional income. So you cannot use ITR 1 if you are a director or have unlisted shares or even if you own more than one house or have agricultural income over Rs. You can use ITR 2 if you are a non-resident or being a resident have any asset or interest in asset outside India or even have an authority to sign any bank account outside India if there is no business income.

Those who have dividend income and have borrowed money to make such investments can use ITR 2 if they wish to claim expenditure in respect of interest paid on money borrowed for purchasing such shares. Since incomes includes loss also you cannot use ITR 2 if you have incurred any loss in your business howsoever small the amount.

In my opinion this is not correct and such transactions amount to business activity and one has to use either ITR 3 or ITR 4. In my opinion it is difficult for a layman to fill up this form by himself without committing any mistake. As far as eligibility to use ITR 3 is concerned, it is simple. This schedule is available for residents only. This schedule captures a summary of detailed information furnished in Schedule FSI.

If you are a non-resident or resident but not ordinarily resident, only the details of assets located in India are to be mentioned. Step 3: Select Assessment Year as — 22 and click Continue. In case you wish to discard the saved return and start preparing the return afresh click Start New Filing.

Step 5: Select Status as applicable to you and click Continue to proceed further. Step 8: Select the checkboxes applicable to you and click Continue. Step 9: Review your pre-filled data and edit it if necessary. Click Confirm at the end of each section. Step Enter your income and deduction details in the different section. After completing and confirming all the sections of the form, click Proceed.

Step 10a: In case there is a tax liability You will be shown a summary of your tax computation based on the details provided by you. If there is tax liability payable based on the computation, you get the Pay Now and Pay Later options at the bottom of the page.

Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www. Read More News on itr income tax return income tax form cbdt. Your legal guide on estate planning, inheritance, will and more. Pharma Merck and Pfizer have found drugs to bust the virus. FMCG Plant meat is here. Subscribe to ETPrime. Browse Companies:. Find this comment offensive?

This will alert our moderators to take action Name Reason for reporting: Foul language Slanderous Inciting hatred against a certain community Others. Your Reason has been Reported to the admin. Fill in your details: Will be displayed Will not be displayed Will be displayed. Share this Comment: Post to Twitter. ITR 1 Sahaj. Individuals qualifying as Ordinarily Resident Having a total income of up to Rs 50 lakh Having income from salaries, one house property, income from other sources interest etc.

ITR 2. ITR 3. ITR 4 Sugam. Having profits or gains from business or profession which are not computed on a presumptive basis Other restrictions similar to the ITR-1 form. Our representative will get in touch with you shortly. Tax Saving Plan. Aggressive Growth.

Child's Future. Learn about which Income Tax Return to file? Updated on : Oct 14, - PM. Furnishing Audit Report: i Due date to furnish the audit report is extended to 15th Jan 22 ii Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan Income Tax Return ITR is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.

The department has notified 7 various forms i.