The Income Tax department has started uploading the forms for tax returns since April 5, 2018, and since then, all the taxpayers have been busy filling up these forms and submitting their tax details within July 31, 2018.
The IT department has issued seven Income tax forms which are meant for different sets of taxpayers. One of the most popular of all the forms is the ‘Sahaj’. Are you a taxpayer yourself and want to know more about these forms? Then keep reading because we are going to discuss them elaborately in this article.
What are the Seven Forms of Income Tax?
As we mentioned in the above section that the Income Tax department, has issued 7 different forms of Income-tax in 2018. So it is important for you to know which one is the correct one for you. Let us have a look at them elaborately, shall we?
ITR 1: The first tax return form is for the individuals who are residents and have income from salaries, a proper house and other sources of interest and an income of up to 50 lakhs.
ITR 2: This is the form which has been issued by individuals and HUFs who do not know earn any income from profits or gains from any kind of business or profession.
ITR 3: This is for the people who are individuals and HUFs who have an income from profits and gains which they get from business or some other profession.
ITR 4: This income tax form must be filled by those individuals who have a presumptive income from any kind of business or profession.
ITR 5: This 5th form is meant for the persons other than any of the people- individuals, HUFs, Company or a person who is filling form ITR 7.
ITR 6: Unlike other forms, the ITR 6 is meant for those who have companies in India, except the ones which are claiming exemption under section 11.
ITR 7: This income tax department form is for the companies who are required to provide with returns under sections 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) or 139 (4E) or 139 (4F).
So as you can see that these are the seven types of Income Tax Department forms which every citizen in India must be submitting within the date of 31st July 2018. Read about all the important income tax forms in our article and get to know about which form is the correct one for you to submit and fill.
Have you been paying attention? Yes? Then you are now aware of all the seven Income tax department forms which every citizen in India are required to submit and clear their taxes. It is your duty to fill your tax within the given deadline because it contributes to the nation's economy and growth. Do not cause any delay in filing up your tax or else you might have to face different legal issues against your name.