Which itr to file

Still, you have any doubts about ITR-1 in your mind?. Read our comprehensive guide on ITR-1 to get answers to all your questions. This Return Form should not be used by an individual whose total income for the AY includes Income from Business or Profession. The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession.

The persons having income from the following sources are eligible to file ITR 3 :. Click here to read our comprehensive guide to the ITR Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs. Presumptive income scheme under sections 44AD, 44AE and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR For Companies other than companies claiming exemption under section 11 Income from property held for charitable or religious purposes , this return has to be filed electronically only.

For persons including companies required to furnish returns under section 4A or section 4B or section 4C or section 4D or section 4E or section 4F. Thank you for your response. Invest Now. Under presumptive scheme of taxation a taxpayer is presumed to have earned a minimum income expressed as percentage of gross receipts of business or profession or as a fixed amount based on number of commercial vehicles owned.

This form can only be used by a person who is resident for income tax purposes. So a non resident cannot use it even if his income is below 50 lakhs and has income taxable on presumptive basis.

In case you are director in any company or own shares in any unlisted companies you cannot use ITR 4. In case your actual business or professional income is lower than that was is presumed by law, you cannot use ITR 4 and you have to use ITR 3 and in which case you have to get your accounts audited and get the report it submitted to the income tax department before submission of the ITR.

I am sure with both these articles, you have fair idea of which ITR form is to be used by you. Balwant Jain is a tax and investment expert and can be reached on jainbalwant gmail. Never miss a story! Stay connected and informed with Mint.

Download our App Now!! It'll just take a moment. 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. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.

Note: If you have not involved a tax return preparer or TRP in preparing your return, you can leave the textboxes related to TRP blank. Note: If you are shown a list of errors in your return, you need to go back to the form to correct the errors. If there are no errors, you can proceed to e-Verify your return by clicking Proceed to Verification.

Step On the Complete your Verification page, select your preferred option and click Continue. Note: In case you select e-Verify Later , you can submit your return, however, you will be required to verify your return within days of filing of your ITR.

Step On the e-Verify page, select the option through which you want to e-Verify the return and click Continue. Once you e-Verify your return, a success message is displayed along with the Transaction ID and Acknowledgment Number.

You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal. Follow us on :.

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