If seen by the Income Tax Department in the financial year 2021-22 (Financial Year 2022), the forms (ITR forms) have been issued for filing income tax returns.
In these, information has been sought by the taxpayers about the income from overseas retirement benefit accounts . Talking about the Central Board of Direct Taxes (CBDT), Income Tax Return Form 1-5 has been notified.
Different people need to fill different forms for filing income tax return. This is the reason why the Income Tax Department starts giving the option of many types of ITR Form. Here a question is often asked that after all, which form has to be filled by whom.
This form is prepared for those citizens whose total income reaches up to Rs 50 lakh. This income can include earnings from salary or pension, a house property and other sources like interest earned on deposits.
Apart from this, if seen, agriculture income up to Rs 5000 can also be taken advantage of after including it. This form is not given to those people who are either directors in a company or who have invested in unlisted equity shares or are starting earning from business/profession.
Talking about the ITR-2 form, it is considered for those people and HUFs (Hindu Undivided Families) who do not have income from business or profession profit, but are not eligible for ITR-1 form.
This form can be availed after filling the Income Taxpayer, who starts earning income from interest like salary / pension, house property and other sources and that is much more than 50 lakh rupees. .
This form is for individuals and HUFs who have earned profits from business or profession, but are not being considered eligible for ITR-4.
Going to do business, an individual director of a company, going to invest in unlisted equity shares, earning as a partner in a firm starts filing ITR-3. Income from house property, salary/pension and other sources can be included in the return.
