What are the ITR forms?
ITR forms are used to report your annual income, tax deductions, and other tax-related information to the Income Tax Department. They also include details of any losses carried forward and refunds claimed from the department.
There are several types of ITR forms for different categories of taxpayers. For instance, ITR-1 or Sahaj, ITR-2, ITR-3, ITR-4 or Sugam, ITR-5, ITR-6, and ITR-7 are all different forms used for income reporting.
ITR forms applicability
Indian residents earning more than Rs. 2,50,000 in a financial year must file an income tax return by submitting the relevant ITR form. This submission includes details of their income sources, total income, and other related information.
Here's a list of ITR forms and who can use them.
Individuals must identify their income source and other factors to choose the appropriate ITR form. The correct ITR form ensures accurate filing of total annual income to the Income Tax Department.