ITR forms

 Understanding Who Can File Which ITR Form!


Choosing the right Income Tax Return (ITR) form is crucial for smooth tax filing. Here's a quick guide on who can file and who cannot for each ITR:


1️⃣ ITR-1 (Sahaj):

Who can file: Salaried individuals with income up to ₹50 lakh, income from one house property, and other sources like interest.

Who cannot file: Non-residents, those with business income, capital gains, or agricultural income > ₹5,000.


2️⃣ ITR-2:

Who can file: Individuals/HUFs with income from salary, house property, capital gains, or other sources (no limit on income).

Who cannot file: Those earning income from business or profession.


3️⃣ ITR-3:

Who can file: Individuals/HUFs earning income from business or profession, along with salary, house property, or capital gains.

Who cannot file: Those opting for presumptive taxation under sections 44AD, 44ADA, or 44AE.


4️⃣ ITR-4 (Sugam):

Who can file: Individuals/HUFs/Firms with income from small business or profession under presumptive taxation (income ≤ ₹2 crore for business or ₹50 lakh for profession).

Who cannot file: Those with income above thresholds, foreign assets, or capital gains.


5️⃣ ITR-5:

Who can file: Partnerships, LLPs, AOPs, and BOIs.

Who cannot file: Individual taxpayers or companies.


6️⃣ ITR-6:

Who can file: Companies (other than those claiming exemptions under Section 11 for charitable purposes).

Who cannot file: Trusts or NGOs.


7️⃣ ITR-7:

Who can file: Charitable/religious trusts, political parties, scientific research institutions, colleges, and NGOs filing under specific sections.

Who cannot file: Regular businesses or individuals.

Comments

Post a Comment

Popular posts from this blog

My CA Journey summary

  Chartered Accountancy (CA)  is one of the most popular   professional courses . It is one of the Toughest courses in the world. It requires an integration of intelligence, hard work , Patience, Determination and continuous dedication with non-stop efforts.  Many aspirants relinquish this challenging journey and replace their dreams with  some other career options . My CA journey mentioned  below in  short summary: If I can become a Chartered Accountant anyone CAN. I Came from a village background with Telugu medium upto graduation. After graduating, I was confused as to what I should do. My Big Brother wanted me to pursue CA so that I have a degree, which would help me get a basic job and the required financial support in the future. That is when I decided to study further and become a Chartered Accountant. Initial period of my CA journey I was faced with a little bit of a medium issue, however I was able to clear the 1st 2 stages of CA early by spen...
Read more

SAP T codes

01.03.2023  SAP T-codes SAP FICO -Knowledge and Experience Sharing. Lets have Quick look into T codes and Table codes . SE16 provides real-time data access to various SAP tables, including: 1. ACDOCA (Universal Journal Entry Table) 2. BKPF (Accounting Document Header) 3. BSEG (Accounting Document Segment) 4. SKA1 (G/L Account Master) 5. LFA1 (Vendor Master) 6. KNA1 (Customer Master)  T-codes and table codes for Master Data and key tables in SAP: Vendor Master Data: T-codes: 1. XK01 - Create Vendor (Centrally) 2. XK02 - Change Vendor (Centrally) 3. XK03 - Display Vendor (Centrally) 4. FK01 - Create Vendor (Purchasing) 5. FK02 - Change Vendor (Purchasing) 6. FK03 - Display Vendor (Purchasing) Tables: 1. LFA1 - Vendor Master (General Data) 2. LFB1 - Vendor Master (Company Code Data) 3. LFB5 - Vendor Master (Purchasing Data) 4. LFM1 - Vendor Master (Material Data) Customer Master Data: T-codes: 1. XD01 - Create Customer (Centrally) 2. XD02 - Change Customer (Centrally) 3. XD03 - D...
Read more

Accounts Receivable Fundamentals

Comprehensive guide to prepare for an Accounts Receivable (AR) interview: Accounts Receivable Fundamentals 1. Definition: Accounts Receivable represents amounts owed to a company by its customers. 2. Objective: Efficiently manage customer payments and minimize bad debt. 3. Key Components: Invoice Generation, Payment Processing, Credit Management and Collections. Accounts Receivable Process 1. Invoice Generation: Accurately generating invoices. 2. Payment Processing: Collecting and processing customer payments. 3. Credit Management: Evaluating customer creditworthiness. 4. Collections: Managing overdue accounts. 5. Reconciliation: Verifying account balances. Key Accounts Receivable Concepts 1. Credit Policy: Establishing credit terms. 2. Payment Terms: Defining payment schedules. 3. Accounts Receivable Turnover: Measuring AR efficiency. 4. Days Sales Outstanding (DSO): Average days to collect payments. 5. Bad Debt Expense: Accounting for uncollectible amounts. Accounts Receivable Best P...
Read more