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5 smart things to know about income tax return

The ITR forms to be selected depends upon the sources of income of the taxpayer, the amount of income earned and the category the taxpayer belongs to.

ET CONTRIBUTORS|
Updated: Jul 19, 2019, 12.28 PM IST
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ITR filing guide: 5 things you should know
ITR filing guide: 5 things you should know
Start ITR filing work: Avoid late filing penalty
1. Income tax return (ITR) is the tax form which is used by taxpayers to fi le information about the income earned and tax applicable with the income tax department.

2. The ITR forms to be selected depends upon the sources of income of the taxpayer, the amount of income earned and the category the taxpayer belongs to.

3. The department has 7 forms as of date— ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7. Taxpayers need to file the ITR on or before the specified due date.

4. ITR1 is for Individuals having Income from salaries, one house property, other sources and having a total income of up to Rs 50 lakh.

5. A penalty is applicable if the ITR is not filed by the due date and the amount varies based on the income and delay.

Also Read: ITR filing: How to report income from investments

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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