The ITR-2 form is filed by people who earn from their residential property. It is also fit for those who have agricultural income up to Rs 5,000. ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property, and other sources (interest, etc). ITR-1 and ITR-4 are simpler forms that cater to a large number of small and medium taxpayers. Form No.:ITR-1 SAHAJ PDF For individuals being a resident (other than not ordinarily resident) having total income up to Rs. Filling ITR 1-Form: People with a yearly pay of more than Rs. For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh. The I-T return form should be selected on the sources of income during a particular financial year. If the wrong ITR form is used for filing the I-T return, then the filing will be a defective return, and the tax department will send a notice to refill the return. It is very important to choose the correct ITR form while filing their tax return. There are seven types of ITR forms, ranging from ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, for different individuals, businesses, and companies. Step 4: Open the download Return Preparation Software (Excel or java utility) and complete the form by entering the details using the Form 16. If your exempt income exceeds Rs 5000 then you are not eligible for the ITR 1 SAHAJ. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs.” Download the Income Tax Return (ITR) form applicable to you. Mohan added: “Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals.
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