ITR 1: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
ITR 4: For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs.5 thousand.
The Central Board of Direct Taxes (CBDT) has released the JSON Schema for ITR-2 and ITR-3 on Income-tax e-filing portal yesterday (17th April 2023)
ITR-2 form is for individuals and HUF receiving income other than income from ‘Profits and Gains from Business or Profession’. Thus, individuals with income from the following sources are eligible to file Form ITR-2:
Income from salary/pension
Income from house property (income can be from more than one house property)
Income from capital gains/loss on sale of investments/property (both short term and long term)
Income from other sources (including winning from lottery, bets on race horses and other legal means of gambling)
Foreign income
Agricultural income of more than Rs 5,000
Resident not ordinarily resident and a non-resident
The total income from the above sources may exceed Rs 50 lakh.
Further, if you are a Director of any company and an individual invested in unlisted equity shares of a company, you must file returns in ITR-2.
ITR-3
Individuals and Hindu Undivided Families who earn profit and gains from business or profession can use the ITR 3 Form.
If the individual or Hindu undivided family earns money as a partner in a partnership firm that does business, ITR-3 cannot be submitted since the individual must file ITR-2 instead.
ITR 3 Form can be used when the income of the assessee falls in the categories that are mentioned below:
Income from carrying a profession
Income from proprietary business
Apart from this, the returns of the business can also include the house property, the salary or pension, and the income from other sources.
No comments:
Post a Comment