Most individuals have a number of income sources apart from salaries, such as interest earned on bank savings account, fixed deposits (FDs), insurance and other savings schemes like PPF. If you do not report all your income sources, the income tax department is likely to treat it as a violation of the I-T Act and send you a notice. You must report all your income sources in the ITR. Check your eligibility criteria carefully before picking up the form. ITR-7 is for taxpayers including companies that are a charitable or religious trust, political party, research association, news agency or similar organizations specified in the Act. ITR-5 and ITR-6 are filed by LLPs and businesses. While ITR-2 is filed by people having income from residential property and having income above Rs 50 lakh, ITR-3 is filed by professionals. ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession. 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). There are a total of seven types of forms that are used by taxpayers to file taxes. Whether you file online or offline, it is absolutely necessary to file details on the correct form. One of the most common mistakes that taxpayers make is selecting the wrong I-T form. The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31. If you are filing the ITR on your own, you need to pay attention to a few mistakes that should be avoided for a successful income tax return. So far, 7,55,412 returns have been filed for AY2023-24. Even as e-filing of ITR has been enabled, taxpayers can now start filing their income tax return for the financial year 2022-23 (or assessment year 2023-24).

Eitr filing