Ex-servicemen need which ITR form ? Lets Know here

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Income Tax Return through e-filing on the portal is now more easy but you should know which form is applicable to you.  In general all salaried and pensioners should file ITR1 but in some cases, it may be different.  It depends on the other income and financial transactions you have made.  A detailed study of applicability of various kind of Income Tax Return form is here –

Is efiling of Income Tax retun compulsory for all pensioners and salaried people ? the answer is Yes. To know details in this regard please visit the article link below :-

Benefits of Filing ITR for a salaried Person, Pensioners and Business/Profession

Income Tax Return through e-filing on the portal is now more easy but you should know which form is applicable to you.  In general all salaried and pensioners should file ITR1 but in some cases, it may be different.  It depends on the other income and financial transactions you have made.  A detailed study of applicability of various kind of Income Tax Return form is here –

 ITR Form  Type of income Covered    Who Can not  File ITR 1  
 ITR – 1Income from Salary  
Income from Pension    
Income from other sources  (excluding winning from lottery and  
Interest of Savings Bank, FD/RD and all kind of investment in bank and Post Office etc.  
Dividend, Mutual Fund Redemption etc.  
Rental Income of one House  
Agricultural income upto Rs 5000
Total income more than Rs 50 lakh.
Agricultural income more than Rs 5000.
Has  taxable capital gains.
Has income from business or profession.
Rental income from more than one house property.
Assesses is a Director in a company.
Invested in unlisted equity shares at any time during the financial year.
Have assets  outside India or signing authority in any. account located outside India.
If you are RNOR or Non Resident Indian.
You have any foreign income.
If tax has been deducted under Section 194N.
If tax  deduction / payment has been deferred on ESOP.
If you have any BF loss/ needs to be carried forward under any income head.  
   ITR Form  Type of income Covered    Who Can not  File ITR 2  
ITR – 2Income from Salary or Pension
Income from House Property
Income from Other Sources (including Lottery and Race Horses winning)
Assesses is Director in a company
Have investments in unlisted equity shares   RNOR  and non-resident
Capital Gains incomeForeign incomeAgricultural income more than 5,000 rupees.
Assets outside India, including signing authority in any account located outside India  
If tax deducted under Section 194N
If tax deducted deferred on ESOP
Have any BF loss or loss needs to be carried forward under any head of income  
Those who are covered under ITR 1, 3 and 4
   ITR Form  Type of income Covered under ITR 3  Who Can not  File ITR 3  
  ITR – 3Individual or a HUF having income from a proprietary business or is carrying on a profession.  

Business or profession where books of accounts maintained and audited mandatorily.  

Individual Director in a company  

Have had invested in unlisted equity shares at any time during the financial year.  

In ITR 3 you can also include income from House property, Salary/Pension and Income from other sources  

Income of a person as a partner in the firm   Individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should file ITR-3  
Those who are covered under ITR 1, 3 and 4
   ITR Form  Type of income Covered under ITR 4    Who Can not  File ITR 4  
ITR – 4 ITR-4 applies to individuals, HUFs, Partnership firms (non LLPs) residents and whose total income includes:

Business income according to the presumptive income scheme under section 44AD or 44AE  

Professional income according to presumptive income scheme under section 44ADA  

Income from salary or pension up to Rs 50 lakh  
Income from 01 house property, not more than Rs 50 lakh (No loss BF includes)  

Income from other sources having income not more than Rs 50 Lakh (excluding winning lottery & Race horses)  

Individual earning from freelancing alongwith any of the above mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs 50 lakhs.  

A presumptive income scheme under sections 44AD, 44AE and 44ADA is covered when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover  

If the business turnover under Presumptive income scheme exceeds Rs 2 crore, the taxpayer will have to file ITR-3. .
Those who are not covered the income criteria mentioned here.

Still Confused ? if you are a Govt / Pvt employee or getting pension or both and have some other source of income i.e FD interest, Mutual fund redemption, share dividend , House rental income , capital gains you should file ITR 1 or 2 as applicable. if no share and capital gains are there and no 2nd house rental is there, ITR 1 is applicable to you. ITR 2 in such case is applicable if yioyu have earning from share market and MF upto the minimum exempotion limit. Details are in our vide also. Lets visit our Youtube channel https://youtube.com/@esminfoclub

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