ITR : Know about Which ITR Should I File?, Types of ITR and how to File ITR for FY 2019-20 (AY 2020-21)

What is ITR?

Income Tax Return or ITR is a form in which taxpayers submit information about their income and taxes to the income tax department. The taxpayer must file the ITR before or before the due date. The ITR form applicable to the taxpayer depends on the type of taxpayer, whether individuals, HUF, company, etc. and then select the ITR according to the type and type of income and total income. Every taxpayer must also calculate the tax payable and pay before submitting an ITR. You must enter an ITR in the event that you forward the loss and remove the loss that was forwarded.
When you submit your ITR, you should refer to form 26AS for details of TDS and other income such as FD interest. You must also have your 16-year form in order to complete the details of the deductions and salary claims.

Types of ITR

The department prescribes seven types of ITR forms based on the type of taxpayer and income:

1. ITR-1 for people living in India with a total income of up to Rs 50 lakh. A person earning income from wages, household goods and other resources can apply ITR-1. The NRI cannot include ITR-1. Paid taxpayers can use form 16 to file an ITR. Form 16 can be uploaded directly to https://Myitronline.in/income-tax-efiling to file your tax return.
2. ITR-2 for individuals and HUF for their income other than income from business or work. Individuals and NRIs with income from income, property, income and other sources may apply ITR-2. Individuals earning or losing by buying and selling shares should apply ITR-2.
3. ITR-3 for individuals to report revenue from a particular business or sector. People earning revenue through in stock trading or futures earnings and options should apply to ITR-3. People can report income from wages, property, capital profits, business or employment (including speculative income) and other sources on ITR-3.
4. ITR-4 for individuals, HUF and co-operative firms in their salaries under the tax system. ITR-4 is a business income with a profits of up to Rs 2 crore and taxable under section 44AD. Also, ITR-4 is a technology revenue with a profits of up to Rs 50 lakh and taxable under section 44ADA. A self-employed person performing an informed task may apply ITR-4.
5. ITR-5 for co-operatives, LLP, AOP and BOI. Business organizations such as LLP, co-operative firms, AOP and BOI can incorporate ITR-5 into accounting business and professional revenue and any other revenue source.
6. ITR-6 is a refund for corporate income tax to file revenue from a business or profession and other sources of income.
7. ITR-7 is a tax return for companies, organizations and trustees applying for tax exemption.

How to file ITR

You can e-file your ITR with FY 2019-20 corresponding to AY 2020-21. Enrollment should be compulsory online for all types of taxpayers except senior citizens aged 80 and over.
The income you report falls below income from income, property, business, or profession, capital gains and income from other sources You calculate the revenue collected and seek tax deductions and more. From taxable income, you reduce TDS to your income, TCS, advanced taxes and other tax credits. You can apply for a tax refund or TDS paid. In the event that you have a tax balance payable, you must pay the same before installing the ITR.

Types of Forms for ITR e-filing

Form 16:
Form 16 TDS salary certificate that an employee receives from an employer. Form 16 provides details of the total salary, exemptions such as HRA and LTA. This form also contains details of the total income tax, any other income / losses reported by the employee, tax deductions and TDS salary.
Form 26AS:
Form 26AS contains details of the tax deducted from the source or TDS on various earnings such as income, interest and the sale of immovable property. This form also contains the details of the self-assessment, prepaid taxpayer tax and specific financial transactions.
Form 15G and Form 15H:
Form 15G and Form 15H enable you to earn an income without TDS. You can submit Form 15G in case you are under 60 and where your taxable income is below the basic release limit. You can submit a Form 15H in the event that you are an adult citizen and no tax on your full income is missing. You need to submit a 15G form or a 15H form to the person leading you.