Can the documents required change based on which ITR form I file?
Usually, no documents are to be attached with ITR Forms. However, these supporting documents (like proof of investment, TDS certificates, salary slips, bank statements etc.) should be retained by the taxpayers for any future reference that may change based on their income situation for a financial year.
Which ITR to fill if I have income from multiple sources?
The Income Tax Return form you need to file may change based your income sources for a financial year. Enter your income sources and financial situation for the FY to know which ITR to fill this Assessment Year.
Which is the simplest ITR Form?
ITR-1 (SAHAJ) and ITR-4 (SUGAM) are the simplest ITR forms of all. ITR-1 can be filed by salaried individuals having income from one house property and income from other sources. ITR-4 (Sugam) can be filed by Individuals, HUF and Firms (other than LLP) having income from presumptive business/profession.
Which ITR to file in case I have losses in financial year?
If you have incurred loss then you can either set off the same with current year positive income or carry forward to be set off in the future. Individuals can carry forward the losses by filing ITR-2A (discontinued from AY 2017-18), ITR-2, ITR-3. You can not file ITR-1 and ITR-4 (Sugam) in case you want to carry forward losses.
How to know which ITR form number to file this assessment year?
Income Tax Return (ITR) Form number to fill changes based on your sources of income, financial situation, and residential status. Enter your income sources and residential status to know which ITR you should file for an assessment year.
Can the ITR form number which I need to file change every year?
Yes, ITR form a taxpayer needs to file depends on their sources of income and financial situation and residential status for a particular financial year. If any of these changes the Income Tax Return form you are required to file may also change.
Salary is an amount paid by an employer to employee every month
Rental income from owned property whether Residential or Commercial
Income from sell of Property or Stocks during the year
Income from owning a shop/factory,travel agency,etc.
Income from trading in Intraday and F&O/Derivatives
Incomes earned by Freelancers, Professionals like CA, Doctor, Lawyer etc.
Income like Interest, Remuneration or Profit Share received from Partnership firm
Incomes from Sources like Interest, Dividends, Agriculture etc.