Widely read:
There are multiple income tax returns (ITR) forms available online, so we decided to make it easy for those who earn a salary, pension or interest earners.
| ITR-1 | ITR-2 |
|---|---|
| If you earn less than Rs 50 lakh/year | If you earn more than Rs 50 lakh/year |
| If you have only one property under your name | If you receive rent from over one property (outside India too) |
| Your farming income is up to Rs 5,000 | Your farming income is over Rs 5,000 |
| You are an Indian citizen | You are either an Indian citizen or an NRI |
| You are earning from foreign sources |
The following forms are applicable if you also have a business or a side hustle along with a job.
| ITR-4 | ITR-3 |
|---|---|
| Include all ITR 1 criteria | Include all ITR-2 criteria |
| Your business/profession is taxed under Sections 44AD, 44ADA or 44AE | You are earning through futures & options trading |
Suggested read: Do you need to file your ITR?
This article was originally published on July 17, 2023.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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