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ITR stands for Income Tax Return.
Every taxpayer should furnish the income earned during this year through ITR forms applicable to him
The applicability of ITR forms varies depending on the sources of income of the taxpayer
>>> ITR-1
- Resident individuals having income <= 50lakh rupees from: 1. Salary/Pension 2. One house Property 3. Other sources
>>> ITR-2
- Income from: 1. Every income from ITR> 50Lakh rupees Capital gains 2. More than one house property 3. Foreign income/Foreign Asset 4. Crypto income (if reported as capital gains) -Holding directorship in a company -Holding unlisted equity shares
>>> ITR-3
-Income from: 1. Every income from ITR-2 2. Business/Profession 3. Crypto income(if reported as Business income) 4. As a partner in a firm
>>> ITR-4
-Resident Individuals and HUFs having total income <= 50 Lakh rupees -Every income from ITR - 1 1. Salary/Pension 2. one House Property 3. Other Sources -Presumptive income
>>> ITR-5
-Applicable to: 1. Firms 2. LLPs 3. AOPs 4. BOIs
>>> ITR-6
Companies not claiming exemption under section 11
>>> ITR-7
-Person/companies under: 1. Section 139(4A) 2. Section 139(4B) 3. Section 139(4C) 4. Section 139(4D)