As many as 7 types of income tax returns have been released by Income Tax Department
Income Tax Returns for Salaried Employees for the year 2019-20 have been notified. Either ITR-1 or ITR-2 will have to be filed by Salaried Employees not having income from profits and gains of business or profession, depending upon total income, number of house property possessed and amount of agricultural income.
ITR-1 Income Tax Return is applicable to a Salaried Employee in the following cases:
- Total income of the salaried employee during the financial year 2018-19 did not exceed Rs. 50 lakh.
- The employee concerned should not own more than one House Property
- Agricultural income received the salaried employee if any should not exceed more than Rs. 5000/-
- Employees having Other income sources such as interest subject total income limit of Rs. 50 lakh can file ITR-1
ITR Form No.
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand] [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
For Individuals and HUFs not having income from profits and gains of business or profession
For individuals and HUFs having income from profits and gains of business or Profession
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE]
[Not for an individual who is either Director in a company or has invested in unlisted equity shares]
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]
For Companies other than companies claiming exemption under section 11
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)