Explained ITR Forms : Which ITR applies to you !! | ITR 1 to ITR 7 for 2024 |
Автор: Taxlegit
Загружено: 2024-04-06
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🌟 Explained ITR Forms: Which ITR applies to you !! | ITR 1 to ITR 7 for 2024🌟
hello friends, In this video ✨
we will discuss ITR in explained: ITR 1 to ITR 7, and which ITR applies to you?
ITR-1 (Sahaj)
Who can file it:
• Resident individuals with income up to ₹50 lakhs.
• Income sources include salary, pension, one-house property, and other sources (excluding lottery winnings and racehorses).
Who cannot file it:
• Individuals with income exceeding ₹50 lakhs.
• Non-residents, HUFs, or individuals with agricultural income exceeding ₹5,000.
ITR-2
Who can file it:
• Individuals and HUFs not having income from business or profession.
• Income includes salary, pension, house property, capital gains, and other sources (including lottery winnings).
Who cannot file it:
• Individuals with income from business or profession.
ITR-3
Who can file it:
• Individuals and HUFs having income from business or profession.
• Includes all sources of income like salary, house property, and other sources.
Who cannot file it:
• Individuals not having income from business or profession.
ITR-4
Who can file it:
• Resident individuals, HUFs, and firms (excluding LLPs) with total income up to ₹50 lakhs.
• Income includes business income computed under the presumptive taxation scheme, salary, pension, one-house property, and other sources.
Who cannot file it:
• Individuals with income exceeding ₹50 lakhs.
• Non-residents, LLPs, or those with income from more than one house property.
ITR-5
Who can file it:
• Firms, LLPs, AOPs, BOIs, artificial juridical persons, cooperative societies, and local authorities.
• Does not apply to individuals and HUFs.
Who cannot file it:
• Individuals, HUFs, and companies.
ITR-6
Who can file it:
• Companies except those claiming exemption under section 11 (income from property held for charitable or religious purposes).
Who cannot file it:
• Companies claiming exemption under section 11.
ITR-7
Who can file it:
• Persons including companies required to furnish returns under sections 139(4A) (trusts), 139(4B) (political parties), 139(4C) (scientific research institutions), and 139(4D) (universities and colleges).
Who cannot file it:
• Individuals, HUFs, firms, and LLPs not covered under the sections mentioned.
Chapters
00:00-00:17 - intro
00:17-00:46 - Who can file ITR 1 and who can’t?
00:46-1:13 - Who can file ITR 2 and who can’t?
1:13-1:38 - Who can file ITR 3 and who can’t?
1:38-2:06 - Who can file ITR 4 and who can’t?
2:06-2:35 - Who can file ITR 5 and who can’t?
2:35-2:51 - Who can file ITR 6 and who can’t?
2:51-3:01 - Who can file ITR 7 and who can’t?
3:01-3:16 - outro of the video
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