Saturday, April 3, 2021

INCOME TAX RETURNS ( ITR - 1 and ITR - 4 )


ITR 1:  Individuals having Income from Salary, House property, and other income (other than Business/professional Income)

For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand (Not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP


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ITR 4: filing of Business and Professional Returns on Presumptive Basis

For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income up to Rs.50 lakhs 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 or if income-tax is deferred on ESOP)


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