One Nation, One ITR Form is a proposed simple common-income tax return (ITR) form for all taxpayers.
What kind of ITR forms are there now?
There are seven kinds of ITR forms, according to the categories of taxpayers. They are as follows: ITR-1It is called ‘Sahaj’, and is for small and medium taxpayers. Sahaj forms can be filed by individuals who have an income up to Rs 50 lakh, with earnings from salary, one house property/ other sources (interest etc). ITR-2It is filed by people with income from residential property. ITR-3It is intended for people who have income as profits from business/ profession ITR-4 (Sugam)Like ITR-1 (Sahaj), Sugam is a simple form, and can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh from business and profession. ITR-5 and 6ITR-5 and 6 are for limited liability partnerships (LLPs) and businesses respectively. ITR-7It is filed by trusts and non-profit organizations. |
The proposed new common ITR form is a step in the right direction when it comes to simplifying the return filing process particularly for individuals. It will help ease the difficulties faced in deciding which form is applicable to them.
Getting ready for the IAS exam takes time and effort. Starting early with good coaching…
In this article, you can find a link to a PDF with the Himachal Public…
"How to Begin UPSC Preparation From Scratch" is a pressing question for many UPSC aspirants,…
The HPPSC Exam Calendar 2024 for various number of exams was made public by the…
The Mizoram Judicial Services Examination is conducted by judiciary authorities in the state of Mizoram…
Aspiring candidates interested in applying for vacancies in the Nagaland Civil Judge Examination can kickstart…