Please find below the details regarding filing an ITR form by an individual as per the mentioned category:
Filing of ITR form 1:
This form is to be used by individuals whose total income for the assessment year 2017-18 includes the following:
Income from Salary or Pension
Income from One House Property (excluding cases where the loss is brought forward from previous years)
Income from Other Sources (excluding winning from lottery and income from race horses, etc.)
This form cannot be used by individuals whose total income for the assessment year 2017-18 exceeds Rs 50 lakh.
It is to be noted that where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, then in such cases this return form can be used, but only if the income which is being clubbed falls into the mentioned income categories thereon.
Filing of ITR form 2
This ITR form is to be used by individuals or HUF's (Hindu Undivided Family) who are not eligible to file Sahaj ITR-1 and also, whose income is chargeable to income-tax under the head – Profits or gains of business or profession is in the nature of interest, bonus, salary, commission or remuneration, due to, or received by them from a partnership firm.
One should know that this ITR should not be used by individuals whose total income for the assessment year 2017-18 includes Income from Business or Profession under any proprietorship.
Filing of ITR form 3
This ITR form is to be used by individuals or HUF's (Hindu Undivided Family) who is carrying out a proprietary business or profession. The return can be filed with the I-T Department in any of the following ways:
By providing the return electronically under digital signature
By transmitting the data in the return electronically under electronic verification code
By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
Filing of ITR form 4 (SUGAM)
This ITR form can be filed by either individuals or HUFs or any Partnership Firm whose total income for the A.Y 2017-18 includes
Salary or Pension.
Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income.
Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA.
Income from One House Property (excluding cases where the loss is brought forward from previous years).
Income from Other Sources (excluding winning from lottery and income from race horses).
You can use SUGUM for filing your ITR. But you will have to understand the total provision of tax and hence it is better to take the help of a professional who will help you in saving some tax and the amount he charges will be very negligible when compared to the benefit you get.
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