Who is required to file ITR?
As per section 139(1) of the Income Tax Act, 1961, Every individual or HUF whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount (Rs.2,50,000) which is not chargeable to income tax is obligated to furnish his return of income.
The CBDT has notified 4 types of Income-tax return forms. Each return form is applicable according to the status of taxpayer and type of income he earns during the year. As of Assessment Year, there are following four forms available from for filling of Individual and HUF:
- Form No.: ITR-1 SAHAJ
- Form No.: ITR-2
- Form No.: ITR-3
- Form No.: ITR-4 Sugam
