ITR (Income Tax Return)

Income Tax Return (ITR) is an annual return that must be filed by all taxpayers to report their income, deductions, and tax liability to the Income Tax Department.

Different ITR forms:

• ITR-1 (Sahaj) - Salaried individuals with income up to Rs 50 lakhs
• ITR-2 - Individuals with capital gains or multiple house properties
• ITR-3 - Individuals/HUFs with business/profession income
• ITR-4 (Sugam) - Presumptive income under section 44AD/AE/ADA
• ITR-5 - Partnerships, LLPs
• ITR-6 - Companies
• ITR-7 - Trusts, political parties

Filing ITR is mandatory if gross income exceeds the basic exemption limit.