Income tax return form ITR-4 is applicable to small business owners and professionals who wants to declare their income under the presumptive taxation scheme. In Income tax we have three sections as per which you can declare your income under the presumptive taxation scheme;ITR-4, which is also known as SUGAM, is a very simple income tax return form compared to … [Read more...] about When to choose income tax return form ITR-4 for filing?
ITR
Income tax return form ITR-3 : What it is and when to choose it for filing?
To file your income tax return, you need to choose a form notified by the government for the financial year. At present we have 7 different income tax return forms are notified by the government for the previous year 2023-24 (assessment year 2024-25).For the financial year 2024-25 (assessment year 2025-26), income tax forms are not yet notified. Most probably, it will be … [Read more...] about Income tax return form ITR-3 : What it is and when to choose it for filing?
Who should file income tax return form ITR-2 for FY 2023-24?
As per the current law, income tax return form ITR-2 is to be used when you are not eligible to file form ITR-1 and you don't have income from business or profession.For instance, suppose you are working as a director of a company in addition to getting salary income for the previous year 2023-24 (Assessment Year 2024-25), in this case ITR-1 is not applicable. You need to … [Read more...] about Who should file income tax return form ITR-2 for FY 2023-24?
Who should file Income tax return form ITR-1 for FY 2023-24?
Is income tax return form ITR-1 for you?If you landed here by looking for an answer to “whether income tax return form ITR-1 is applicable to you”, then this article is for you to find your answer.The first and foremost thing before filing an income tax return is to select the right income tax return (ITR) form applicable to you.Many taxpayers think that salaried … [Read more...] about Who should file Income tax return form ITR-1 for FY 2023-24?
Surcharge on Income tax for Financial year 2022-23 – Applicable to Individual
Surcharge is an additional charge or tax levied on the amount of income-tax calculated at the rates of income tax applicable for the financial year. It's not calculated on income generated.We have restricted our article to the rate of surcharge that is applicable to an individual in India.For example if a tax is levied at 30% on an income of Rs 1,000, the total tax … [Read more...] about Surcharge on Income tax for Financial year 2022-23 – Applicable to Individual