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ITR: Only 6 days left to file ITR, choose the right form out of these seven 

This time the last date is July 31 for filing ITR will not be extended. Therefore, income taxpayers should not be slow in filing returns and do not wait for the last day. If your income is more than 5 lakhs and you do not file the return on the due date, then you will have to pay a fine of up to Rs 5,000.

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The last date for filing Income Tax Return (ITR) for the assessment year 2022-23 or FY 2021-22 is July 31, 2022. This means only 6 days are left to file the return. In such a situation, it is important for the income taxpayers to know which one is right for them in Form 7 ITR.

Form-1

  • If you are a salaried person and in the financial year 2021-22, your total income was up to Rs 50 lakh, then ITR-1 form has to be filled to file the return. Pensioners will also have to use the same form.
  • The same form has to be filled even if you get interest from bank deposits, earn as house rent and agricultural income is Rs 5,000.

Form-2

  • If the income is more than Rs 50 lakh and income from sources other than salary, then ITR-2 form has to be filed.
  • Other sources include income from capital gains, income from more than one residential property, foreign income, foreign assets. Earnings from becoming a director in the company and earnings from unlisted shares.

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Form-3

This is for those who have income from any business or profession along with earning from the sources specified in ITR-2 Form. The same form has to be used even if there are partners in a firm.

Form-4

  • This firm is meant for Residential Individuals, Hindu Undivided Family, Firms (Except LLP) having total income up to Rs 50 lakh and earning from business and profession.
  • If you get pension from the central or state government, then this information will also have to be given in ITR-3 form.

Form-5 and 6

  • Both the forms are not for individual income tax payers. ITR-5 form is for partnership company, business trust, investment fund etc.
  • n ITR-6 Form for companies which are registered other than section 11.

For filing Form-7

ITR, this form is for companies as well as those taxpayers who are charitable or religious trusts, political parties, research associations, news agencies or any similar organization.

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The date will not increase, the penalty will have to be paid on the delay

The Revenue Secretary says that this time the last date of July 31 for filing ITR will not be extended. Therefore, income taxpayers should not be slow in filing returns and do not wait for the last day.

  • If your income is more than 5 lakhs and you do not file the return on the due date, then you will have to pay a fine of up to Rs 5,000.
  • If the annual income is less than Rs 5 lakh, a fine of up to Rs 1,000 may have to be paid. 
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