What is ITR?

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.

Below is the list of ITR forms which are most commonly applicable:

Particulars | Applicability ITR-1 (also called as Sahaj)

To be filed by resident individuals having total income upto ₹ 50 lacs from following sources :

Salary
One house property
Other sources excluding winning from lotteries and income from horse races
Agricultural income upto ₹ 5,000

ITR-2 To be filed by Individuals and HUFs who are not eligible to file form ITR-1 and don’t have income from profits and gains from business or profession

ITR-3 To be filed by Individuals and HUFs having income from profits and gains from business or profession

ITR-4 (also called as Sugam) To be filed by resident individuals, HUFs and firms (other than LLP) who are residents having total income upto ₹ 50 lacs and having income from business or profession computed under section 44AD, 44ADA or 44AE

Individuals have to compulsorily file ITR through online mode.

Following is the due date for filing of ITR:

Particulars	Due Date
Person (other than company) not covered under tax audits	31st July
Person covered under tax audits	30th September
Person who has undertaken international transactions and is liable to report under 92E	30th November

For More Detail visti https://www.iciciprulife.com/insurance-library/income-tax/what-is-itr.html