In case of rental income or having more than one house property, selecting the correct ITR form is essential to have a hassle-free and tax-compliant filing process.
Selecting the right Income Tax Return (ITR) form ensures accurate reporting and avoids legal issues—here’s how to pick between freelancing and consulting income in 2025.
The form is for individuals and HUFs with income from profits and gains of business or profession. However, it is also possible for individuals and HUFs to file ITR-3 if they have income from other sources, such as salary, pension, or capital gains.
A large number of small and medium taxpayers use ITR-1 (Sahaj) and ITR-4 (Sugam) forms to file their income tax returns.
Budget 2023: Under the income tax law, gains arising on the transfer of capital assets — both movable and immovable — are charged to tax under the head 'Capital Gains'. The tax rate is different for different asset classes.
All taxpayers, except trusts and non-profit organisations, can file returns with the proposed new common ITR form, on which the Central Board of Direct Taxes (CBDT) has invited stakeholder comments by December 15.
Depending on your source of income, you will have to use the right form while filing income tax returns.
In order to ensure quick redressal of taxpayer grievances, the Income Tax department will soon launch a new form called 'e-nivaran' on the lines of the ITR form to take care of issues related to refunds and others by sending personal SMSes and emails
The government today extended the last date for e-filing of Income Tax return by a week to September 7.
The CBDT has made filing of IT returns electronically mandatory for individuals with annual income of Rs 10 lakh or above. Along with this, there are also several changes that will have significant impact on the information one disclose. Financial advisor Jitendra Solanki shares few tips which will help us during the process of e-filing.