Question: Which ITR Form I Need To Fill?

Which ITR form to fill for consultants?

The income tax form that freelancers and consultants need to fill out and submit is either ITR-3 or ITR-4.

ITR-3 applies to income from business or profession.

From AY 2017-18 (FY 2016-17), professional can opt for presumptive taxation and declare 50% of their gross receipts as their income by filing ITR-4..

How do I file taxes with no income?

Filing Taxes With No Income If you don’t meet the requirements, there is no income tax return needed. If you meet the minimum requirements to file, which change from year to year, you will need to file either a Form 1040EZ, a Form 1040A or a Form 1040.

Who can fill ITR 1?

Who is Eligible to File ITR 1 for AY 2020-21? ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources : Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)

Can I file ITR for AY 2020/21 now?

LATEST UPDATE: The last date of income tax return (ITR) filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For tax audit and TP audit, the last due date is 15th february 2021. The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty.

How can I download ITR 3 for AY 2020 21?

How to Download ITR 3 Form?Step 1: Visit–https://www.incometaxindiaefiling.gov.in/home.Step 2: Under the Download tab, click on “Offline Utilities”.Step 3: Then, go to “Income Tax Return Preparation Utilities”.Step 4: Select your Assessment Year, i.e. 2020-21.More items…

Who will file ITR 3?

ITR-3. The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 : Carrying on a business or profession.

Who will file ITR 6?

Companies other than companies claiming exemption under section 11 must furnish their income tax return in ITR-6 Form. What are the companies claiming exemptions under section 11? Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.

How can I download ITR 2 for AY 2020 21?

Under the Download tab, click “Offline Utilities”Click on “Income Tax Return Preparation Utilities”Select your Assessment Year.Click on “Excel Utility” for filling the details by hand under ITR 2 column and download the file.Open the downloaded file and fill in the details.

Who can fill ITR 2 form?

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2: Income from Salary/Pension. Income from House Property(Income Can be from more than one house property)

Which ITR form should I fill for AY 2020 21?

ITR-1 form for AY 2020-21 is valid for individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh on electricity or foreign travel, respectively.

Can I fill my ITR myself?

There are two ways you can file your income tax return (ITR) online. One way is to download the applicable income tax utility either in excel or java format from the tax department’s website, fill the form offline, save it, generate an XML file and then upload it.

How can I fill ITR online for salaried employees?

2. Online: Enter the relevant data directly online at e-filing portal and submit it. Taxpayer can file ITR 1 and ITR 4 online.PAN will be auto-populated.Select ‘Assessment Year’Select ‘ITR Form Number’Select ‘Filing Type’ as ‘Original/Revised Return’Select ‘Submission Mode’ as ‘Prepare and Submit Online’

Is CA required to file ITR?

The new personal income tax regime, with lower rates, is expected to be so simple that you will not require the help of a chartered accountant (CA) or any other professional from next year for filing of income tax return (ITR).

Who will file ITR 4?

Form ITR-4 (Sugam) is a simplified return form to be used by an assessee, at his option, if he is eligible to declare profits and gains from business and profession on presumptive basis under section 44AD, 44ADA or 44AE.