Income-tax return and types of ITR forms

The deadline for filing IT return is drawing close. Many wait till the last moment to finish the exercise, but that is not advisable. Find out the different categories of ITR forms that taxpayers fill

For individuals who are not subject to audit, the income-tax return filing deadline for the financial year 2020–21 was extended by three months from September 30 to December 31. It was first extended from the usual deadline of July 31 because of glitches in the new income tax portal developed by Infosys.Taxpayers also have the option to choose between the old and new income tax regimes while filing the return. Those who choose the new regime will not be able to claim certain deductions such as the standard deduction, house rent allowance and those under Section 80C and 80D.
It is also important to select the right ITR form based on your sources of income and residential status.For instance, ITR-1 can only be used by a resident individual having an income of up to Rs 50 lakh from salary or pension, income from one…read more