by Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc.
if your gross annual income is more than the basic exemption limit as specified below:
| Particulars | Amount |
| For individuals below 60 years | Rs 2.5 Lakh |
| For individuals above 60 years but below 80 years | Rs 3.0 Lakh |
| For individuals above 80 years | Rs 5.0 Lakh |
Types of Income Tax payers
The Income tax Act has classified the types of taxpayers in categories so as to apply different tax rates for different types of taxpayers.
Taxpayers are categorized as below:
- Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI)
- Firms
- Companies
ITR-1 OR SAHAJ
This Return Form is for a resident individual whose total income for the AY 2021-22 includes:
Income from Salary/ Pension.
- Income from One House Property (excluding cases where loss is brought forward from previous years).
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs.5000.
Types of Income / Heads of Income
Everyone who earns or gets an income in India is subject to income tax.(Yes, be it a resident or a non-resident of India ).For simpler classification, the Income tax department breaks down income into five main heads:
| Head of Income | Nature of Income covered |
| Income from Other Sources | Income from savings bank account interest, fixed deposits, winning in lotteries is taxable under this head. |
| Income from House Property | Income earned from renting a house property is taxable under this head of income. |
| Income from Capital Gains | Surplus Income from sale of a capital asset such as mutual funds, shares, house property etc is taxable under this head of Income. |
| Income from Business and Profession | Profits earned by self-employed individuals, businesses, freelancers or contractors & income earned by professionals like life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers are taxable under this head. |
| Income from Salary | Income earned from salary and pension is taxable under this head of income |
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