The aim was to use the information already available with the department and make the tax filing procedure simple and fast for taxpayers.Įarlier, ITR form had “information like name, father’s name, Aadhaar number, bank account number and so on. In its endeavour to make the process of tax filing easier, the income tax department last year decided to introduce pre-filled ITR forms with details of income and taxes paid by the assesses during the year. Those having income from capital gains can file their return in ITR-2 form, while those having income from business and profession can file their return in ITR-3 form. However, remember that neither ITR-1 and ITR-4 forms can’t be used to file returns by an individual who is either a director in a company or has invested in unlisted equity shares. Those who opt PTS are not required to maintain books of accounts. The scheme can be used by businesses having a total turnover of less than ₹2 crore and eligible professionals with gross receipts of less than ₹50 lakh in a financial year. PTS allows you to calculate your tax on an estimated income or profit. ITR-4 is for resident individuals, Hindu Undivided Families (HUFs) and firms having total income up to ₹50 lakh and for those who choose to file their income under presumptive taxation scheme (PTS). Also, the source of income should only include income from salaries, one house property, other sources (like interest from bank deposit) and agricultural income of up to ₹5,000. ITR-1 should be used by resident individuals having total income of not more than ₹50 lakh. We tell you who can use forms ITR-1 and ITR-4 and what pre-filled information is all about. The form will not have pre-filled information if it is downloaded in Excel or Java format. Remember that pre-filled information will only be available on ITR 1 and ITR 4 if you file the return completely online on the department’s e-filing website. You must wait for your employer to issue Form 16 before filing returns and verify all the pre-filled information.

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