ITR Filing Forms: Do you earn from salary, share market, or rent? Know which form should be filled out to file income tax..

There are 7 forms available on the income tax portal to file an Income Tax Return (ITR). But the first four forms i.e. 1, 2, 3, and 4 are for salaried persons, self-employed and business people. Which form you have to fill out while filling out ITR depends on how you are earning money. The last date for filing income checks is 31 July 2024. In such a situation, you must know how to file ITR correctly before the deadline.

If you are going to file income tax for the first time and do not know which form you have to fill out, then we are going to tell you which form you should fill out according to the source of income. Let us know...

For salaried people- Salaried people have to fill out ITR 1, ITR 2, ITR 3, and ITR 4 forms to pay income tax. Keep in mind that if the income is up to Rs 50 lakh, then fill ITR 1 only.

If you earn interest on FD- If you are getting interested in a fixed deposit, then you have to fill out ITR 1, ITR 2, ITR 3, and ITR 4 forms.

Investment in the stock market (investors only)- If you are earning from the stock market, then you have to fill out ITR 2, ITR 3, and ITR 4 forms.

On income from house rent- If you are earning from house rent, then fill out ITR 1, ITR 2, ITR 3, and ITR 4 forms.

Freelancing or Business- If you are earning money from freelancing or business, then you will have to fill out ITR 2, ITR 3, and ITR 4 forms.

On income from farming- If you are earning more than Rs 5000 from farming, then you can fill out ITR 2, ITR 3, and ITR 4 forms.

Total income more than 50 lakhs- If your total income from all sources is more than Rs 50 lakhs, then you should fill out forms ITR 2 and ITR 3.

Keep these things in mind.
The default option of the New Tax Regime is selected on income tax. If you want to pay tax under the Old Tax Regime, then you will have to choose the Old Tax Regime while filing. If you do not do this, your ITR will be filed under New Tax Regime.

If you have more than one bank account, then you will have to tell its information to Income Tax. Many people do not give their information. But this time the department has made it mandatory to provide information about all accounts. If this is not done, the department can send you a notice.

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