Confused on which ITR form to use?

Jul 31 marks the final day for the filing of an the income tax return (ITR) to be filed for tax year 2022-23 (or financial year 2021-22). There are many types of ITR available to taxpayers with different sources of income. It is essential for taxpayers to understand the proper kind of ITR form that is applicable to them. income tax for salaried person Don't get lost in what form you should use while filling out your the income tax return. This is everything you need to know about the tax return. ITR 1 Form or Sahaj Who Can File ITR 1 Form The form ITR 1 or Sahaj is available to salaried persons with a total income up to 50 lakh in the fiscal period 2021-22. The salary must be stated. as well as pension. Taxpayers may also fill out ITR 1 to report income earned from other sources like interest earned from bank deposits or a house property. People who earn agriculture income that is up to Rs . 5,000, may also utilize Sahaj form to file their income tax returns. People who qualify as ordinary residents only need to fill out ITR 1 Form. Who Can't File ITR 1 Form or Sahaj Non-residents or residents who are not ordinarily residents income tax for salaried employees - Hindu Undivided Family (HUF) Normally, residents who have a an income that is greater than 50 lakhs rupees. Director in a business Investors who invest in equity shares that are not listed - having brought forward losses, or losses that are which are to be carried over in the name "income from house property" The people who earn income from other sources, e.g., more than one home or capital gains, profit or gains from the profession or business, or winning lottery tickets - Taxpayers who own assets in countries other than India If the the provisions of Section 194N under the Act are in effect, i.e. TDS is deducted for cash withdrawals of more than the amount of Rs. 1 crore (Rs 20 lakhs in some circumstances) - - Those who qualify under the tax relief relief relief for income earned from employee Stock Options (ESOP) available to employees of start-ups that are eligible'

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