{"id":5372,"date":"2014-07-16T03:00:38","date_gmt":"2014-07-16T03:00:38","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=5372"},"modified":"2014-07-15T18:29:08","modified_gmt":"2014-07-15T18:29:08","slug":"which-itr-form-to-choose-for-filing-income-tax-return","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/which-itr-form-to-choose-for-filing-income-tax-return\/","title":{"rendered":"Which ITR form to Choose for Filing Income Tax Return?"},"content":{"rendered":"
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Filing Income Tax Return – Which ITR form to Choose?<\/strong><\/figcaption><\/figure>\n

Filing of Income tax return could be complicated especially for those who are doing it for the first time. Thankfully over the years the forms used for Income tax returns (ITR Forms)<\/strong> have become simpler but still the question which ITR form to choose keeps baffling people.<\/p>\n

In this post I help you choose the right ITR form.<\/strong><\/p>\n

Types of income:<\/h2>\n

We might not differentiate in our income, but Income Tax Department classifies your income as follows:<\/p>\n

1. Income from\u00a0Salary\/ Pension:\u00a0<\/strong>This is income that an employee receives from his employer. Pension is also treated as salary for Income tax<\/p>\n

2. Income from Home\/Real Estate:\u00a0<\/strong>This is the income from any property \u2013 residential or commercial by renting\/leasing it out<\/p>\n

3. Income from Capital Gains:<\/a><\/strong> The profits on selling of an asset like equity, mutual funds, gold, NCDs, Bonds or real estate.\u00a0The capital gains are further classified as Short Term or Long Term depending on the time frame of transactions and asset under consideration.<\/p>\n

4. Income from Business\/ Profession:<\/strong> This is income for professional such as lawyers, doctors etc which they generate through freelancing or private practice. Income from running a business is profits that the business generates after deduction of expenses such as rent, salary to staff, etc.<\/p>\n

5. Income from Other Sources:\u00a0<\/strong>All other income other than the above falls under this category. This might cover interest received on fixed deposits, gifts, winning of prize or lottery<\/p>\n

6. Exempted Income:<\/strong>\u00a0There are some categories of income which are exempted from income tax. Below is the list of exempted Income:<\/p>\n