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9 Steps to Filing Income Tax Returns on Your Own

Step 3: Choose the correct ITR Form

There are 9 types of income tax forms to choose from to file your return of income. Salaried individuals have to make a selection amongst 4 forms. Here’s the broad criteria to determine which form is the right one for you.

1. Salaried individuals with one property must file ITR-1

2. Those with salary income and more than one property (and no capital gains) must report their income on ITR 2A

3. Those with salary income, house property income, capital gains, foreign assets and income must file ITR-2

4. Business owners and professionals who may or may not have salary income must file their return of income on ITR-4 or can file ITR-4S if they are eligible for presumptive income method and where their turnover or gross receipts are lower than Rs 1 crore.

About Rachna Monga Koppikar

Rachna aka your Great Gruhini is a finance writer with over a decade's experience in writing about personal finance matters with leading financial publications of India. As she studies to be a certified financial planner, she is also on a mission to make every woman a money savvy individual. So shed your inhibitions. Get over your money worries with The Great Gruhini. Write to her at thegreatgruhini@gmail.com

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