Confused about which ITR form to use for filing taxes? ITR 1 is for residents with income from salaries and other sources, ITR 2 is for those without business income, and ITR 4 is for those using presumptive taxation
The form is for individuals and HUFs with income from profits and gains of business or profession. However, it is also possible for individuals and HUFs to file ITR-3 if they have income from other sources, such as salary, pension, or capital gains.
As the last date to file your income tax return (ITR) looms closer, one should note that filing your Income Tax Return (ITR) using the wrong form can lead to various consequences. The Income Tax Department may reject your return, requiring you to refile with the correct form.