There are several types of ITR forms that you need to be aware of when you are finding out the correct Income Tax Return form for home loan. You should always be aware of factors like the home loan interest rate, principal amount, home loan tax benefit for claiming deductions and other aspects related to your home loan. The income tax returns filing necessitates choosing the right form.
The different types of ITR Forms include the following:
• ITR-1
• ITR-2
• ITR-3
• ITR-2A
• ITR-4S
• ITR-4
You have to file the ITR-1 Sahaj Form. This should be filed by individual taxpayers who are salaried/pensioners and who earn income from a single housing property if that applies. You should not have income from any other business/asset sales and can mark income from other sources.
ITR-2A can be filed in case you have more than one housing property. Form 2 is for those who have income from sale of property/assets in India (capital gains), who earn income from more than one property, who are salaried/pensioners, who own assets outside India and earn income abroad. This also applies for those whose agricultural income is more than Rs. 5,000.
Form 3 is for those who are partners in firms but do not operate businesses under the firm or earn income from the business. Those who earn salary, commission, bonus, interest and remuneration only from the firm can fill up this form.
The ITR 4 Form is for those who have business/earn income from professions along with income earned from windfalls, speculation, housing property, lotteries, etc. Doctors, agents, shopkeepers, contractors, retailers, etc. can file with this form. 4S Form is the Sugam form and applies for those earning income from one housing property and from business. This applies for those not earning income from selling assets/property in India and those whose agricultural income is lower than Rs. 5,000. These are people who do not earn income abroad or own properties abroad.
Other forms include ITR 5 which is for firms/AOPs/BOIs/LLPs/co-operative societies/local authorities/artificial judicial persons. ITR 6 is for companies except those claiming exemptions under Section 11. ITR 7 is for people/companies who submit returns under Sections 139 (4A,4B,4C and 4D).
Also Know: How to File ITR for Home Loan?
