Income Tax Return: Smart things to know.

1. What is an ITR?

Income tax return (ITR) is the tax form which is used by taxpayers to file information about the income earned and tax applicable, with the income tax department.

2. How do you determine which ITR form to fill?

The ITR form to be selected depends upon the sources of income of the taxpayer, the amount of income earned and the category the taxpayer belongs to.

3. How many ITR forms are there?

The department has 7 forms as of date— ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7. Taxpayers need to file the ITR on or before the specified due date.

4. Who is ITR-1 for?

ITR-1 is for Individuals having Income from salaries, one house property, other sources and having a total income of up to Rs.50 lakh.

5. Are you penalised for not filing your ITR on time?

A penalty is applicable if the ITR is not filed by the due date and the amount varies based on the income and delay.