Agenda of the Video: Which ITR Form Selection is suitable for Us.
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#itr #incometax #20232024 #assessmentyear20232024 #previousfiscalyear20222023 #AY20232024 #PYFY20222023 #FinancialYear2023
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->Which ITR Should I File? How many types of ITR Forms for FY 2022-23 (AY 2023-24)?
ITR stands for Income Tax Return. The Income Tax Act, 1961 releases all the ITR forms and specifies the procedures to be followed. This article gives an in-depth understanding of the ITR definition and types of ITR forms.

->What is ITR?
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.
The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, company, etc.

->Why should you File ITR?
If you want to claim an income tax refund from the department.
If you have earned from or have invested in foreign assets during the FY.
If you wish to apply for a visa or a loan
If the taxpayer is a company or a firm, irrespective of profit or loss.
If you have loss from business/profession or under capital gains head, you will not be allowed to carry them forward to the next years unless you file the return before the due date.

->When is it mandatory to file income tax returns (ITR) in India?
If your Gross Total Income is more than the Basic Exemption Limit.