As a self-employed individual, you're responsible for filing your ITR. Hence, it’s crucial to have a comprehensive understanding of the different ITR forms. These include ITR-2 for individuals with income from extra sources, ITR-3 for proprietary businesses, and ITR-4 for presumptive taxation. Moreover, you need to be extra careful when calculating your taxes. Keep your documents ready and complete your online ITR filing by the set date to avoid penalties.
ITR-2 is for individuals and Hindu Undivided Families (HUFs) with income from sources like house property and capital gains
ITR-3 is for individuals running a proprietary business or profession, capturing all business income and expenses
ITR-4 is for individuals who have opted for the presumptive taxation scheme under Section 44AD, 44ADA, or 44AE
ITR-5 is for firms like Limited Liability Partnership (LLP), Association of Persons (AOP), and Body of Individuals (BOI)
ITR-6 is for companies, barring those claiming exemption under section 11
ITR-7 is for individuals required to furnish a return under sections 139(4A) to 139(4F)
Keep all necessary documents handy, including PAN card, Aadhaar card, bank account details, and Form 16/16A/16B
Double-check calculations to ensure accuracy and claim all eligible deductions and exemptions when filing your ITR online