What are the Different Types of ITR

Inhabitants of India play a major role in contributing to the progress of the nation. Agree to it or not, the major requirement for growth is money; the nation cannot move forward without the help of it. Therefore, each and every eligible individual is accountable to pay their income tax returns either via Free Online Income Tax Filing platform or others.

 The tax gets imposed based on the income earned by him/her. This helps in enhancing the standard of people living in the country, strengthening various projects while improving the economy of the country.

Basically, ITR is of two types.

• Individual ITR
• Professional ITR

On the basis of types of income, the category of taxpayers, and the income of the individual; the types of ITR, and thus the ITR forms vary.

Individual ITR

It is an official form that an individual is required to submit to a federal, state or local taxing agency to report all taxable income received the previous year. He/she can take Free Tax Consultations and fill out the form and file the ITR on their own.

• Every person, earning a certain amount of income needs to file a tax return every year.
• They can file their income tax returns on a version of IRS form 1040 or 1040-SR.
• The eligible taxpayer needs to submit the form by a deadline date.

Professional ITR

The income tax return filed by domestic and foreign companies on their income in India. However, the corporate tax is subject to the changes in the rates every year.

• A domestic company is subject to pay taxes based on its universal income.
• A foreign company is taxed on the income earned within India.

Let’s Understand Who Should File ITR In India.

I am going to show it with the help of a table.

• Paying ITR on time is quite essential to stay away from any sorts of criminal charges and help you avail more financing.

• In case you want to avoid any kind of mental pressure related to ITR filing, you can get assistance from fully skilled consultants. A good consultant will provide you with a proper tax plan and also gives you the knowledge of discounts and other advantages to proceeding with the smooth process of Free Online Income Tax Filing.

• Eyeing for a professional to get useful tax tips? We at Trutax have well-qualified financial consultants who are always ready to help you by providing Free Tax Consultations.

They will help you complete and file your ITR for a financial year, no matter you are an individual or corporate. Not only, we’ll calculate the payable tax amount but also offer you the best options and solutions to file your ITR without any delay.