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Which ITR form should I Fill?

As you know, 31 December 2021 is the last date for filling your ITR. The key question among individual TAX payee is "Which ITR form should I Fill?"

We have presented the table below for your ready reference and understanding for filling your ITR. However, we need to understand some key points here for easy and quick filling.


  1. If you have salaried income or any other income below Rs. 50 Lacs per annum & you have not earned any capital gain by way of shares, Mutual Funds or property sales etc. then you should use the ITR form - 1.

  2. If you have any investments in Mutual Fund, Stocks or have sold any property in last financial year or your total annual income is above Rs. 50 Lacs then you should use the ITR Form -2. This form is also used for person who have any investment in unlisted securities.

  3. If you are director, partner then you should use the ITR Form - 3.

  4. If you have any presumptive income from any source including salary, Business etc. then you should use the ITR Form -4.


Please see the table below for more clarifications :

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  • If any of the criteria given in above table is met then you should choose your ITR form accordingly.

  • ITR-5 is used for all Firms/ LLPs/ Association of Persons (AOPs)/ business trusts/ investment funds

  • ITR - 6 is used for all companies other than above

  • ITR - 7 is used for Persons including companies, which are a charitable or religious trust, political party, research association, news agency or similar organisations specified in the Act.

 

As a mutual fund and stock market distributors we provide annual capital gain statement for all your transections in a financial year. Your Chartered accountant or you would need the detail of such capital gain to upload / update your ITR Form.


How to use Capital Gain report for ITR filing ?


Let us first understand the basics about all type of Gain/Loss scenarios in Mutual Funds and Stocks :

  • If you redeem your units from Equity or Equity Hybrid Mutual Fund less than one year then you have to enter such gain or loss under special tax section which is applicable @ 15%.

  • If you redeem your units from Equity or Equity Hybrid Mutual Fund after one year then you have to enter such gain or loss under long term capital gain from equity investments which is applicable @ 10% flat taxation.

  • If you redeem your units from Debt or Debt Hybrid Mutual Fund less than three years then you have to enter such gain or loss as your income & will be taxed as per your applicable tax slab.

  • If you redeem your units from Debt or Debt Hybrid Mutual Fund after three years then you have to enter such gain or loss as your long term capital gain section with indexation. Such gains will be taxed @20%.


All such reports can be drawn from our consolidated tax sheet available under the menu "My Tax Report" in your portfolio login portal.


Ask us freely for any help at 9307218766 or email us at help@infirupee.com to get your capital gain sheet.

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