Which ITR Form to Use for Filing Income Tax Return?

Income Tax Department has divided income earned under the following heads-

• Income from salary- It covers income earned out of the employer–employee relation between the payer and payee. It covers pension also.
  
  
• Income from proprietary/business/profession- It covers income earned through business or profession.
  
  
• Income from house property- Any income you earn from a residential or commercial property is taxable. However, rental income is taxable subject to some exemptions.
  
  
• Income from capital gains- Any profit arising from the transfer of a capital asset, such as property and gold.
  
  
• Income from other sources- Any income that doesn’t fall under any of the above four heads of income is taxed under ‘income from other sources’. It includes interest on saving bank account, dividend, income from royalty, interest on securities, etc.

Now as you know the nature of your income, refer to the following table to find out the ITR form applicable to you.