Choice of wrong ITR form can lead to a notice from Income Tax Dept

Take into account the amount and nature of your income, and residency status when choosing form

With the December 31 deadline for filing Income-Tax Returns (ITR) for financial year 2020-21 and assessment year 2021-22 just two weeks away, taxpayers who have not begun the process yet should do so without further delay. The first step here is to choose the correct ITR form.

Nikhil Varma, managing partner, Miglani Varma & Co-Advocates, Solicitors and Consultants says, “The ITR form to be used depends on the amount and nature of the income earned by an assessee.” The tax department has notified all the ITR forms (one to seven) for AY 2021-22 with minimal changes. Of the seven, four