💡 Tax Planning Guide
Tax Planning Tips & Strategies
Comprehensive guide to legal tax savings with investment recommendations, deduction strategies, and expert tips to minimize your tax liability.
📋 Topics
📋 ITR Filing Guide
Choose the correct Income Tax Return (ITR) form based on your income sources. Filing the wrong ITR can lead to penalties and delays.
🎯 ITR Forms Overview
ITR-1 (Sahaj)
For salaried individuals with simple income
✓ Only salary income
✓ One house property
✓ Income up to ₹50 lakhs
✓ No capital gains/business income
✓ One house property
✓ Income up to ₹50 lakhs
✓ No capital gains/business income
ITR-2
For individuals with capital gains/multiple properties
✓ Capital gains from stocks/mutual funds
✓ Multiple house properties
✓ Foreign income/assets
✓ Income above ₹50 lakhs
✓ Multiple house properties
✓ Foreign income/assets
✓ Income above ₹50 lakhs
ITR-3
For business/professional income
✓ Business income
✓ Professional income
✓ Partnership firm income
✓ Presumptive taxation (44AD/44ADA)
✓ Professional income
✓ Partnership firm income
✓ Presumptive taxation (44AD/44ADA)
ITR-4 (Sugam)
For presumptive business income
✓ Business income under Section 44AD
✓ Professional income under Section 44ADA
✓ Total income up to ₹50 lakhs
✓ Simplified for small businesses
✓ Professional income under Section 44ADA
✓ Total income up to ₹50 lakhs
✓ Simplified for small businesses
🤔 Which ITR Should You File?
💼 Only Salary Income?
Income from salary, pension, one house property
Use ITR-1 (if income ≤ ₹50L)
📈 Stock Market Profits?
Capital gains from shares, mutual funds, property
Use ITR-2 (mandatory for capital gains)
🏪 Business Income?
Trading, freelancing, consulting, shop business
Use ITR-3 (for regular books)
Use ITR-4 (for presumptive scheme)
Use ITR-4 (for presumptive scheme)
⚠️ Common Mistakes to Avoid
- • Don't use ITR-1 if you have capital gains
- • Don't forget to report small stock profits
- • Multiple house properties need ITR-2
- • Crypto trading requires ITR-2 or ITR-3
- • Foreign income/assets need ITR-2