Question 1

Should I file ITR-1 or ITR-2?

Accepted Answer

According to Form ITR-1, the individual is not reporting revenue from actions like playing the lottery or gambling, etc. However, under ITR-2, someone's income originated from things like playing the lottery, gambling, etc. The person exclusively makes currency from one residence. The person makes cash from extra than one residential possession.

Question 2

Can I file ITR for the last 3 years now?

Accepted Answer

You are able to submit returns for prior years. At most, this can be done for the two fiscal years prior to the present one. By the end of the fiscal year 2019–2020, you must have submitted your ITR for the fiscal year 2017–18.

Question 3

Is ITR 2 for salaried employees?

Accepted Answer

Any individual or HUF that has income in the form of interest as well as income from business profits and gains from a profession is not eligible to file an ITR-2. salary.

Question 4

Which ITR is for a salaried person?

Accepted Answer

ITR-3: If you are a salaried worker and you earn revenue from a salary, a business or career, a single or multiple article of real estate, wealth gains, or any other quotation, you may file an ITR-3.

Question 5

What happens if I never file ITR?

Accepted Answer

A penalty of 3 months to 2 years in prison may arise from the loss to file an ITR. A sentence of 3 months to 2 years in jail may occur from the loss to file an ITR.