IT'S that time of the year, when we have to deal with two sides of the same coin -- appraisals and raises, and tax and deductions!

If paying tax isn't depressing enough, the Government withdrew the simple 'saral' (tax form that was used till 2008) and introduced a host of complicated forms, which may discourage even the most ardent tax payer.

But do not be discouraged. wealth is here to help. Here's a list of forms relevant for you.

There are two categories of applicants:

1. Individuals and Hindu Undivided Families(HUFs)

There are four types of ITR (Income Tax Return) forms in this category.

ITR 1

For whom: Individuals with salaried income and income from interest. You cannot use it if you earn income under heads like:

• Property rental income
• Capital gains
• Income from a business
  
• Dividend income from shares of foreign companies (which income is not tax free in India)
• Winning from lotteries or any other prize money
  
  

The IT department web sites offers two versions of ITR 1 -- version 1 which consist of two pages and version 2 is three pages long. But, honestly, the font size is the only difference between the two!

ITR 2

For whom: Individuals and HUFs with income from any source other than business or profession.

Besides your salary and interest from income, individuals and HUFs who earn from house property or capital gains (both long-term and short-term) or income from other sources use this form.

Most salaried professionals will use this 12-page form. Don't be alarmed, though; of the 12 pages, six pages are guidance notes.

So, you actually need to fill up only six pages.

ITR 3

For whom: Individuals and HUFs who are partners in a partnership firm and do not have any proprietary business or profession.

This form is 14 pages long. Again, seven of those pages are guidance notes.

ITR 4

For whom: Individuals and HUFs who earn income from a proprietary business or profession.

This form is 30 pages long, with 10 pages of guidance notes.

Read:

• Mistakes in form 16! What should I do, now!
• File tax returns, online, in 20 minutes
• Top web sites to file your returns, online
• I have NEVER saved tax

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