If you have wondered what is an ITR form, the simple answer is that it is a form through which you file an income tax return. You need to furnish your income and employment, tax deductions, and other income tax-related information in the applicable ITR form when filing your returns.
Choosing the right form is crucial in ensuring you do not have to file a revised return or pay any penalties. There are 7 different types of ITR forms from which you have to choose one, depending on your source of income.
A common ITR Form example is ITR 2, which is applicable to salaried individuals, HUFs or NRIs with annual income above ₹50 lakhs. Other ITR forms include ITR-1 (Sahaj), ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, and ITR-7.