How to File ITR for Non-Salaried Person

What is ITR?

Why should you file ITR?

Filing income tax returns comes with several advantages, which we will be discussing later in this piece. However, the foremost reason why you should be filing ITR is it is mandatory for individuals with incomes exceeding the taxable limit.

You can refer to the following table to know about the different exemption limits for individuals of different ages.

Age

Exemption Limit

Up to 60 years

₹2.5 lakhs

Above 60 and below 80 years

₹3 lakhs

Above 80 years

₹5 lakhs

Since we are talking about non-salaried applicants here, let’s focus on the tax filing mandates for income sources like an organisation. If you are wondering how to file an income tax return for a non-profit organisation or a firm/company, know that it is mandatory to file ITR in such cases regardless of profit or loss.

Similarly, knowing how to file a non-resident tax return is essential.

Which ITR to file for a non-salaried person?

Here is a table containing the ITR forms applicable for different categories of non-salaried individuals. Choose the one best suiting your profile.

Form Type

Applicable For

ITR-5

LLPs, Business trust, AOP, BOI, Cooperative society, Local authority, Estate of insolvent, Investment fund, Artificial juridical person defined under Section 2(31)(vii), Estate of deceased

ITR-6

Companies excluding the ones filing returns under Section 11

ITR-7

Individuals and companies claiming exemption under Section 139(4A) /139(4B) /139(4C) /139(4D) /139(4E) /139(4F)

Once you have picked the form you need to file your returns, it is important to know the detailed process for how to file an income tax return for a non-salaried person.

How to file an income tax return for a non-salaried person?

Benefits of filing ITR for a non-salaried person

What precautions should you take while filing ITR?

Frequently Asked Questions