Claim Settlement Ratio of 99.02%~

Notifications11

  • World's First Music Video Created Retired Senior Citizens

    WATCH VIDEO
  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

    WATCH VIDEO
  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.20 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

In this policy, the investment risk in investment portfolio is borne by the policy holder.

Strong Long Term Fund Performance Track Record**

One Of The Most Trusted Brands#

ITR forms applicable for individuals AY 2022-23 | Bajaj Allianz Life

Tax Benefits~ On Online ULIP Plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

**, #, T&C Apply | BJAZ-WB-EC-02755/21

**, #, T&C Apply | BJAZ-WB-EC-02755/21

ITR Forms for the AY 2022-23 or FY 2021-22


calender-blue

May 20, 2022

By : Bajaj Allianz Life

The due date for filing your income tax returns for the financial year 2021-22 (i.e., assessment year 2022-23) is quickly getting closer. For individuals who do not need to get their accounts audited, the due date is July 31, 2022. Filing your ITR on time helps you get your refund sooner, if any. Additionally, it is also important to know which ITR form you should file, based on your income sources. In fact, filing the wrong income tax return forms can get you in trouble with the income tax authorities and may even lead to penalties or prosecution.

In case you are wondering what the different types of ITR forms are, and if you’re finding it tough to determine the one applicable to you, continue reading to find out.

 

ITR forms applicable for Individuals for AY 2022-23

 

For individuals, there are four different ITR forms available - ITR-1, ITR-2, ITR-3, and ITR-4. Here’s a brief overview of the various ITR forms available and their applicability for the assessment year 2022-2023.

ITR Form

Applicability

ITR-1

This form is applicable to only resident individuals whose total income doesn’t exceed Rs. 50 lakhs in a financial year.

This form should be used by individuals whose income is derived from -

  • Salary
  • A single house property
  • Income from other sources, which includes interest income, family pensions, and dividend payments and excludes lottery winnings and income derived from race horses

ITR-2

This form is applicable to residents, not ordinarily resident, and non-resident individuals.

ITR-2 should be used by individuals whose income is derived from sources other than ‘Profits and Gains from Business or Profession’. This includes sources like salary, house property, capital gains, and income from other sources.

Individuals eligible to file ITR-1 should continue to use ITR-1 and are not permitted to file ITR-2. 

ITR-3

This form is applicable to residents, non-residents, and not ordinarily resident individuals.

Individuals who derive their income from their business or profession should file ITR-3.

In addition to ‘Profits and Gains from Business or Profession’, if individuals also derive their income from sources like salary, pension, capital gains, house property, and other sources, they will still be eligible to use ITR-3.

ITR-4

This form is applicable only to resident individuals with total income not exceeding Rs. 50 lakhs.

Individuals opting to compute their income from business or profession on a presumptive basis according to sections 44AD, 44ADA, and 44AE of the Income Tax Act, 1961.

Such aforementioned individuals, who also derive their income from sources like salary, pension, house property, capital gains, and other sources can also use ITR-4 as long as their total income doesn’t exceed Rs. 50 lakhs.

 

Conclusion

 

This should give you a better idea of the kind of ITR form that you need to use when filing your ITR this year. That said, before you start filing your ITR, you can use an income tax calculator to get a better idea of the amount of tax that you would have to pay. This way, you can make informed decisions with respect to tax planning and tax filing.

Also, if you haven’t started preparing to file your ITR yet, it is advisable to start as soon as this financial year comes to a close. That will give you more time to obtain a clarity on your taxable income and the deductions you are eligible for.

BJAZ-WEB-EC-00290/22

Bajaj Allianz Life Videos

Play

Bajaj Allianz Life | Children's Day

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.