.Important Keyword: ITR Forms, ITR-1, ITR-2, ITR-3, ITR-4
Table of Contents
Which ITR Forms to file?
The Income Tax Department releases different Income Tax Return (ITR) forms each year for a specific Assessment Year. Taxpayers select the appropriate ITR form based on their residential status and sources of income. The income tax return serves as a comprehensive document for declaring various types of income earned in India and settling any applicable tax liabilities.
While the Income Tax Department prescribes seven different ITR form numbers, taxpayers must carefully choose the one that is applicable to their individual circumstances. These forms cater to different types of taxpayers and income sources, ensuring accuracy and compliance in the tax filing process.
What are the different ITR Forms?
Although the Income Tax Department (ITD) has prescribed 7 different ITR form numbers, taxpayers have to choose the one that applies to them.
The following ITR Forms are prescribed for Individuals (Non-corporate assesses):
| ITR FORM | Description |
| ITR 1 | The most basic ITR form for individuals having income up to INR 50,00,000 from or income from salary/pension, one house property, and interest. |
| ITR 2 | For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm. |
| ITR 3 | Individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession. |
| ITR 4 | For individuals/HUF/Partnership firms having income from presumptive business or profession, salary/pension, one house property, and interest up to INR 50,00,000. |
Corporate assessees are required to use the prescribed ITR forms listed below:
| ITR 5 | For firms, an association of persons (AOP), Body of Individuals (BOI), co-operative societies, and local authorities. |
| ITR 6 | For companies claim that do not claim an exemption under section 11 (such as a charitable or religious trust). |
| ITR 7 | For trusts, political parties, scientific research organizations, colleges, and universities. |
Know Which ITR Form You Are Required to File
Determining the appropriate Income Tax Return (ITR) form is crucial for individuals to meet their tax obligations accurately. It ensures compliance with tax regulations by aligning with one’s financial circumstances and income sources.
| Sources of Income | Individual | Individual/ HUF | ||
|---|---|---|---|---|
| ITR-1 (SAHAJ) | ITR-2 | ITR-3 | ITR-4 (SUGAM) | |
| Salary/Pension income | ✓ | ✓ | ✓ | ✓ |
| Income From One House Property | ✓ | ✓ | ✓ | ✓ |
| Income From Multiple House Property | ✓ | ✓ | ||
| Agricultural income exceeding Rs. 5,000/- | ✓ | ✓ | ||
| Income from Other Sources | ✓ | ✓ | ✓ | ✓ |
| Winnings from lottery and racehorses | ✓ | ✓ | ||
| Capital Gains | ✓ | ✓ | ||
| Profit from a Partnership Firm | ✓ | |||
| Proprietary Business/ Profession income | ✓ | |||
| Income from Presumptive Business/ Profession | ✓ | |||
| Income From Foreign Assets | ✓ | ✓ | ||
| Tax Relief under sections 90, 90A or 91 | ✓ | ✓ | ||
Read More: AY 2021-22 ITR 1 SAHAJ Form – Salaried Individuals
Web Stories: AY 2021-22 ITR 1 SAHAJ Form – Salaried Individuals
Official Income Tax Return filing website: https://incometaxindia.gov.in/
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