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Which ITR Form to file?

by | May 31, 2024 | Income Tax | 0 comments

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.Important Keyword: ITR Forms, ITR-1, ITR-2, ITR-3, ITR-4

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 FORMDescription
ITR 1The 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 2For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm.
ITR 3Individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession.
ITR 4For 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 5For firms, an association of persons (AOP), Body of Individuals (BOI), co-operative societies, and local authorities.
ITR 6For companies claim that do not claim an exemption under section 11 (such as a charitable or religious trust).
ITR 7For 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 IncomeIndividualIndividual/ HUF
ITR-1 (SAHAJ)ITR-2ITR-3ITR-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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