Taxation Services

Income Tax Return

 

In India, income tax return forms are commonly known as ITR forms. These forms are used by taxpayers to file their annual income tax returns with the Income Tax Department of India. Here are some of the commonly used ITR forms:

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1. ITR-1 (Sahaj):

•   Applicable to individuals being a resident (other than not ordinarily resident) having total income up to Rs. 50 lakhs, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs. 5,000.

•   Not applicable if the individual has income from more than one house property, income from winnings from lottery or income from race horses, or income taxable under the head "Capital Gains" or if the individual has claimed relief under section 90 and/or 91.

2. ITR-2:

•   Applicable to individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession.

•   Includes income from Salary/Pension, Income from House Property, Income from Capital Gains, Income from Other Sources, and Foreign Assets/Income.

3. ITR-3:

•   Applicable to individuals and HUFs having income from profits and gains of business or profession.

•   Suitable for those who have income from Salary/Pension, House Property, Capital Gains, and Income from other sources.

4. ITR-4 (Sugam):

•   Applicable to Individuals, Hindu Undivided Families (HUFs), and Firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from Business & Profession.

•   It is also known as Sugam, suitable for those who have opted for the presumptive income scheme under Section 44AD, 44ADA, or 44AE.

5. ITR-5:

•   Applicable to firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), Cooperative Societies, Artificial Juridical Persons, and Local Authorities.

•   It is not applicable to individuals or Hindu Undivided Families (HUFs).

6. ITR-6:

•   Applicable to Companies other than companies claiming exemption under Section 11 (Income from property held for charitable or religious purposes).

•   Companies need to file their returns using this form.

7. ITR-7:

 Applicable to persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.