Income Tax Returns

Various Income Tax Return Forms

• ITR-1(Sahaj)-For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh having Income from Salaries or one house property (excluding cases where loss is brought forward from previous years) or other sources (Interest etc.), and agricultural income upto ₹ 5000.

Who can not use ITR 1 Form ?

• If you have taxable capital gains.
• If you have income from business and/or profession.
• Total income exceeding ₹ 50 lakh.
• Agricultural income exceeding  ₹ 5000.
• If you have income from more than one house property.
• If you are a resident but not ordinarily resident (RNOR) and non-resident.
• Owning assets (including financial interest in any entity) outside India) if you are a resident, including signing authority in any account located outside India.
• If you are a Director in a company.
• If you have foreign income and/or you are in possession of foreign assets.
• If you have income from Race Horses or Winning from Lottery.

• ITR-2 - For Individuals and HUFs not having income from profits and gains of business or profession; i.e You may have income from- Salary/Pension or House Property or from other sources(including lottery and wining from race horses) and Total income from these sources exceed ₹ 50 lakh.

Following Person can also file ITR 2-

• If you are Resident but not ordinary resident and non-resident.
• If you are a Director in a Company.
• If you have income from Capital Gains.
• If you are in possession of foreign asset or have foreign income.
• If you have agricultural income exceeding ₹ 5000.

• ITR 3- For individuals and HUFs having income from profits and gains of business or profession.

Following Sources are covered in ITR 3-

• If you are carrying Business or Profession.
• If you are a Director in a company.
• If you have income as a partner in the Firm.

ITR 3 may also include income from House property, Salary/Pension and Income from other sources.

• ITR 4- For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession and turnover upto ₹ 2 crores(turnover > 2crore file ITR 3) which is computed on presumptive basis under sections 44AD(for Business), 44ADA(for Profession) or 44AE(Plying and hiring Goods carriage).

Who can not use ITR 4 Form ?

• If you are a Director in a company.
• If your total income exceed ₹ 50 lakhs..
• If you have any loss to be carried forward or any brought forward loss under any head of income.
• If you have income from more than one house property.
• If you have income from any source outside India or have any foreign income or you are in possession of foreign assets.
• If you are resident but not ordinary resident or non resident.
• If third person's income is clubbed with your income.

• ITR 5- For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 which means ITR 5 is for firms, LLPs (Limited Liability Partnership), BOIs (Body of Individuals), Artificial Juridical Person (AJP), AOPs (Association of Persons), Business trust and investment fund,Estate of deceased, Estate of insolvent.

• ITR 6- For Companies other than companies claiming exemption under section 11(Charitable & Religious Trust).

• ITR 7- For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)only. 
• Return u/s139(4A) is required to be filed by Charitable & Religious Trust.
• Return u/s139(4B) is required to be filed by Political Parties.
• Return u/s139(4C) is required Scientific research association,News agency,Association or institution referred to in section 10(23A),Institution referred to in section 10(23B),Fund or institution or university or other educational institution or any hospital or other medical institution.
• Return u/s 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.
• Return u/s 139(4E) is required to be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.
• Return u/s139(4F) is required to be filed by any investment fund referred to in section 115UB. Which is not required to furnish return of income or loss under any other provisions of this section.

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